Insolvency Act 1986

1. Introductory Text

2. The First Group of Parts Company Insolvency; Companies Winding Up

3. Part A1 Moratorium

   1. Chapter 1 Introductory

      1. A1. Overview

      2. A2. Eligible companies

   2. Chapter 2 Obtaining a moratorium

      1. A3. Obtaining a moratorium by filing or lodging documents at court

      2. A4. Obtaining a moratorium for company subject to winding-up petition

      3. A5. Obtaining a moratorium for other overseas companies

      4. A6. The relevant documents

      5. A7. Beginning of moratorium and appointment of monitor

      6. A8. Obligations to notify where moratorium comes into force

   3. Chapter 3 Length of moratorium

      1. Initial period

         1. A9. End of the moratorium

      2. Extension of moratorium

         1. A10. Extension by directors without creditor consent

         2. A11. Extension by directors with creditor consent

         3. A12. Creditor consent for the purposes of section A11

         4. A13. Extension by court on application of directors

         5. A14. Extension while proposal for CVA pending

         6. A15. Extension by court in the course of other proceedings

      3. Early termination on certain grounds

         1. A16. Company enters into insolvency procedure etc

      4. Obligations to notify change in end of moratorium

         1. A17. Obligations to notify change in end of moratorium

   4. Chapter 4 Effects of moratorium

      1. Introductory

         1. A18. Overview and construction of references to payment holidays

      2. Publicity about moratorium

         1. A19. Publicity about moratorium

      3. Effect on creditors etc

         1. A20. Restrictions on insolvency proceedings etc

         2. A21. Restrictions on enforcement and legal proceedings

         3. A22. Floating charges

         4. A23. Enforcement of security granted during moratorium

      4. Notification of insolvency proceedings

         1. A24. Duty of directors to notify monitor of insolvency proceedings etc

      5. Restrictions on transactions

         1. A25. Restrictions on obtaining credit

         2. A26. Restrictions on grant of security etc

         3. A27. Prohibition on entering into market contracts etc

      6. Restrictions on payments and disposal of property

         1. A28. Restrictions on payment of certain pre-moratorium debts

         2. A29. Restrictions on disposal of property

         3. A30. Restrictions on disposal of hire-purchase property

      7. Disposals of property free from charges etc

         1. A31. Disposal of charged property free from charge

         2. A32. Disposal of hire-purchase property

      8. Effect of contravention of certain provisions of Chapter

         1. A33. Contravention of certain requirements imposed under this Chapter

   5. CHAPTER 5 The monitor

      1. A34. Status of monitor

      2. A35. Monitoring

      3. A36. Provision of information to monitor

      4. A37. Application by monitor for directions

      5. A38. Termination of moratorium by monitor

      6. A39. Replacement of monitor or appointment of additional monitor

      7. A40. Application of Part where two or more persons act as monitor

      8. A41. Presumption of validity

   6. Chapter 6 Challenges

      1. A42. Challenge to monitor’s actions

      2. A43. Challenges to monitor remuneration in insolvency proceedings

      3. A44. Challenge to directors’ actions

      4. A45. Challenge brought by Board of the Pension Protection Fund

   7. CHAPTER 7 Offences: general

      1. A46. Offence of fraud etc during or in anticipation of moratorium

      2. A47. Offence of false representation etc to obtain a moratorium

      3. A48. Prosecution of delinquent officers of company

   8. Chapter 8 Miscellaneous and general

      1. Special rules for certain kinds of company etc

         1. A49. Regulated companies: modifications to this Part

         2. A50. Power to modify this Part etc in relation to certain companies

         3. A51. Power to make provision in connection with pension schemes

      2. Floating charges

         1. A52. Void provisions in floating charge documents

      3. Interpretation of this Part

         1. A53. Meaning of “pre-moratorium debt” and “moratorium debt”

         2. A54. Interpretation of this Part: general

      4. Regulations

         1. A55. Regulations

4. Part I Company Voluntary Arrangements

   1. The Proposal

      1. 1. Those who may propose an arrangement.

      2. 1A. Moratorium.

      3. 2. Procedure where nominee is not the liquidator or administrator.

      4. 3. Consideration of proposal.

   2. Consideration and implementation of proposal

      1. 4. Decisions of the company and its creditors.

      2. 4A. Approval of arrangement.

      3. 5. Effect of approval.

      4. 6. Challenge of decisions.

      5. 6A. False representations, etc.

      6. 7. Implementation of proposal.

      7. 7A. Prosecution of delinquent officers of company.

      8. 7B. Arrangements coming to an end prematurely.

5. Part II Administration

   1. 8. Administration

6. Part II Administration Orders

   1. Making etc. of administration order

      1. 9. Application for order.

      2. 10. Effect of application.

      3. 11. Effect of order.

      4. 12. Notification of order.

   2. Administrators

      1. 13. Appointment of administrator.

      2. 14. General powers.

      3. 15. Power to deal with charged property, etc.

      4. 16. Operation of s. 15 in Scotland.

      5. 17. General duties.

      6. 18. Discharge or variation of administration order.

      7. 19. Vacation of office.

      8. 20. Release of administrator.

   3. Ascertainment and investigation of company’s affairs

      1. 21. Information to be given by administrator.

      2. 22. Statement of affairs to be submitted to administrator.

   4. Administrator’s proposals

      1. 23. Statement of proposals.

      2. 24. Consideration of proposals by creditors’ meeting.

      3. 25. Approval of substantial revisions.

   5. Miscellaneous

      1. 26. Creditors’ committee.

      2. 27. Protection of interests of creditors and members.

7. Part III Receivership

   1. Chapter I Receivers and Managers (England and Wales)

      1. Preliminary and general provisions

         1. 28. Extent of this Chapter.

         2. 29. Definitions.

         3. 30. Disqualification of body corporate from acting as receiver.

         4. 31. Disqualification of bankrupt or person in respect of whom a debt relief order is made

         5. 32. Power for court to appoint official receiver.

      2. Receivers and managers appointed out of court

         1. 33. Time from which appointment is effective.

         2. 34. Liability for invalid appointment.

         3. 35. Application to court for directions.

         4. 36. Court’s power to fix remuneration.

         5. 37. Liability for contracts, etc.

         6. 38. Receivership accounts to be delivered to registrar.

      3. Provisions applicable to every receivership

         1. 39. Notification that receiver or manager appointed.

         2. 40. Payment of debts out of assets subject to floating charge.

         3. 41. Enforcement of duty to make returns.

      4. Administrative receivers: general

         1. 42. General powers.

         2. 43. Power to dispose of charged property, etc.

         3. 44. Agency and liability for contracts.

         4. 45. Vacation of office.

      5. Administrative receivers: ascertainment and investigation of company’s affairs

         1. 46. Information to be given by administrative receiver.

         2. 47. Statement of affairs to be submitted.

         3. 48. Report by administrative receiver.

         4. 49. Committee of creditors.

   2. Chapter II Receivers (Scotland)

      1. 50. Extent of this Chapter.

      2. 51. Power to appoint receiver.

      3. 52. Circumstances justifying appointment.

      4. 53. Mode of appointment by holder of charge.

      5. 54. Appointment by court.

      6. 55. Powers of receiver.

      7. 56. Precedence among receivers.

      8. 57. Agency and liability of receiver for contracts.

      9. 58. Remuneration of receiver.

      10. 59. Priority of debts.

      11. 60. Distribution of moneys.

      12. 61. Disposal of interest in property.

      13. 62. Cessation of appointment of receiver.

      14. 63. Powers of court.

      15. 64. Notification that receiver appointed.

      16. 65. Information to be given by receiver.

      17. 66. Company’s statement of affairs.

      18. 67. Report by receiver.

      19. 68. Committee of creditors

      20. 69. Enforcement of receiver’s duty to make returns, etc.

      21. 70. Interpretation for Chapter II.

      22. 71. Prescription of forms, etc.; regulations.

   3. Chapter III Receivers’ Powers in Great Britain as a Whole

      1. 72. Cross-border operation of receivership provisions.

   4. CHAPTER IV PROHIBITION OF APPOINTMENT OF ADMINISTRATIVE RECEIVER

      1. 72A. Floating charge holder not to appoint administrative receiver

      2. 72B. First exception: capital market

      3. 72C. Second exception: public-private partnership

      4. 72D. Third exception: utilities

      5. 72DA. Exception in respect of urban regeneration projects

      6. 72E. Fourth exception: project finance

      7. 72F. Fifth exception: financial market

      8. 72G. Sixth exception: social landlords

      9. 72GA. Exception in relation to protected railway companies etc.

      10. 72H. Sections 72A to 72G: supplementary

8. Part IV Winding Up of Companies Registered under the Companies Acts

   1. Chapter I Preliminary

      1. Introductory

         1. 73. Scheme of this Part

      2. Contributories

         1. 74. Liability as contributories of present and past members.

         2. 75. Directors, etc. with unlimited liability.

         3. 76. Liability of past directors and shareholders.

         4. 77. Limited company formerly unlimited.

         5. 78. Unlimited company formerly limited.

         6. 79. Meaning of “contributory”.

         7. 80. Nature of contributory’s liability.

         8. 81. Contributories in case of death of a member.

         9. 82. Effect of contributory’s bankruptcy.

