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Insolvency Act 1986

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Changes over time for: Part I

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Version Superseded: 15/09/2003

Status:

Point in time view as at 06/04/2003. This version of this part contains provisions that are not valid for this point in time. Help about Status

Changes to legislation:

Insolvency Act 1986, Part I is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

Part IE+W+S Powers Exercisable with Sanction

1E+W+SPower to carry on any business of the bankrupt so far as may be necessary for winding it up beneficially and so far as the trustee is able to do so without contravening any requirement imposed by or under any enactment.

2E+W+SPower to bring, institute or defend any action or legal proceedings relating to the property comprised in the bankrupt’s estate.

Yn ddilys o 15/09/2003

[F12AE+W+SPower to bring legal proceedings under section 339, 340 or 423.]

Textual Amendments

F1Sch. 5 Pt. I para. 2A inserted (15.9.2003) by 2002 c. 40, ss. 262, 279 (with s. 249(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

3E+W+SPower to accept as the consideration for the sale of any property comprised in the bankrupt’s estate a sum of money payable at a future time subject to such stipulations as to security or otherwise as the creditors’ committee or the court thinks fit.

4E+W+SPower to mortgage or pledge any part of the property comprised in the bankrupt’s estate for the purpose of raising money for the payment of his debts.

5E+W+SPower, where any right, option or other power forms part of the bankrupt’s estate, to make payments or incur liabilities with a view to obtaining, for the benefit of the creditors, any property which is the subject of the right, option or power.

6Power to refer to arbitration, or compromise on such terms as may be agreed on, any debts, claims or liabilities subsisting or supposed to subsist between the bankrupt and any person who may have incurred any liability to the bankrupt.

7E+W+SPower to make such compromise or other arrangement as may be thought expedient with creditors, or persons claiming to be creditors, in respect of bankruptcy debts.

8Power to make such compromise or other arrangement as ay be thought expedient with respect to any claim arising out of or incidental to the bankrupt’s estate made or capable of being made on the trustee by any person or by the trustee on any person.

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