(1) This section applies where:

(a)

the whole, or substantially the whole, of the property of a company under administration is subject to a charge; and

(b)

before or during the decision period, the chargee enforced the charge in relation to all property of the company subject to the charge, whether or not the charge was enforced in the same way in relation to all that property.

(2) This section also applies where:

(a)

a company is under administration; and

(b)

the same person is the chargee in relation to each of 2 or more charges on property of the company; and

(c)

the property of the company (in this subsection called the charged property ) subject to the respective charges together constitutes the whole, or substantially the whole, of the company's property; and

(d)

before or during the decision period, the chargee enforced the charges in relation to all the charged property:

(i)

whether or not the charges were enforced in the same way in relation to all the charged property; and

(ii)

whether or not any of the charges was enforced in the same way in relation to all the property of the company subject to that charge; and

(iii)

in so far as the charges were enforced in relation to property of the company in a way referred to in paragraph (a), (b) or (d) of the definition of enforce in section 9—whether or not the same person was appointed in respect of all of the last-mentioned property.

(3) Nothing in section 437C or 440B, or in an order under subsection 444F(2), prevents any of the following from enforcing the charge, or any of the charges:

(a)

the chargee;

(b)

a receiver or person appointed as mentioned in paragraph (a), (b) or

(d)

of the definition of enforce in section 9 as that definition applies in relation to the charge, or any of the charges (even if appointed after the decision period).

(4) Section 437D does not apply in relation to a transaction or dealing that affects property of the company and is entered into by:

(a)

the chargee; or

(b)

a receiver or person of a kind referred to in paragraph (3)(b) of this section;