Insolvency Act 1986

1. Introductory Text

2. The First Group of Parts

   Company Insolvency ; Companies Winding Up

   1. PART I Company Voluntary Arrangements

      1. The proposal

         1. 1. Those who may propose an arrangement

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

         3. 3. Summoning of meetings

      2. Consideration and implementation of proposal

         1. 4. Decisions of meetings

         2. 7. Implementation of proposal

   2. PART II Administration Orders

      1. Making etc. of administration order

         1. 8. Power of court to make order

         2. 9. Application for order

         3. 10. Effect of application

         4. 11. Effect of order

         5. 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

   3. 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 undischarged bankrupt

            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. PART IV Winding Up of Companies Registered under the Companies Acts

      1. CHAPTER I Preliminary

         1. Modes of winding up

            1. 73. Alternative modes of winding up

         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 under Companies Act, Part XXII, Chapter II

      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. Effect on business and status of 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. 93. General company meeting at each year's end

         4. 94. Final meeting prior to dissolution

         5. 95. Effect of company's insolvency

         6. 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. 105. Meetings of company and creditors at each year's end

         10. 106. Final meeting 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. 125. Powers of court on hearing of petition

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

            6. 127. Avoidance of property dispositions, etc.

            7. 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 at meetings of 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. Duty to summon final meeting

         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. Preferential debts

            1. 175. Preferential debts (general provision)

            2. 176. Preferential charge on goods distrained

         2. Special managers

            1. 177. Power to appoint special manager

         3. Disclaimer (England and Wales only)

            1. 178. Power to disclaim onerous property

            2. 179. Disclaimer of leaseholds

            3. 180. Land subject to rentcharge

            4. 181. Powers of court (general)

            5. 182. Powers of court (leaseholds)

         4. Execution, attachment and the Scottish equivalents

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

            2. 184. Duties of sheriff (England and Wales)

            3. 185. Effect of diligence (Scotland)

         5. 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. Meetings 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. Consequences 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

   5. 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 ÷50 or more

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

      5. 224. Inability to pay debts: other cases

      6. 225. Overseas company 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

   6. 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. 234. Getting in the company's property

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

         4. 236. Inquiry into company's dealings, etc.

         5. 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.

   7. PART VII Interpretation for First Group of Parts

      1. 247. " Insolvency " and " go into liquidation "

      2. 248. " Secured creditor ", etc.

      3. 249. " Connected " with a company

      4. 250. " Member " of a company

      5. 251. Expressions used generally

3. The Second Group of Parts

   Insolvency of Individuals ; Bankruptcy

   1. 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

         6. 257. Summoning of creditors' meeting

      2. Consideration and implementation of debtor's proposal

         1. 258. Decisions of creditors' meeting

         2. 259. Report of decisions to court

         3. 260. Effect of approval

         4. 261. Effect where debtor an undischarged bankrupt

         5. 262. Challenge of meeting's decision

         6. 263. Implementation and supervision of approved voluntary arrangement

   2. PART IX Bankruptcy

      1. CHAPTER I Bankruptcy Petitions ; Bankruptcy Orders

         1. Preliminary

            1. 264. Who may present a bankruptcy petition

            2. 265. Conditions to be satisfied in respect of debtor

            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. Debtor's petition

            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. 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

         5. Commencement and duration of bankruptcy; discharge

            1. 278. Commencement and continuance

            2. 279. Duration

            3. 280. Discharge by order of the court

            4. 281. Effect of discharge

            5. 282. Court's power to annul bankruptcy order

      2. CHAPTER II Protection of Bankrupt's Estate and Investigation of His Affairs

         1. 283. Definition of bankrupt's estate

         2. 284. Restrictions on dispositions of property

         3. 285. Restriction on proceedings and remedies

         4. 286. Power to appoint interim receiver

         5. 287. Receivership pending appointment of trustee

         6. 288. Statement of affairs

         7. 289. Investigatory duties of official receiver

         8. 290. Public examination of bankrupt

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

      3. CHAPTER III Trustees in Bankruptcy

         1. Tenure of office as trustee

            1. 292. Power to make appointments

            2. 293. Summoning of meeting to appoint first trustee

            3. 294. Power of creditors to requisition meeting

            4. 295. Failure of meeting to appoint trustee

            5. 296. Appointment of trustee by Secretary of State

            6. 297. Special cases

            7. 298. Removal of trustee; vacation of office

            8. 299. Release of trustee

            9. 300. Vacancy in office of 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

      4. 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. 307. After-acquired property

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

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

            5. 310. Income payments orders

            6. 311. Acquisition by trustee of control

            7. 312. Obligation to surrender control to trustee

            8. 313. Charge on bankrupt's home

            9. 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 meeting

            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

      5. CHAPTER V Effect of Bankruptcy on Certain Rights, Transactions, Etc.

         1. Rights of occupation

            1. 336. Rights of occupation etc. of bankrupt's spouse

            2. 337. Rights of occupation of bankrupt

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

         2. 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. 343. Extortionate credit transactions

            6. 344. Avoidance of general assignment of book debts

            7. 345. Contracts to which bankrupt is a party

            8. 346. Enforcement procedures

            9. 347. Distress, etc.