         10. 83. Companies registered but not formed under the Companies Act 2006

   2. Chapter II Voluntary Winding Up (Introductory and General)

      1. Resolutions for, and commencement of, voluntary winding up

         1. 84. Circumstances in which company may be wound up voluntarily.

         2. 85. Notice of resolution to wind up.

         3. 86. Commencement of winding up.

      2. Consequences of resolution to wind up

         1. 87. (1) In case of a voluntary winding up, the company...

         2. 88. Avoidance of share transfers, etc. after winding-up resolution.

      3. Declaration of solvency

         1. 89. Statutory declaration of solvency.

         2. 90. Distinction between “members’” and “creditors’” voluntary winding up.

   3. Chapter III Members’ Voluntary Winding Up

      1. 91. Appointment of liquidator.

      2. 92. Power to fill vacancy in office of liquidator.

      3. 92A. Progress report to company ...

      4. 93. General company meeting at each year’s end (Scotland)

      5. 94. Final account prior to dissolution

      6. 95. Effect of company’s insolvency.

      7. 96. Conversion to creditors’ voluntary winding up.

   4. Chapter IV Creditors’ Voluntary Winding Up

      1. 97. Application of this Chapter.

      2. 98. Meeting of creditors.

      3. 99. Directors to lay statement of affairs before creditors.

      4. 100. Appointment of liquidator.

      5. 101. Appointment of liquidation committee.

      6. 102. Creditors’ meeting where winding up converted under s. 96.

      7. 103. Cesser of directors’ powers.

      8. 104. Vacancy in office of liquidator.

      9. 104A. Progress report to company and creditors ... ...

      10. 105. Meetings of company and creditors at each year’s end (Scotland).

      11. 106. Final account prior to dissolution.

   5. Chapter V Provisions Applying to both kinds of Voluntary Winding Up

      1. 107. Distribution of company’s property.

      2. 108. Appointment or removal of liquidator by the court.

      3. 109. Notice by liquidator of his appointment.

      4. 110. Acceptance of shares, etc., as consideration for sale of company property.

      5. 111. Dissent from arrangement under s. 110.

      6. 112. Reference of questions to court.

      7. 113. Court’s power to control proceedings (Scotland).

      8. 114. No liquidator appointed or nominated by company.

      9. 115. Expenses of voluntary winding up.

      10. 116. Saving for certain rights.

   6. Chapter VI Winding Up by the Court

      1. Jurisdiction (England and Wales)

         1. 117. High Court and county court jurisdiction.

         2. 118. Proceedings taken in wrong court.

         3. 119. Proceedings in county court; case stated for High Court.

      2. Jurisdiction (Scotland)

         1. 120. Court of Session and sheriff court jurisdiction.

         2. 121. Power to remit winding up to Lord Ordinary.

      3. Grounds and effect of winding-up petition

         1. 122. Circumstances in which company may be wound up by the court.

         2. 123. Definition of inability to pay debts.

         3. 124. Application for winding up.

         4. 124A. Petition for winding up on grounds of public interest.

         5. 124B. Petition for winding up of SE

         6. 124C. Petition for winding up of SCE

         7. 125. Powers of court on hearing of petition.

         8. 126. Power to stay or restrain proceedings against company.

         9. 127. Avoidance of property dispositions, etc.

         10. 128. Avoidance of attachments, etc.

      4. Commencement of winding up

         1. 129. Commencement of winding up by the court.

         2. 130. Consequences of winding-up order.

      5. Investigation procedures

         1. 131. Company’s statement of affairs.

         2. 132. Investigation by official receiver.

         3. 133. Public examination of officers

         4. 134. Enforcement of s. 133.

      6. Appointment of liquidator

         1. 135. Appointment and powers of provisional liquidator.

         2. 136. Functions of official receiver in relation to office of liquidator.

         3. 137. Appointment by Secretary of State.

         4. 138. Appointment of liquidator in Scotland.

         5. 139. Choice of liquidator by creditors and contributories.

         6. 140. Appointment by the court following administration or voluntary arrangement.

      7. Liquidation committees

         1. 141. Liquidation committee (England and Wales).

         2. 142. Liquidation committee (Scotland).

      8. The liquidator’s functions

         1. 143. General functions in winding up by the court.

         2. 144. Custody of company’s property.

         3. 145. Vesting of company property in liquidator.

         4. 146. Final account

         5. 146A. Official receiver’s duty to send statement to registrar about other proceedings

      9. General powers of court

         1. 147. Power to stay or sist winding up.

         2. 148. Settlement of list of contributories and application of assets.

         3. 149. Debts due from contributory to company.

         4. 150. Power to make calls.

         5. 151. Payment into bank of money due to company.

         6. 152. Order on contributory to be conclusive evidence.

         7. 153. Power to exclude creditors not proving in time.

         8. 154. Adjustment of rights of contributories.

         9. 155. Inspection of books by creditors, etc.

         10. 156. Payment of expenses of winding up.

         11. 157. Attendance at company meetings (Scotland).

         12. 158. Power to arrest absconding contributory.

         13. 159. Powers of court to be cumulative.

         14. 160. Delegation of powers to liquidator (England and Wales).

      10. Enforcement of, and appeal from, orders

          1. 161. Orders for calls on contributories (Scotland).

          2. 162. Appeals from orders in Scotland.

   7. Chapter VII Liquidators

      1. Preliminary

         1. 163. Style and title of liquidators.

         2. 164. Corrupt inducement affecting appointment.

      2. Liquidator’s powers and duties

         1. 165. Voluntary winding up.

         2. 166. Creditors’ voluntary winding up.

         3. 167. Winding up by the court.

         4. 168. Supplementary powers (England and Wales).

         5. 169. Supplementary powers (Scotland).

         6. 170. Enforcement of liquidator’s duty to make returns, etc.

      3. Removal; vacation of office

         1. 171. Removal, etc. (voluntary winding up).

         2. 172. Removal, etc. (winding up by the court).

      4. Release of liquidator

         1. 173. Release (voluntary winding up).

         2. 174. Release (winding up by the court).

   8. Chapter VIII Provisions of General Application in Winding Up

      1. Moratorium: order of priority of payment of debts

         1. 174A. Moratorium debts etc: priority

      2. Preferential debts

         1. 175. Preferential debts (general provision).

         2. 176. Preferential charge on goods distrained , etc .

      3. Non-preferential debts

         1. 176AZA. Non-preferential debts of financial institutions

      4. Property subject to floating charge

         1. 176ZA. Payment of expenses of winding up (England and Wales)

         2. 176ZB. Application of proceeds of office-holder claims

         3. 176A. Share of assets for unsecured creditors

      5. Special managers

         1. 177. Power to appoint special manager.

      6. Disclaimer (England and Wales only)

         1. 178. Power to disclaim onerous property.

         2. 179. Disclaimer of leaseholds.

         3. 180. Land subject ot rentcharge.

         4. 181. Powers of court (general).

         5. 182. Powers of court (leaseholds).

      7. Execution, attachment and the Scottish equivalents

         1. 183. Effect of execution or attachment (England and Wales).

         2. 184. Duties of officers charged with execution of writs and other processes (England and Wales).

         3. 185. Effect of diligence (Scotland)

      8. Miscellaneous matters

         1. 186. Rescission of contracts by the court.

         2. 187. Power to make over assets to employees.

         3. 188. Notification that company is in liquidation.

         4. 189. Interest on debts.

         5. 190. Documents exempt from stamp duty.

         6. 191. Company’s books to be evidence.

         7. 192. Information as to pending liquidations.

         8. 193. Unclaimed dividends (Scotland).

         9. 194. Resolutions passed at adjourned meetings.

         10. 195. Court's powers to ascertain wishes of creditors or contributories.

         11. 196. Judicial notice of court documents.

         12. 197. Commission for receiving evidence.

         13. 198. Court order for examination of persons in Scotland.

         14. 199. Costs of application for leave to proceed (Scottish companies).

         15. 200. Affidavits etc. in United Kingdom and overseas.

   9. Chapter IX Dissolution of Companies After Winding Up

      1. 201. Dissolution (voluntary winding up).

      2. 202. Early dissolution (England and Wales).

      3. 203. Consequence of notice under s. 202.

      4. 204. Early dissolution (Scotland).

      5. 205. Dissolution otherwise than under ss. 202-204.

   10. Chapter X Malpractice before and during Liquidation; Penalisation of Companies and Company Officers; Investigations and Prosecutions

       1. Offences of fraud, deception, etc.

          1. 206. Fraud, etc. in anticipation of winding up.

          2. 207. Transactions in fraud of creditors.

          3. 208. Misconduct in course of winding up.

          4. 209. Falsification of company’s books.

          5. 210. Material omissions from statement relating to company’s affairs.

          6. 211. False representations to creditors.

       2. Penalisation of directors and officers

          1. 212. Summary remedy against delinquent directors, liquidators, etc.

          2. 213. Fraudulent trading.

          3. 214. Wrongful trading.

          4. 215. Proceedings under ss. 213, 214.

          5. 216. Restriction on re-use of company names.

          6. 217. Personal liability for debts, following contravention of s. 216.

       3. Investigation and prosecution of malpractice

          1. 218. Prosecution of delinquent officers and members of company.

          2. 219. Obligations arising under s. 218.

9. Part V Winding Up of Unregistered Companies

   1. 220. Meaning of “unregistered company”.

