(1)
An administrator’s statement of proposals under section 486 of this Act does not include any action which—
(a)
affects the right of a secured creditor of the company to enforce his security ;
(b)
would result in a preferential debt of the company being paid otherwise than in priority to its non-preferential debts ; or
(c)
would result in one preferential creditor of the company being paid a smaller proportion of his debt than another.
(2)
Subsection (1) does not apply to—
(a)
action to which the relevant creditor consents ;
(b)
a proposal for a voluntary arrangement under this Part, but without prejudice to section 714 of this Act ;
(c)
a proposal for a scheme of arrangement and compromise or reconstruction to be sanctioned under relevant Parts of the Act ; or
(d)
a proposal for a cross-border merger within the meaning of relevant legislation, including but not limited to the Investments and Securities Act.
(3)
The reference to a statement of proposals in subsection (1) includes a reference to a statement as revised or modified.