            10. 348. Apprenticeships, etc.

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

      6. 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

      7. 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.

   3. PART X Individual Insolvency: General Provisions

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

      2. 373. Jurisdiction in relation to insolvent individuals

      3. 374. Insolvency districts

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

      5. 376. Time-limits

      6. 377. Formal defects

      7. 378. Exemption from stamp duty

      8. 379. Annual report

   4. PART XI Interpretation for Second Group of Parts

      1. 380. Introductory

      2. 381. " Bankrupt" and associated terminology

      3. 382. " Bankruptcy debt ", etc.

      4. 383. " Creditor ", " security ", etc.

      5. 384. " Prescribed " and " the rules"

      6. 385. Miscellaneous definitions

4. The Third Group of Parts

   Miscellaneous Matters Bearing on both Company and Individual Insolvency ; General Interpretation ; Final Provisions

   1. PART XII Preferential debts in Company and Individual Insolvency

      1. 386. Categories of preferential debts

      2. 387. " The relevant date "

   2. 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

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

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

         2. 391. Recognised professional bodies

         3. 392. Authorisation by competent authority

         4. 393. Grant, refusal and withdrawal of authorisation

         5. 394. Notices

         6. 395. Right to make representations

         7. 396. Reference to Tribunal

         8. 397. Action of Tribunal on reference

         9. 398. Refusal or withdrawal without reference to Tribunal

   3. PART XIV Public Administration (England and Wales)

      1. Official Receivers

         1. 399. Appointment, etc. of official receivers

         2. 400. Functions and status of official receivers

         3. 401. Deputy official receivers and staff

      2. The Official Petitioner

         1. 402. Official Petitioner

      3. 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 and invested

         5. 407. Unclaimed dividends and undistributed balances

         6. 408. Recourse to Consolidated Fund

         7. 409. Annual financial statement and audit

      4. Supplementary

         1. 410. Extent of this Part

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

         1. 416. Monetary limits (companies winding up)

         2. 417. Money sum in section 222

         3. 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. 422. Recognised banks, etc.

   5. 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

   6. PART XVII Miscellaneous and General

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

      2. 427. Parliamentary disqualification

      3. 428. Exemptions from Restrictive Trade Practices Act

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

      5. 430. Provision introducing Schedule of punishments

      6. 431. Summary proceedings

      7. 432. Offences by bodies corporate

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

      9. 434. Crown application

   7. PART XVIII Interpretation

      1. 435. Meaning of " associate "

      2. 436. Expressions used generally

   8. 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

5. SCHEDULES

   1. 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...

   2. 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 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 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 establish subsidiaries of the company.

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

      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...

   3. 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

   4. SCHEDULE 4

      Powers of Liquidator in a Winding Up

      1. PART I Powers Exercisable with Sanction

         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 agreed—...

      2. PART II Powers Exercisable without Sanction in Voluntary Winding Up, with Sanction in Winding Up by the Court

         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 Powers Exercisable Without Sanction in any Winding Up

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

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

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

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

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

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

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

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

   5. SCHEDULE 5

      Powers of Trustee in Bankruptcy

      1. PART I Powers Exercisable with Sanction

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

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

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

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

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

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

      2. PART II General Powers

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

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

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

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

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

      3. PART III Ancillary Powers

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

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

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

      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. Interpretation 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. Orders

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

   7. 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...

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

      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...

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

         3. 10. (1) Provision as to the functions, membership and proceedings of...

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

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

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

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

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

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

         5. 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 to make...

         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...

   9. 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 a registrar in bankruptcy of the High...

         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. Notices, etc.

         1. 5. Provision requiring notice of any proceedings under Parts VIII 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...

      3. Registration of voluntary arrangements

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

      4. Interim receiver

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

      5. Receiver or manager

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

      6. Administration of individual insolvency

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

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

         3. 13. Provision as to the functions, membership and proceedings of a...

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

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

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

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

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

         9. 19. Provision modifying the application of Parts VEH to XI of...

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

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

      8. Information and records

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

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

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

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

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

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

      9. 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 rules a criminal...

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

   10. SCHEDULE 10

       Punishment of Offences under this Act

   11. 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 to the...

          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. Where a person who is adjudged bankrupt on a petition...

          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 preference 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...

          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...

   12. SCHEDULE 12

       Enactments Repealed

   13. SCHEDULE 13

       Consequential Amendments of Companies Act 1985

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

       2. PART II Amendment of Part XXVI (Interpretation)

   14. SCHEDULE 14

       Consequential Amendments of other Enactments

   15. TABLE OF DERIVATIONS