   2. 221. Winding up of unregistered companies.

   3. 222. Inability to pay debts: unpaid creditor for £750 or more.

   4. 223. Inability to pay debts: debt remaining unsatisfed after action brought.

   5. 224. Inability to pay debts: other cases.

   6. 225. Company incorporated outside Great Britain may be wound up though dissolved.

   7. 226. Contributories in winding up of unregistered company.

   8. 227. Power of court to stay, sist or restrain proceedings.

   9. 228. Actions stayed on winding-up order.

   10. 229. Provisions of this Part to be cumulative.

10. Part VI Miscellaneous Provisions Applying to Companies Which are Insolvent or in Liquidation

    1. Office-holders

       1. 230. Holders of office to be qualified insolvency practitioners.

       2. 231. Appointment to office of two or more persons.

       3. 232. Validity of office-holder’s acts.

    2. Management by administrators, liquidators, etc.

       1. 233. Supplies of gas, water, electricity, etc.

       2. 233A. Further protection of essential supplies

       3. 233B. Protection of supplies of goods and services

       4. 233C. Powers to amend section 233B and Schedule 4ZZA

       5. 234. Getting in the company’s property.

       6. 235. Duty to co-operate with office-holder.

       7. 236. Inquiry into company’s dealings, etc.

       8. 237. Court’s enforcement powers under s. 236.

    3. Adjustment of prior transactions (administration and liquidation)

       1. 238. Transactions at an undervalue (England and Wales).

       2. 239. Preferences (England and Wales).

       3. 240. “Relevant time” under ss. 238, 239.

       4. 241. Orders under ss. 238, 239.

       5. 242. Gratuitous alienations (Scotland).

       6. 243. Unfair preferences (Scotland).

       7. 244. Extortionate credit transactions.

       8. 245. Avoidance of certain floating charges.

       9. 246. Unenforceability of liens on books, etc.

    4. Administration: penalisation of directors etc

       1. 246ZA. Fraudulent trading: administration

       2. 246ZB. Wrongful trading: administration

       3. 246ZC. Proceedings under section 246ZA or 246ZB

    5. Power to assign certain causes of action

       1. 246ZD. Power to assign

    6. Decisions by creditors and contributories

       1. 246ZE. Decisions by creditors and contributories: general

       2. 246ZF. Deemed consent procedure

       3. 246ZG. Power to amend sections 246ZE and 246ZF

    7. Remote attendance at meetings Remote attendance at meetings (1) Subject to subsection (2), this section applies to any...

       1. Remote attendance at meetings

          1. 246A. Remote attendance at meetings

    8. Giving of notices etc by office-holders Use of websites (1) Subject to subsection (2), where any provision of this...

       1. Giving of notices etc by office-holders

          1. 246B. Use of websites

          2. 246C. Creditors' ability to opt out of receiving certain notices

11. Part VII Interpretation for First Group of Parts

    1. 247. “Insolvency” and “go into liquidation”.

    2. 248. “Secured creditor”, etc.

    3. 248A. “Opted-out creditor”

    4. 249. “Connected” with a company.

    5. 250. “Member” of a company.

    6. 251. Expressions used generally.

12. The Second Group of Parts Insolvency of Individuals; Bankruptcy

13. Part 7A Debt relief orders

    1. Preliminary

       1. 251A. Debt relief orders

    2. Applications for a debt relief order

       1. 251B. Making of application

       2. 251C. Duty of official receiver to consider and determine application

       3. 251D. Presumptions applicable to the determination of an application

    3. Making and effect of debt relief order

       1. 251E. Making of debt relief orders

       2. 251F. Effect of debt relief order on other debt management arrangements

       3. 251G. Moratorium from qualifying debts

       4. 251H. The moratorium period

       5. 251I. Discharge from qualifying debts

    4. Duties of debtor

       1. 251J. Providing assistance to official receiver etc

    5. Objections, investigations and revocation

       1. 251K. Objections and investigations

       2. 251L. Power of official receiver to revoke or amend a debt relief order

    6. Role of the court

       1. 251M. Powers of court in relation to debt relief orders

       2. 251N. Inquiry into debtor's dealings and property

    7. Offences

       1. 251O. False representations and omissions

       2. 251P. Concealment or falsification of documents

       3. 251Q. Fraudulent disposal of property

       4. 251R. Fraudulent dealing with property obtained on credit

       5. 251S. Obtaining credit or engaging in business

       6. 251T. Offences: supplementary

    8. Supplementary

       1. 251U. Approved intermediaries

       2. 251V. Debt relief restrictions orders and undertakings

       3. 251W. Register of debt relief orders etc

       4. 251X. Interpretation

14. Part VIII Individual Voluntary Arrangements

    1. Moratorium for insolvent debtor

       1. 252. Interim order of court.

       2. 253. Application for interim order.

       3. 254. Effect of application.

       4. 255. Cases in which interim order can be made.

       5. 256. Nominee’s report on debtor’s proposal.

    2. Procedure where no interim order made

       1. 256A. Debtor’s proposal and nominee’s report.

    3. Creditors’ decisions

       1. 257. Consideration of debtor's proposal by creditors

    4. Consideration and implementation of debtor’s proposal

       1. 258. Approval of debtor's proposal

       2. 259. Report of decisions to court.

       3. 260. Effect of approval.

       4. 261. Additional effect on undischarged bankrupt

       5. 262. Challenge of creditors' decision.

       6. 262A. False representations etc.

       7. 262B. Prosecution of delinquent debtors.

       8. 262C. Arrangements coming to an end prematurely.

       9. 263. Implementation and supervision of approved voluntary arrangement.

    5. 1. 263A. Availability

       2. 263B. Decision

       3. 263C. Result

       4. 263D. Approval of voluntary arrangement

       5. 263E. Implementation

       6. 263F. Revocation

       7. 263G. Offences

15. Part IX Bankruptcy

    1. CHAPTER A1 Adjudicators: bankruptcy applications by debtors and bankruptcy orders

       1. 263H. Bankruptcy applications to an adjudicator

       2. 263I. Debtors against whom an adjudicator may make a bankruptcy order

       3. 263J. Conditions applying to bankruptcy application

       4. 263K. Determination of bankruptcy application

       5. 263L. Adjudicator's requests for further information

       6. 263M. Making of bankruptcy order

       7. 263N. Refusal to make a bankruptcy order: review and appeal etc.

       8. 263O. False representations and omissions

    2. Chapter I The court: bankruptcy petitions and bankruptcy orders

       1. Preliminary

          1. 264. Who may present a bankruptcy petition.

          2. 265. Creditor's petition: debtors against whom the court may make a bankruptcy order.

          3. 266. Other preliminary conditions.

       2. Creditor’s petition

          1. 267. Grounds of creditor’s petition.

          2. 268. Definition of “inability to pay”, etc.; the statutory demand.

          3. 269. Creditor with security.

          4. 270. Expedited petition.

          5. 271. Proceedings on creditor’s petition.

       3. ...

          1. 272. Grounds of debtor’s petition.

          2. 273. Appointment of insolvency practitioner by the court.

          3. 274. Action on report of insolvency practitioner.

          4. 274A. Debtor who meets conditions for a debt relief order

          5. 275. Summary administration.

       4. Other cases for special consideration

          1. 276. Default in connection with voluntary arrangement.

          2. 277. Petition based on criminal bankruptcy order.

    3. Chapter IA Commencement and duration of bankruptcy

       1. 278. Commencement and continuance.

       2. 279. Duration

       3. 280. Discharge by order of the court.

       4. 281. Effect of discharge.

       5. 281A. Post-discharge restrictions

       6. 282. Court’s power to annul bankruptcy order.

    4. Chapter II Protection of Bankrupt’s Estate and Investigation of His Affairs

       1. 283. Definition of bankrupt’s estate.

       2. 283A. Bankrupt’s home ceasing to form part of estate

       3. 284. Restrictions on dispositions of property.

       4. 285. Restriction on proceedings and remedies.

       5. 286. Power to appoint interim receiver.

       6. 287. Powers of interim receiver.

       7. 288. Statement of affairs.

       8. 289. Investigatory duties of official receiver

       9. 290. Public examination of bankrupt.

       10. 291. Duties of bankrupt in relation to official receiver.

    5. Chapter III Trustees in Bankruptcy

       1. Tenure of office as trustee

          1. 291A. First trustee in bankruptcy

          2. 292. Appointment of trustees: general provision

          3. 293. Summoning of meeting to appoint first trustee.

          4. 294. Power of creditors to requisition meeting.

          5. 295. Failure of meeting to appoint trustee.

          6. 296. Appointment of trustee by Secretary of State.

          7. 297. Special cases.

          8. 298. Removal of trustee; vacation of office.

          9. 299. Release of trustee.

          10. 300. Vacancy in office as trustee.

       2. Control of trustee

          1. 301. Creditors’ committee.

          2. 302. Exercise by Secretary of State of functions of creditors’ committee.

          3. 303. General control of trustee by the court.

          4. 304. Liability of trustee.

    6. Chapter IV Administration by Trustee

       1. Preliminary

          1. 305. General functions of trustee.

       2. Acquisition, control and realisation of bankrupt’s estate

          1. 306. Vesting of bankrupt’s estate in trustee.

