Earlier this year the U.K. government published a White Paper, entitled Productivity and Enterprise, Insolvency - A Second Chance. The securitization community waited with bated breath to see what it would contain in terms of repercussions for whole-business deals.

The part that refers to securitization is set out in paragraph 2.18: "The Government recognizes that the floating charge and then right to appoint an administrative receiver plays an important role in certain transactions in the capital markets. We will allow the right to appoint an administrative receiver to continue where floating charges are granted in relation to such transactions."

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