Section 507

(1) The administrator of a company may dispose of or take action relating to property which is subject to a floating charge as if it were not subject to the charge.

(2) Where property is disposed of in accordance with subsection (1), the holder of the floating charge shall have the same priority in respect of acquired property as he had in respect of the property disposed of.

(3) In subsection (2), "acquired property" means property of the company which directly or indirectly represents the property disposed of.