          2. 306A. Property subject to restraint order

          3. 306AA. Property released from detention

          4. 306B. Property in respect of which receivership or administration order made

          5. 306BA. Property in respect of which realisation order made

          6. 306C. Property subject to certain orders where confiscation order discharged or quashed

          7. 307. After-acquired property.

          8. 308. Vesting in trustee of certain items of excess value.

          9. 308A. Vesting in trustee of certain tenancies.

          10. 309. Time-limit for notice under s. 307 or 308.

          11. 310. Income payments orders.

          12. 310A. Income payments agreement

          13. 311. Acquisition by trustee of control.

          14. 312. Obligation to surrender control to trustee.

          15. 313. Charge on bankrupt’s home.

          16. 313A. Low value home: application for sale, possession or charge

          17. 314. Powers of trustee.

       3. Disclaimer of onerous property

          1. 315. Disclaimer (general power).

          2. 316. Notice requiring trustee’s decision.

          3. 317. Disclaimer of leaseholds.

          4. 318. Disclaimer of dwelling house.

          5. 319. Disclaimer of land subject to rentcharge.

          6. 320. Court order vesting disclaimed property.

          7. 321. Order under s. 320 in respect of leaseholds.

       4. Distribution of bankrupt’s estate

          1. 322. Proof of debts.

          2. 323. Mutual credit and set-off.

          3. 324. Distribution by means of dividend.

          4. 325. Claims by unsatisfied creditors.

          5. 326. Distribution of property in specie.

          6. 327. Distribution in criminal bankruptcy.

          7. 328. Priority of debts.

          8. 329. Debts to spouse.

          9. 330. Final distribution.

          10. 331. Final report.

          11. 332. Saving for bankrupt’s home.

       5. Supplemental

          1. 333. Duties of bankrupt in relation to trustee.

          2. 334. Stay of distribution in case of second bankruptcy.

          3. 335. Adjustment between earlier and later bankruptcy estates.

    7. Chapter V Effect of Bankruptcy on Certain Rights Transacttions, Etc.

       1. Rights under trusts of land

          1. 335A. Rights under trusts of land.

       2. Rights of occupation

          1. 336. Rights of occupation etc. of bankrupt’s spouse or civil partner.

          2. 337. Rights of occupation of bankrupt.

          3. 338. Payments in respect of premises occupied by bankrupt.

       3. Adjustment of prior transactions, etc.

          1. 339. Transactions at an undervalue.

          2. 340. Preferences.

          3. 341. “Relevant time” under ss. 339, 340.

          4. 342. Orders under ss. 339, 340.

          5. 342A. Recovery of excessive pension contributions.

          6. 342B. Orders under section 342A.

          7. 342C. Orders under section 342A: supplementary.

          8. 342D. Recovery of excessive contributions in pension-sharing cases.

          9. 342E. Orders under section 339 or 340 in respect of pension-sharing transactions.

          10. 342F. Orders under section 339 or 340 in pension-sharing cases: supplementary.

          11. 343. Extortionate credit transactions.

          12. 344. Avoidance of general assignment of book debts.

          13. 345. Contracts to which bankrupt is a party.

          14. 346. Enforcement procedures.

          15. 347. Distress, etc.

          16. 348. Apprenticeships, etc.

          17. 349. Unenforceability of liens on books, etc.

          18. 349A. Arbitration agreements to which bankrupt is party.

    8. Chapter VI Bankruptcy Offences

       1. Preliminary

          1. 350. Scheme of this Chapter.

          2. 351. Definitions.

          3. 352. Defence of innocent intention.

       2. Wrongdoing by the bankrupt before and after bankruptcy

          1. 353. Non-disclosure.

          2. 354. Concealment of property.

          3. 355. Concealment of books and papers; falsification.

          4. 356. False statements.

          5. 357. Fraudulent disposal of property.

          6. 358. Absconding.

          7. 359. Fraudulent dealing with property obtained on credit.

          8. 360. Obtaining credit; engaging in business.

          9. 361. Failure to keep proper accounts of business.

          10. 362. Gambling.

    9. Chapter VII Powers of Court In Bankruptcy

       1. 363. General control of court.

       2. 364. Power of arrest.

       3. 365. Seizure of bankrupt’s property.

       4. 366. Inquiry into bankrupt’s dealings and property.

       5. 367. Court’s enforcement powers under s. 366.

       6. 368. Provision corresponding to s. 366, where interim receiver appointed.

       7. 369. Order for production of documents by inland revenue.

       8. 370. Power to appoint special manager.

       9. 371. Re-direction of bankrupt’s letters, etc.

16. Part X Individual Insolvency: General Provisions

    1. 372. Supplies of gas, water, electricity, etc.

    2. 372A. Further protection of essential supplies

    3. 373. Jurisdiction in relation to insolvent individuals.

    4. 374. Insolvency districts.

    5. 375. Appeals etc. from courts exercising insolvency jurisdiction.

    6. 376. Time-limits.

    7. 377. Formal defects.

    8. 378. Exemption from stamp duty.

    9. 379. Annual report.

    10. Creditors' decisions

        1. 379ZA. Creditors' decisions: general

        2. 379ZB. Deemed consent procedure

        3. 379ZC. Power to amend sections 379ZA and 379ZB

    11. 1. Remote attendance at meetings

           1. 379A. Remote attendance at meetings

    12. 1. Giving of notices etc by office-holders

           1. 379B. Use of websites

           2. 379C. Creditors' ability to opt out of receiving certain notices

17. Part XI Interpretation for Second Group of Parts

    1. 380. Introductory.

    2. 381. “Bankrupt” and associated terminology.

    3. 382. “Bankruptcy debt, “liability” ”

    4. 383. “Creditor”, “security”, etc.

    5. 383A. “Opted-out creditor”

    6. 384. “Prescribed” and “the rules”.

    7. 385. Miscellaneous definitions.

18. The Third Group of Parts Miscellaneous Matters Bearing on Both Company and Individual Insolvency; General Interpretation; Final Provisions

19. Part XII Preferential and non-preferential debts in Company and Individual Insolvency

    1. 386. Categories of preferential debts.

    2. 387. “The relevant date”.

    3. 387A. Financial institutions and their non-preferential debts

20. Part XIII Insolvency Practitioners and their Qualification

    1. Restrictions on unqualified persons acting as liquidator, trustee in bankruptcy, etc.

       1. 388. Meaning of “act as insolvency practitioner”

       2. 389. Acting without qualification an offence.

       3. 389A. Authorisation of nominees and supervisors.

       4. 389B. Official receiver as nominee or supervisor

       5. 390. Persons not qualified to act as insolvency practitioners.

       6. 390A. Authorisation

       7. 390B. Partial authorisation: acting in relation to partnerships

       8. 391. Recognised professional bodies

       9. 391A. Application for recognition as recognised professional body

    2. Regulatory objectives

       1. 391B. Application of regulatory objectives

       2. 391C. Meaning of “regulatory functions” and “regulatory objectives”

    3. Oversight of recognised professional bodies

       1. 391D. Directions

       2. 391E. Directions: procedure

       3. 391F. Financial penalty

       4. 391G. Financial penalty: procedure

       5. 391H. Appeal against financial penalty

       6. 391I. Recovery of financial penalties

       7. 391J. Reprimand

       8. 391K. Reprimand: procedure

    4. Revocation etc of recognition

       1. 391L. Revocation of recognition at instigation of Secretary of State

       2. 391M. Orders under section 391L: procedure

       3. 391N. Revocation of recognition at request of body

    5. Court sanction of insolvency practitioners in public interest cases

       1. 391O. Direct sanctions orders

       2. 391P. Application for, and power to make, direct sanctions order

       3. 391Q. Direct sanctions order: conditions

       4. 391R. Direct sanctions direction instead of order

    6. General

       1. 391S. Power for Secretary of State to obtain information

       2. 391T. Compliance orders

    7. The requisite qualification, and the means of obtaining it

       1. 392. Authorisation by competent authority.

       2. 393. Grant, refusal and withdrawal of authorisation.

       3. 394. Notices.

       4. 395. Right to make representations.

       5. 396. Reference to Tribunal.

       6. 397. Action of Tribunal on reference.

       7. 398. Refusal or withdrawal without reference to Tribunal.

21. Part XIV Public Administration (England and Wales)

    1. Adjudicators

       1. 398A. Appointment etc of adjudicators and assistants

    2. Official receivers

       1. 399. Appointment, etc. of official receivers.

       2. 400. Functions and status of official receivers.

       3. 401. Deputy official receivers and staff.

    3. The Official Petitioner

       1. 402. Official Petitioner.

    4. Insolvency Service finance, accounting and investment

       1. 403. Insolvency Services Account.

       2. 404. Investment Account.

       3. 405. Application of income in Investment Account; adjustment of balances.

       4. 406. Interest on money received by liquidators or trustees in bankruptcy and invested.

       5. 407. Unclaimed dividends and undistributed balances.

       6. 408. Adjustment of balances

       7. 409. Annual financial statement and audit.

    5. Supplementary

       1. 410. Extent of this Part.

22. Part XV Subordinate Legislation

    1. General insolvency rules

       1. 411. Company insolvency rules.

       2. 412. Individual insolvency rules (England and Wales).

       3. 413. Insolvency Rules Committee.

