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Small Business, Enterprise and Employment Act 2015

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Changes over time for: Cross Heading: Removing requirements to seek sanction

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Removing requirements to seek sanctionU.K.

120Exercise of powers by liquidator: removal of need for sanctionU.K.

(1)The Insolvency Act 1986 is amended as follows.

(2)In section 165 (voluntary winding up: powers of liquidator), for subsections (2) and (3) substitute—

(2)The liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4.

(3)In section 167 (winding up by the court: powers of liquidator), for subsection (1) substitute—

(1)Where a company is being wound up by the court, the liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4.

(4)In section 169 (supplementary powers (Scotland)), omit subsection (1).

(5)In Part 2 of Schedule 3 (appeals from orders in Scotland: orders which take effect until matter disposed of by Inner House), omit the entry relating to orders under section 167 or 169.

(6)In Schedule 4 (powers of liquidator in a winding up)—

(a)in paragraph 3, omit “In the case of a winding up in Scotland,”,

(b)omit paragraph 6A, and

(c)omit the headings for each of Parts 1 to 3.

121Exercise of powers by trustee in bankruptcy: removal of need for sanctionU.K.

(1)The Insolvency Act 1986 is amended as follows.

(2)In section 314 (bankruptcy: powers of trustee)—

(a)for subsection (1) substitute—

(1)The trustee may exercise any of the powers specified in Parts 1 and 2 of Schedule 5.,

(b)in subsection (2), omit “With the permission of the creditors' committee or the court,”, and

(c)omit subsections (3) and (4).

(3)In Schedule 5 (powers of trustee in bankruptcy), omit the headings for each of Parts 1 to 3.

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