Small Business, Enterprise and Employment Act 2015

Bankruptcy

77 (1) Section 298 (trustee’s vacation of office) is amended as follows.

(2) In subsection (1), for “general meeting of the bankrupt’s creditors summoned” substitute “decision of the bankrupt’s creditors made by a creditors’ decision procedure instigated”.

(3) In subsection (4)—

(a) for “general meeting of the bankrupt’s creditors shall be summoned” substitute “creditors’ decision procedure may be instigated”;

(b) for “replacing” substitute “removing”;

(c) in paragraph (c)—

(i) omit “the meeting is requested by”;

(ii) after “bankrupt’s creditors” insert “so requests,”.

(4) After subsection (4) insert—

“(4A) Where the bankrupt’s creditors decide to remove a trustee, they may in accordance with the rules appoint another person as trustee in his place.

(4B) Where the decision to remove a trustee is made under subsection (4), the decision does not take effect until the bankrupt’s creditors appoint another person as trustee in his place.”

(5) In subsection (8), for the words from “a final” to the end substitute “the trustee has given notice under section 331(2).”

(6) After subsection (8) insert—

“(8A) A notice under subsection (8)—

(a) must not be given before the end of the period prescribed by the rules as the period within which the bankrupt’s creditors may object to the trustee’s release, and

(b) must state whether any of the bankrupt’s creditors objected to the trustee’s release.”