    2. Fees orders

       1. 414. Fees orders (company insolvency proceedings).

       2. 415. Fees orders (individual insolvency proceedings in England and Wales).

       3. 415A. Fees orders (general)

    3. Specification, increase and reduction of money sums relevant in the operation of this Act

       1. 415B. Monetary limits (company moratorium)

       2. 416. Monetary limits (companies winding up).

       3. 417. Money sum in s. 222.

       4. 417A. Money sums (company moratorium).

       5. 418. Monetary limits (bankruptcy).

    4. Insolvency practice

       1. 419. Regulations for purposes of Part XIII.

    5. Other order-making powers

       1. 420. Insolvent partnerships.

       2. 421. Insolvent estates of deceased persons.

       3. 421A. Insolvent estates: joint tenancies.

       4. 422. Formerly authorised banks.

       5. 422A. Meaning of “relevant offence”

23. Part XVI Provisions Against Debt Avoidance (England and Wales only)

    1. 423. Transactions defrauding creditors.

    2. 424. Those who may apply for an order under s. 423.

    3. 425. Provision which may be made by order under s. 423.

24. Part XVII Miscellaneous and General

    1. 426. Co-operation between courts exercising jurisdiction in relation to insolvency.

    2. 426A. Disqualification from Parliament (England and Wales and Northern Ireland)

    3. 426B. Devolution

    4. 426C. Irrelevance of privilege

    5. 427. Disqualification from Parliament (Scotland ...)

    6. 428. Exemptions from Restrictive Trade Practices Act.

    7. 429. Disabilities on revocation of administration order against an individual.

    8. 430. Provision introducing Schedule of punishments.

    9. 431. Summary proceedings.

    10. 432. Offences by bodies corporate.

    11. 433. Admissibility in evidence of statements of affairs, etc.

    12. 434. Crown application.

25. PART 17A SUPPLEMENTARY PROVISIONS

    1. 434A. Introductory

    2. 434B. Representation of corporations in decision procedures and at meetings

    3. 434C. Legal professional privilege

    4. 434D. Enforcement of company's filing obligations

    5. 434E. Application of filing obligations to overseas companies

26. Part XVIII Interpretation

    1. 435. Meaning of “associate”.

    2. 436. Expressions used generally.

    3. 436A. Proceedings under EU Regulations: modified definition of property

    4. 436B. References to things in writing

27. Part XIX Final Provisions

    1. 437. Transitional provisions, and savings.

    2. 438. Repeals.

    3. 439. Amendment of enactments.

    4. 440. Extent (Scotland).

    5. 441. Extent (Northern Ireland).

    6. 442. Extent (other territories).

    7. 443. Commencement.

    8. 444. Citation.

28. SCHEDULES

    1. SCHEDULE ZA1

       Moratorium: Eligible companies

       1. 1. Eligible companies

       2. 2. Companies subject to, or recently subject to, moratorium or an insolvency procedure

       3. 2A. Private registered providers of social housing

       4. 2B. Registered social landlord under Part 2 of the Housing (Scotland) Act 2010

       5. 3. Insurance companies

       6. 4. Banks

       7. 5. Electronic money institutions

       8. 6. Investment banks and investment firms

       9. 7. Companies that are party to market contracts or subject to market charges, etc

       10. 8. Participants in designated systems

       11. 9. Payment institutions

       12. 10. Operators of payment systems, infrastructure providers etc

       13. 11. Recognised investment exchanges, clearing houses and CSDs

       14. 12. Securitisation companies

       15. 13. Parties to capital market arrangements

       16. 14. (1) For the purposes of paragraph 13 an investment is...

       17. 15. Public-private partnership project companies

       18. 16. (1) For the purposes of paragraph 15 “public-private partnership project”...

       19. 17. (1) For the purposes of paragraph 15 a project has...

       20. 18. Overseas companies with corresponding functions

       21. 19. Interpretation of Schedule

       22. 20. Powers to amend Schedule

       23. 21. (1) The Welsh Ministers may by regulations amend this Schedule—...

       24. 22. (1) The Scottish Ministers may by regulations amend this Schedule—...

    2. SCHEDULE ZA2

       Moratorium: contract or other instrument involving financial services

       1. 1. Introductory

       2. 2. Financial contracts

       3. 3. Securities financing transactions

       4. 4. Derivatives

       5. 5. Spot contracts

       6. 6. Capital market investments

       7. 7. Contracts forming part of a public-private partnership

       8. 8. Market contracts

       9. 9. Qualifying collateral arrangements and qualifying property transfers

       10. 10. Contracts secured by certain charges or arrangements

       11. 11. Default arrangements and transfer orders

       12. 12. Card-based payment transactions

       13. 13. Power to amend Schedule

    3. SCHEDULE A1

       Moratorium where directors propose voluntary arrangement

       1. ... Introductory

          1. In this Schedule— “ the beginning of the moratorium ”...

          2. (1) A company is eligible for a moratorium if it...

          3. (1) A company meets the requirements of this paragraph if...

          4. (1) A company is excluded from being eligible for a...

          5. Capital market arrangement

          6. Public private partnership

          7. Liability under an arrangement

          8. Interpretation of capital market arrangement

          9. Capital market investment

          10. (1) For the purposes of paragraphs 4A and 4D an...

          11. Debt

          12. Interpretation of project company

          13. Public-private partnership project

          14. Step-in rights

          15. “Person”

          16. The Secretary of State may by regulations modify the qualifications...

       2. Obtaining a moratorium

          1. (1) Where the directors of a company wish to obtain...

          2. (1) To obtain a moratorium the directors of a company...

          3. (1) A moratorium comes into force when the documents for...

          4. (1) When a moratorium comes into force, the directors shall...

          5. (1) When a moratorium comes into force, the nominee shall,...

          6. (1) When a moratorium comes to an end, the nominee...

       3. Effects of moratorium

          1. (1) During the period for which a moratorium is in...

          2. (1) This paragraph applies where there is an uncrystallised floating...

          3. Security granted by a company at a time when a...

          4. (1) Paragraphs 16 to 23 apply in relation to a...

          5. (1) Every invoice, order for goods or services, business letter...

          6. (1) The company may not obtain credit to the extent...

          7. (1) Subject to sub-paragraph (2), the company may only dispose...

          8. (1) Subject to sub-paragraph (2), the company may only make...

          9. (1) This paragraph applies where— (a) any property of the...

          10. (1) Where property is disposed of under paragraph 20 in...

          11. (1) If the company— (a) without any consent or leave...

          12. (1) If the company enters into any transaction to which...

       4. Nominees

          1. (1) During a moratorium, the nominee shall monitor the company’s...

          2. (1) The nominee may only withdraw his consent to act...

          3. (1) If any creditor, director or member of the company,...

          4. (1) Where there are reasonable grounds for believing that—

          5. (1) The court may— (a) on an application made by...

       5. Consideration and implementation of voluntary arrangement

          1. (1) Where a moratorium is in force, the nominee shall—...

          2. (1) Subject to the provisions of paragraphs 31 to 35,...

          3. (1) This paragraph applies where under paragraph 29—

          4. (1) Subject to sub-paragraph (2), a company meeting summoned under...

          5. (1) The conditions which may be imposed when a moratorium...

          6. (1) If a decision to extend, or further extend, the...

          7. (1) This paragraph applies where in accordance with paragraph 32...

          8. (1) Sub-paragraph (2) applies to references to one of the...

          9. (1) This paragraph applies where a decision approving a voluntary...

          10. (1) Subject to the following provisions of this paragraph, any...

          11. (1) This paragraph applies where a voluntary arrangement has taken...

       6. Miscellaneous

          1. (1) This paragraph applies in relation to acts or omissions...

          2. (1) This paragraph applies where a moratorium has been obtained...

          3. (1) If, for the purpose of obtaining a moratorium, or...

          4. (1) A provision in an instrument creating a floating charge...

          5. (1) This Schedule has effect in relation to a moratorium...

          6. (1) Regulations or an order made by the Secretary of...

    4. SCHEDULE B1

       ADMINISTRATION

       1. ARRANGEMENT OF SCHEDULE

       2. NATURE OF ADMINISTRATION

          1. 1. Administration

          2. 2. A person may be appointed as administrator of a company—...

          3. 3. Purpose of administration

          4. 4. The administrator of a company must perform his functions as...

          5. 5. Status of administrator

          6. 6. General restrictions

          7. 7. A person may not be appointed as administrator of a...

          8. 8. (1) A person may not be appointed as administrator of...

          9. 9. (1) A person may not be appointed as administrator of...

       3. APPOINTMENT OF ADMINISTRATOR BY COURT

          1. 10. Administration order

          2. 11. Conditions for making order

          3. 12. Administration application

          4. 13. Powers of court

       4. APPOINTMENT OF ADMINISTRATOR BY HOLDER OF FLOATING CHARGE

          1. 14. Power to appoint

          2. 15. Restrictions on power to appoint

          3. 16. An administrator may not be appointed under paragraph 14 while...

          4. 17. An administrator of a company may not be appointed under...

          5. 18. Notice of appointment

          6. 19. Commencement of appointment

          7. 20. A person who appoints an administrator under paragraph 14—

          8. 21. Invalid appointment: indemnity

       5. APPOINTMENT OF ADMINISTRATOR BY COMPANY OR DIRECTORS

          1. 22. Power to appoint

          2. 23. Restrictions on power to appoint

          3. 24. (1) If a moratorium for a company under Schedule A1...

