A remedy available to a creditor that holds a floating charge over the whole (or substantially the whole) of the assets of a company that was either created before 15 September 2003, or that was created on or after 15 September 2003 but falls within one of a small number of statutory exceptions to the general prohibition on administrative receivership appointments. A creditor with such security may appoint an administrative receiver to manage and realise the assets subject to security to satisfy the secured debt.

For floating charges created on or after 15 September 2003 that fall outside the limited statutory exceptions, administrative receivership is no longer available as a remedy; instead, a creditor with a floating charge over the whole (or substantially the whole) of the assets of a company can place it into administration by appointing an administrator.