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Insolvency Act 1986

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Changes over time for: Paragraph 19

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Version Superseded: 26/06/2020

Alternative versions:

Status:

Point in time view as at 17/03/2011.

Changes to legislation:

Insolvency Act 1986, Paragraph 19 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

[F1F219(1)Subject to sub-paragraph (2), the company may only make any payment in respect of any debt or other liability of the company in existence before the beginning of the moratorium if—E+W+S

(a)there are reasonable grounds for believing that the payment will benefit the company, and

(b)the payment is approved by the committee established under paragraph 35(1) or, where there is no such committee, by the nominee.

(2)Sub-paragraph (1) does not apply to a payment required by paragraph 20(6).

(3)If the company makes a payment in contravention of sub-paragraph (1) otherwise than in pursuance of an order of the court—

(a)the company is liable to a fine, and

(b)if any officer of the company authorised or permitted the contravention, without reasonable excuse, he is liable to imprisonment or a fine, or both.]

Textual Amendments

F1Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)

F2Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)

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