          4. 25. An administrator of a company may not be appointed under...

          5. 25A. (1) Paragraph 25(a) does not prevent the appointment of an...

          6. 26. Notice of intention to appoint

          7. 27. (1) A person who gives notice of intention to appoint...

          8. 28. (1) An appointment may not be made under paragraph 22...

          9. 29. Notice of appointment

          10. 30. In a case in which no person is entitled to...

          11. 31. Commencement of appointment

          12. 32. A person who appoints an administrator under paragraph 22—

          13. 33. If before the requirements of paragraph 29 are satisfied the...

          14. 34. Invalid appointment: indemnity

       6. ADMINISTRATION APPLICATION – SPECIAL CASES

          1. 35. Application by holder of floating charge

          2. 36. Intervention by holder of floating charge

          3. 37. Application where company in liquidation

          4. 38. (1) The liquidator of a company may make an administration...

          5. 39. Effect of administrative receivership

       7. EFFECT OF ADMINISTRATION

          1. 40. Dismissal of pending winding-up petition

          2. 41. Dismissal of administrative or other receiver

          3. 42. Moratorium on insolvency proceedings

          4. 43. Moratorium on other legal process

          5. 44. Interim moratorium

          6. 45. Publicity

       8. PROCESS OF ADMINISTRATION

          1. 46. Announcement of administrator’s appointment

          2. 47. Statement of company’s affairs

          3. 48. (1) A person required to submit a statement of affairs...

          4. 49. Administrator’s proposals

          5. 50. . . . . . . . . . ....

          6. 51. Consideration of administrator's proposals by creditors

          7. 52. (1) Paragraph 51(1) shall not apply where the statement of...

          8. 53. Creditors' decision

          9. 54. Revision of administrator’s proposals

          10. 55. Failure to obtain approval of administrator’s proposals

          11. 56. Further creditors’ decisions

          12. 57. Creditors’ committee

          13. 58. . . . . . . . . . ....

       9. FUNCTIONS OF ADMINISTRATOR

          1. 59. General powers

          2. 60. (1) The administrator of a company has the powers specified...

          3. 60A. (1) The Secretary of State may by regulations make provision...

          4. 61. The administrator of a company— (a) may remove a director...

          5. 62. The administrator of a company may— (a) call a meeting...

          6. 63. The administrator of a company may apply to the court...

          7. 64. (1) A company in administration or an officer of a...

          8. 64A. Distribution

          9. 65. (1) If the assets of a company are sufficient to...

          10. 66. If the debts and other liabilities payable under paragraph 64A...

          11. 67. General duties

          12. 68. (1) Subject to sub-paragraph (2), the administrator of a company...

          13. 69. Administrator as agent of company

          14. 70. Charged property: floating charge

          15. 71. Charged property: non-floating charge

          16. 72. Hire-purchase property

          17. 73. Protection for priority creditor

          18. 74. Challenge to administrator’s conduct of company

          19. 75. Misfeasance

       10. ENDING ADMINISTRATION

           1. 76. Automatic end of administration

           2. 77. (1) An order of the court under paragraph 76—

           3. 78. (1) In paragraph 76(2)(b) “ consent ” means consent of—...

           4. 79. Court ending administration on application of administrator

           5. 80. Termination of administration where objective achieved

           6. 81. Court ending administration on application of creditor

           7. 82. Public interest winding-up

           8. 83. Moving from administration to creditors’ voluntary liquidation

           9. 84. Moving from administration to dissolution

           10. 85. Discharge of administration order where administration ends

           11. 86. Notice to Companies Registrar where administration ends

       11. REPLACING ADMINISTRATOR

           1. 87. Resignation of administrator

           2. 88. Removal of administrator from office

           3. 89. Administrator ceasing to be qualified

           4. 90. Supplying vacancy in office of administrator

           5. 91. (1) Where the administrator was appointed by administration order, the...

           6. 92. Where the administrator was appointed under paragraph 14 the holder...

           7. 93. (1) Where the administrator was appointed under paragraph 22(1) by...

           8. 94. (1) Where the administrator was appointed under paragraph 22(2) the...

           9. 95. The court may replace an administrator on the application of...

           10. 96. Substitution of administrator: competing floating charge-holder

           11. 97. Substitution of administrator appointed by company or directors: creditors’ decision

           12. 98. Vacation of office: discharge from liability

           13. 99. Vacation of office: charges and liabilities

       12. GENERAL

           1. 100. Joint and concurrent administrators

           2. 101. (1) This paragraph applies where two or more persons are...

           3. 102. (1) This paragraph applies where two or more persons are...

           4. 103. (1) Where a company is in administration, a person may...

           5. 104. Presumption of validity

           6. 105. Majority decision of directors

           7. 106. Penalties

           8. 107. Extension of time limit

           9. 108. (1) A period specified in paragraph 49(5) ... or 51(2)...

           10. 109. Where a period is extended under paragraph 107 or 108,...

           11. 110. Amendment of provision about time

           12. 111. Interpretation

           13. 111A. Non-UK companies

           14. 112. Scotland

           15. 113. Where property in Scotland is disposed of under paragraph 70...

           16. 114. In Scotland, where goods in the possession of a company...

           17. 115. (1) In Scotland, the administrator of a company may make,...

           18. 116. In Scotland, the administrator in making any payment in accordance...

    5. SCHEDULE 1

       Powers of Administrator or Administrative Receiver

       1. 1. Power to take possession of, collect and get in the...

       2. 2. Power to sell or otherwise dispose of the property of...

       3. 3. Power to raise or borrow money and grant security therefor...

       4. 4. Power to appoint a solicitor or accountant or other professionally...

       5. 5. Power to bring or defend any action or other legal...

       6. 6. Power to refer to arbitration any question affecting the company....

       7. 7. Power to effect and maintain insurances in respect of the...

       8. 8. Power to use the company’s seal.

       9. 9. Power to do all acts and to execute in the...

       10. 10. Power to draw, accept, make and endorse any bill of...

       11. 11. Power to appoint any agent to do any business which...

       12. 12. Power to do all such things (including the carrying out...

       13. 13. Power to make any payment which is necessary or incidental...

       14. 14. Power to carry on the business of the company.

       15. 15. Power to establish subsidiaries of the company.

       16. 16. Power to transfer to subsidiaries of the company the whole...

       17. 17. Power to grant or accept a surrender of a lease...

       18. 18. Power to make any arrangement or compromise on behalf of...

       19. 19. Power to call up any uncalled capital of the company....

       20. 20. Power to rank and claim in the bankruptcy, insolvency, sequestration...

       21. 21. Power to present or defend a petition for the winding...

       22. 22. Power to change the situation of the company’s registered office....

       23. 23. Power to do all other things incidental to the exercise...

    6. SCHEDULE 2

       Powers of a Scottish Receiver (Additional to Those Conferred on him by the Instrument of Charge)

       1. 1. Power to take possession of, collect and get in the...

       2. 2. Power to sell, feu, hire out or otherwise dispose of...

       3. 3. Power to raise or borrow money and grant security therefor...

       4. 4. Power to appoint a solicitor or accountant or other professionally...

       5. 5. Power to bring or defend any action or other legal...

       6. 6. Power to refer to arbitration all questions affecting the company....

       7. 7. Power to effect and maintain insurances in respect of the...

       8. 8. Power to use the company’s seal.

       9. 9. Power to do all acts and to execute in the...

       10. 10. Power to to draw, accept, make and endorse any bill...

       11. 11. Power to to appoint any agent to do any business...

       12. 12. Power to do all such things (including the carrying out...

       13. 13. Power to make any payment which is necessary or incidental...

       14. 14. Power to carry on the business of the company or...

       15. 15. Power to grant or accept a surrender of a lease...

       16. 16. Power to make any arrangement or compromise on behalf of...

       17. 17. Power to call up any uncalled capital of the company....

       18. 18. Power to to establish subsidiaries of the company.

       19. 19. Power to to transfer to subsidiaries of the company the...

       20. 20. Power to rank and claim in the bankruptcy, insolvency, sequestration...

       21. 21. Power to present or defend a petition for the winding...

       22. 22. Power to change the situation of the company’s registered office....

       23. 23. Power to do all other things incidental to the exercise...

    7. SCHEDULE 2A

       EXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS

       1. 1. Capital market arrangement

       2. 2. Capital market investment

       3. 3. (1) An investment is also a capital market investment for...

       4. 4. “Agreement”

       5. 5. Debt

       6. 6. Step-in rights

       7. 7. Project company

       8. 8. “Resources”

       9. 9. “Public body”

       10. 10. Regulated business

       11. 11. “Person”

    8. SCHEDULE 3

       Orders in Course of Winding Up Pronounced in Vacation (Scotland)

       1. Part I Orders Which are to be Final

       2. Part II Orders Which are to take Effect Until Matter Disposed of by Inner House

    9. SCHEDULE 4

       Powers of Liquidator in a Winding Up

       1. Part I ...

          1. 1. Power to pay any class of creditors in full.

          2. 2. Power to make any compromise or arrangement with creditors or...

          3. 3. ... power to compromise, on such terms as may be...

          4. 3A. Power to bring legal proceedings under section 213, 214, 238,...

       2. Part II ...

          1. 4. Power to bring or defend any action or other legal...

          2. 5. Power to carry on the business of the company so...

       3. Part III ...

          1. 6. Power to sell any of the company’s property by public...

          2. 6A. In the case of a winding up in England and...

          3. 7. Power to do all acts and execute, in the name...

          4. 8. Power to prove, rank and claim in the bankruptcy, insolvency...

          5. 9. Power to draw, accept, make and indorse any bill of...

          6. 10. Power to raise on the security of the assets of...

          7. 11. Power to take out in his official name letters of...

          8. 12. Power to appoint an agent to do any business which...

          9. 13. Power to do all such other things as may be...

    10. SCHEDULE 4ZZA

        Protection of supplies under section 233B: exclusions

        1. PART 1 Essential supplies

           1. 1. Essential supplies

        2. PART 2 Persons involved in financial services

           1. 2. Introductory

           2. 3. Insurers

           3. 4. Banks

           4. 5. Electronic money institutions

           5. 6. Investment banks and investment firms

           6. 7. Payment institutions

           7. 8. Operators of payment systems, infrastructure providers etc

           8. 9. Recognised investment exchanges etc

           9. 10. Securitisation companies

           10. 11. Overseas activities

        3. PART 3 Contracts involving financial services

           1. 12. Introductory

           2. 13. Financial contracts

           3. 14. Securities financing transactions

           4. 15. Derivatives

           5. 16. Spot contracts

           6. 17. Capital market investments

           7. 18. Contracts forming part of a public-private partnership

        4. PART 4 Other exclusions

           1. 19. Financial markets and insolvency

           2. 20. Set-off and netting

           3. 21. Aircraft equipment

    11. SCHEDULE 4ZA

        Conditions for making a debt relief order

        1. Part 1 Conditions which must be met

           1. Connection with England and Wales

              1. 1. (1) The debtor— (a) is domiciled in England and Wales...

           2. Debtor's previous insolvency history

              1. 2. The debtor is not, on the determination date—

              2. 3. A bankruptcy application under Part 9— (a) has not been...

              3. 4. A creditor's petition for the debtor's bankruptcy under Part 9—...

              4. 5. A debt relief order has not been made in relation...

           3. Limit on debtor's overall indebtedness

              1. 6. (1) The total amount of the debtor's debts on the...

           4. Limit on debtor's monthly surplus income

              1. 7. (1) The debtor's monthly surplus income (if any) on the...

           5. Limit on value of debtor's property

              1. 8. (1) The total value of the debtor's property on the...

        2. Part 2 Other conditions

           1. 9. (1) The debtor has not entered into a transaction with...

           2. 10. (1) The debtor has not given a preference to any...

    12. SCHEDULE 4ZB

        Debt relief restrictions orders and undertakings

        1. Debt relief restrictions order

           1. 1. (1) A debt relief restrictions order may be made by...

        2. Grounds for making order

           1. 2. (1) The court shall grant an application for a debt...

        3. Timing of application for order

           1. 3. An application for a debt relief restrictions order in respect...

        4. Duration of order

           1. 4. (1) A debt relief restrictions order— (a) comes into force...

        5. Interim debt relief restrictions order

           1. 5. (1) This paragraph applies at any time between—

           2. 6. (1) This paragraph applies to a case in which both...

        6. Debt relief restrictions undertaking

           1. 7. (1) A debtor may offer a debt relief restrictions undertaking...

           2. 8. A reference in an enactment to a person in respect...

           3. 9. (1) A debt relief restrictions undertaking— (a) comes into force...

        7. Effect of revocation of debt relief order

           1. 10. Unless the court directs otherwise, the revocation at any time...

    13. SCHEDULE 4A

        1. 1. Bankruptcy restrictions order

        2. 2. Grounds for making order

        3. 3. Timing of application for order

        4. 4. Duration of order

        5. 5. Interim bankruptcy restrictions order

        6. 6. (1) This paragraph applies to a case in which both...

        7. 7. Bankruptcy restrictions undertaking

        8. 8. A reference in an enactment to a person in respect...

        9. 9. (1) A bankruptcy restrictions undertaking— (a) shall come into force...

        10. 10. Effect of annulment of bankruptcy order

        11. 11. Where a bankruptcy order is annulled under section 261 ......

        12. 12. Registration

    14. SCHEDULE 5

        Powers of Trustee in Bankruptcy

        1. Part I ...

           1. 1. Power to carry on any business of the bankrupt so...

           2. 2. Power to bring, institute or defend any action or legal...

           3. 2A. Power to bring legal proceedings under section 339, 340 or...

           4. 3. Power to accept as the consideration for the sale of...

           5. 4. Power to mortgage or pledge any part of the property...

           6. 5. Power, where any right, option or other power forms part...

           7. 6. Power to refer to arbitration, or compromise on such terms...

           8. 7. Power to make such compromise or other arrangement as may...

           9. 8. Power to make such compromise or other arrangement as ay...

        2. Part II ...

           1. 9. Power to sell any part of the property for the...

           2. 9A. Power to refer to arbitration, or compromise on such terms...

           3. 9B. Power to make such compromise or other arrangement as may...

           4. 10. Power to give receipts for any money received by him,...

           5. 11. Power to prove, rank, claim and draw a dividend in...

           6. 12. Power to exercise in relation to any property comprised in...

           7. 13. Power to deal with any property comprised in the estate...

        3. Part III ...

           1. 14. For the purposes of, or in connection with, the exercise...

    15. SCHEDULE 6

        The Categories of Preferential Debts

        1. Category 1: Debts due to Inland Revenue

           1. 1. Sums due at the relevant date from the debtor on...

           2. 2. Sums due to the relevant date from the debtor in...

        2. Category 2: Debts due to Customs and Excise

           1. 3. Any value added tax which is referable to the period...

           2. 3A. Any insurance premium tax which is referable to the period...

           3. 3B. Any landfill tax which is referable to the period of...

           4. 3C. Any climate change levy which is referable to the period...

           5. 3D. Any aggregates levy which is referable to the period of...

           6. 4. The amount of any car tax which is due at...

           7. 5. Any amount which is due— (a) by way of general...

           8. 5A. The amount of any excise duty on beer which is...

           9. 5B. Any amount which is due by way of lottery duty...

           10. 5C. Any amount which is due by way of air passenger...

        3. Category 3: Social security contributions

           1. 6. All sums which on the relevant date are due from...

           2. 7. All sums which on the relevant date have been assessed...

        4. Category 4: Contributions to occupational pension schemes, etc.

           1. 8. Any sum which is owed by the debtor and is...

        5. Category 5: Remuneration, etc., of employees

           1. 9. So much of any amount which— (a) is owed by...

           2. 10. An amount owed by way of accrued holiday remuneration, in...

           3. 11. So much of any sum owed in respect of money...

           4. 12. So much of any amount which— (a) is ordered (whether...

        6. Interpertation for Category 5

           1. 13. (1) For the purposes of paragraphs 9 to 12, a...

           2. 14. (1) This paragraph relates to a case in which a...

           3. 15. Without prejudice to paragraphs 13 and 14—

        7. Category 6: Levies on coal and steel production

           1. 15A. Any sums due at the relevant date from the debtor...

        8. Category 6A: Debts owed to the Financial Services Compensation Scheme

           1. 15AA. Any debt owed by the debtor to the scheme manager...

        9. Category 7: Deposits covered by Financial Services Compensation Scheme

           1. 15B. So much of any amount owed at the relevant date...

        10. Category 8: Other deposits

            1. 15BA. So much of any amount owed at the relevant date...

            2. 15BB. An amount owed at the relevant date by the debtor...

        11. Interpretation for categories 6A, 7 and 8.

            1. 15C. (A1) In paragraph 15AA “the scheme manager” has the meaning...

        12. Category 9: Certain HMRC debts

            1. 15D. (1) Any amount owed at the relevant date by the...

        13. Orders

            1. 16. An order under paragraph 9 or 12—

    16. SCHEDULE 7

        Insolvency Practitioners Tribunal

        1. Panels of members

           1. 1. (1) The Secretary of State shall draw up and from...

        2. Remuneration of members

           1. 2. The Secretary of State may out of money provided by...

        3. Sittings of Tribunal

           1. 3. (1) For the purposes of carrying out their functions in...

        4. Procedure of Tribunal

           1. 4. (1) Any investigation by the Tribunal shall be so conducted...

    17. SCHEDULE 8

        Provisions Capable of Inclusion in Company Insolvency Rules

        1. Courts

           1. 1. Provision for supplementing, in relation to the insolvency or winding...

           2. 2. (1) Provision for regulating the practice and procedure of any...

        2. Notices, etc.

           1. 3. Provision requiring notice of any proceedings in connection with or...

           2. 4. Provision with respect to the form, manner of serving, contents...

           3. 5. Provision specifying the persons to whom any notice is to...

           4. 5A. Provision for enabling a creditor of a company to elect...

        3. Registration of voluntary arrangements

           1. 6. Provision for the registration of voluntary arrangements approved under Part...

        4. Provisional liquidator

           1. 7. Provision as to the manner in which a provisional liquidator...

        5. Conduct of insolvency

           1. 8. Provision with respect to the certification of any person as,...

           2. 8A. (1) Provision about the making of decisions by creditors and...

           3. 9. The following provision with respect to meetings of a company’s...

           4. 9A. Provision about how a company's creditors may nominate a person...

           5. 10. (1) Provision as to the establishment, functions, membership and proceedings...

           6. 11. Provision as to the manner in which any requirement that...

           7. 12. Provision as to the debts that may be proved in...

           8. 13. Provision with respect to the manner of the distribution of...

           9. 13A. Provision for a creditor who has not proved a small...

           10. 14. Provision which, with or without modifications, applies in relation to...

           11. 14A. Provision about the application of section 176A of this Act...

           12. 14B. Administration

        6. Financial provisions

           1. 15. Provision as to the amount, or manner of determining the...

           2. 16. Provision with respect to the manner in which moneys received...

           3. 16A. Provision enabling the Secretary of State to set the rate...

           4. 17. Provision as to the fees, costs, charges and other expenses...

           5. 18. Provision as to the fees, costs, charges and other expenses...

           6. 19. Provision as to the fees, costs, charges and other expenses...

        7. Information and records

           1. 20. Provision requiring registrars and other officers of courts having jurisdiction...

           2. 21. Provision requiring a creditor, member or contributory, or such a...

           3. 22. Provision as to the manner in which public examinations under...

           4. 23. Provision imposing requirements with respect to— (a) the preparation and...

           5. 24. Provision requiring the person who is the supervisor of a...

           6. 25. Provision as to the manner in which the liquidator of...

           7. 26. Provision imposing requirements in connection with the carrying out of...

        8. General

           1. 27. Provision conferring power on the Secretary of State or the...

           2. 28. Provision conferring a discretion on the court.

           3. 29. Provision conferring power on the court to make orders for...

           4. 30. Provision making non-compliance with any of the rules a criminal...

           5. 31. Provision making different provision for different cases or descriptions of...

    18. SCHEDULE 9

        Provisions Capable of Inclusion in Individual Insolvency Rules

        1. Courts

           1. 1. Provision with respect to the arrangement and disposition of the...

           2. 2. Provision for enabling an insolvency and companies court judge ......

           3. 3. Provision for regulating the practice and procedure of any court...

           4. 4. Provision conferring rights of audience, in courts exercising jurisdiction for...

        2. Adjudicators

           1. 4A. Provision for regulating the practice and procedure of adjudicators in...

           2. 4B. Provision about the form and content of a bankruptcy application...

        3. Appeals against determinations by adjudicators

           1. 4C. Provision about the making and determining of appeals to the...

        4. Notices, etc.

           1. 5. Provision requiring notice of any proceedings under Parts 7A to...

           2. 6. Provision with respect to the form, manner of serving, contents...

           3. 7. Provision specifying the persons to whom any notice under Parts...

           4. 7A. Provision for enabling a creditor of an individual to elect...

        5. Debt relief orders

           1. 7A. Provision as to the manner in which the official receiver...

           2. 7B. Provision as to the manner in which any requirement that...

           3. 7C. Provision modifying the application of Part 7A in relation to...

        6. Debt relief restrictions orders and undertakings

           1. 7D. Provision about debt relief restrictions orders, interim orders and undertakings,...

        7. Register of debt relief orders and debt relief restrictions orders etc

           1. 7E. Provision about the register required to be maintained by section...

        8. Registration of voluntary arrangements

           1. 8. Provision for the registration of voluntary arrangements approved under Part...

           2. 8A. Official receiver acting on voluntary arrangement

        9. Interim receiver

           1. 9. Provision as to the manner in which an interim receiver...

        10. Receiver or manager

            1. 10. Provision as to the manner in which the official receiver...

        11. Administration of individual insolvency

            1. 11. Provision with respect to the certification of the appointment of...

            2. 11A. (1) Provision about the making of decisions by creditors, including...

            3. 12. The following provision with respect to meetings of creditors—

            4. 12A. Provision about how a bankrupt's creditors may appoint a person...

            5. 13. Provision as to the establishment, functions, membership and proceedings of...

            6. 14. Provision as to the manner in which any requirement that...

            7. 15. Provision as to the manner in which any requirement imposed...

            8. 16. Provision as to the terms and conditions that may be...

            9. 17. Provision as to the debts that may be proved in...

            10. 18. Provision with respect to the manner of the distribution of...

            11. 18A. Provision for a creditor who has not proved a small...

            12. 19. Provision modifying the application of Parts VIII to XI of...

        12. Financial provisions

            1. 20. Provision as to the amount, or manner of determining the...

            2. 21. Provision with respect to the manner in which moneys received...

            3. 21A. Provision enabling the Secretary of State to set the rate...

            4. 22. Provision as to the fees, costs, charges and other expenses...

            5. 23. Provision as to the fees, costs, charges and other expenses...

        13. Information and records

            1. 24. Provision requiring registrars and other officers of courts having jurisdiction...

            2. 24A. Provision requiring adjudicators— (a) to keep files and other records...

            3. 24B. Provision requiring an adjudicator to make returns to the Secretary...

            4. 24C. Provision requiring official receivers— (a) to keep files and other...

            5. 24D. Provision requiring a person to whom notice is given under...

            6. 25. Provision requiring a creditor or a committee established under section...

            7. 26. Provision as to the manner in which public examinations under...

            8. 27. Provision imposing requirements with respect to— (a) the preparation and...

            9. 28. Provision requiring the person who is the supervisor of a...

            10. 29. Provision as to the manner in which the trustee of...

            11. 29A. Bankruptcy restrictions orders and undertakings

        14. General

            1. 30. Provision conferring power on the Secretary of State to make...

            2. 31. Provision conferring a discretion on the court.

            3. 32. Provision making non-compliance with any of the rule a criminal...

            4. 33. Provision making different provision for different cases including different provision...

    19. SCHEDULE 10

        Punishment of Offences under this Act

        1. Note:. . . . . . . . . ....

    20. SCHEDULE 11

        Transitional Provisions and Savings

        1. Part I Company Insolvency and Winding Up

           1. Administration orders

              1. 1. (1) Where any right to appoint an administrative receiver of...

           2. Receivers and managers (England and Wales)

              1. 2. (1) In relation to any receiver or manager of a...

           3. Receivers (Scotland)

              1. 3. (1) In relation to any receiver appointed under section 467...

           4. Winding up already in progress

              1. 4. (1) In relation to any winding up which has commenced,...

           5. Statement of affairs

              1. 5. (1) Where a winding up by the court in England...

           6. Provisions relating to liquidator

              1. 6. (1) This paragraph applies as regards the liquidator in the...

           7. Winding up under supervision of the court

              1. 7. The repeals in Part II of Schedule 10 the Insolvency...

           8. Saving for power to make rules

              1. 8. (1) Paragraphs 4 to 7 are without prejudice to the...

           9. Setting aside of preferences and other transactions

              1. 9. (1) Where a provision in Part VI of this Act...

        2. Part II Individual Insolvency

           1. Bankruptcy (general)

              1. 10. (1) Subject to the following provisions of this Part of...

              2. 11. (1) In relation to any such case as is mentioned...

              3. 12. Transactions entered into before the appointed day have effect on...

           2. Discharge from old bankruptcy

              1. 13. (1) Where a person— (a) was adjudged bankrupt before the...

           3. Provisions relating to trustee

              1. 14. (1) This paragraph applies as regards the trustee in the...

           4. Copyright

              1. 15. (1) Where a person who is adjudged bankrupt on a...

           5. Second bankruptcy

              1. 16. (1) Sections 334 and 335 of this Act apply with...

           6. Setting aside of preferences and other transactions

              1. 17. (1) A performance given, assignment made or other transaction entered...

           7. Bankruptcy offences

              1. 18. (1) Where a bankruptcy order is made under this Act...

           8. Power to make rules

              1. 19. (1) The preceding provisions of this Part of this Schedule...

        3. Part III Transitional Effect of Part XVI

           1. 20. (1) A transaction entered into before the appointed day shall...

        4. Part IV Insolvency Practitioners

           1. 21. Where an individual began to act as an insolvency practitioner...

        5. Part V General Transitional Provisions and Savings

           1. Interpretation for this Part

              1. 22. In this Part of this Schedule, “the former enactments” means...

           2. General saving for past acts and events

              1. 23. So far as anything done or treated as done under...

           3. Periods of time

              1. 24. Where any period of time specified in a provision of...

           4. Internal cross-references in this Act

              1. 25. Where in any provision of this Act there is a...

           5. Punishment of offences

              1. 26. (1) Offences committed before the appointed day under any provision...

           6. References elsewhere to the former enactments

              1. 27. (1) A reference in any enactment, instrument or document (whether...

           7. Saving for power to repeal provisions in section 51

              1. 28. The Secretary of State may by order in a statutory...

           8. Saving for Interpretation Act 1978 ss. 16, 17

              1. 29. Nothing in this Schedule is to be taken as prejudicing...

    21. SCHEDULE 12

        Enactments Repealed

    22. SCHEDULE 13

        Consequential Amendments of Companies Act 1985

        1. Part I Internal and Other Section References Amended or Re-amended

        2. Part II Amendement of Part XXVI (Interpretation)

           1. In Part XXVI of the Companies Act, after section 735,...

    23. SCHEDULE 14

        Consequential Amendments of other Enactments