Insolvency Act 1986
The First Group of Parts Company Insolvency; Companies Winding Up
Part I Company Voluntary Arrangements
The Proposal
1 Those who may propose an arrangement.
1A Moratorium.
2 Procedure where nominee is not the liquidator or administrator.
3 Summoning of meetings.
Consideration and implementation of proposal
4 Decisions of meetings.
4A Approval of arrangement.
5 Effect of approval.
6 Challenge of decisions.
6A False representations, etc.
7 Implementation of proposal.
7A Prosecution of delinquent officers of company.
7B Arrangements coming to an end prematurely.
Part IIadministration
8 Administration
Part II Administration Orders
Making etc. of administration order
9 Application for order.
10 Effect of application.
11 Effect of order.
12 Notification of order.
Administrators
13 Appointment of administrator.
14 General powers.
15 Power to deal with charged property, etc.
16 Operation of s. 15 in Scotland.
17 General duties.
18 Discharge or variation of administration order.
19 Vacation of office.
20 Release of administrator.
Ascertainment and investigation of company’s affairs
21 Information to be given by administrator.
22 Statement of affairs to be submitted to administrator.
Administrator’s proposals
23 Statement of proposals.
24 Consideration of proposals by creditors’ meeting.
25 Approval of substantial revisions.
Miscellaneous
26 Creditors’ committee.
27 Protection of interests of creditors and members.
Part III Receivership
Chapter I Receivers and Managers (England and Wales)
Preliminary and general provisions
28 Extent of this Chapter.
29 Definitions.
30 Disqualification of body corporate from acting as receiver.
31 Disqualification of bankrupt or person in respect of whom a debt relief order is made
32 Power for court to appoint official receiver.
Receivers and managers appointed out of court
33 Time from which appointment is effective.
34 Liability for invalid appointment.
35 Application to court for directions.
36 Court’s power to fix remuneration.
37 Liability for contracts, etc.
38 Receivership accounts to be delivered to registrar.
Provisions applicable to every receivership
39 Notification that receiver or manager appointed.
40 Payment of debts out of assets subject to floating charge.
41 Enforcement of duty to make returns.
Administrative receivers: general
42 General powers.
43 Power to dispose of charged property, etc.
44 Agency and liability for contracts.
45 Vacation of office.
Administrative receivers: ascertainment and investigation of company’s affairs
46 Information to be given by administrative receiver.
47 Statement of affairs to be submitted.
48 Report by administrative receiver.
49 Committee of creditors.
Chapter II Receivers (Scotland)
50 Extent of this Chapter.
51 Power to appoint receiver.
52 Circumstances justifying appointment.
53 Mode of appointment by holder of charge.
54 Appointment by court.
55 Powers of receiver.
56 Precedence among receivers.
57 Agency and liability of receiver for contracts.
58 Remuneration of receiver.
59 Priority of debts.
60 Distribution of moneys.
61 Disposal of interest in property.
62 Cessation of appointment of receiver.
63 Powers of court.
64 Notification that receiver appointed.
65 Information to be given by receiver.
66 Company’s statement of affairs.
67 Report by receiver.
68 Committee of creditors
69 Enforcement of receiver’s duty to make returns, etc.
70 Interpretation for Chapter II.
71 Prescription of forms, etc.; regulations.
Chapter III Receivers’ Powers in Great Britain as a Whole
72 Cross-border operation of receivership provisions.
CHAPTER IV PROHIBITION OF APPOINTMENT OF ADMINISTRATIVE RECEIVER
72A Floating charge holder not to appoint administrative receiver
72B First exception: capital market
72C Second exception: public-private partnership
72D Third exception: utilities
72DAException in respect of urban regeneration projects
72E Fourth exception: project finance
72F Fifth exception: financial market
72G Sixth exception: social landlords
72GAException in relation to protected railway companies etc.
72H Sections 72A to 72G: supplementary
Part IV Winding Up of Companies Registered under the Companies Acts
Chapter I Preliminary
Introductory
73Scheme of this Part
Contributories
74 Liability as contributories of present and past members.
75 Directors, etc. with unlimited liability.
76 Liability of past directors and shareholders.
77 Limited company formerly unlimited.
78 Unlimited company formerly limited.
79 Meaning of “contributory”.
80 Nature of contributory’s liability.
81 Contributories in case of death of a member.
82 Effect of contributory’s bankruptcy.
83Companies registered but not formed under the Companies Act 2006
Chapter II Voluntary Winding Up (Introductory and General)
Resolutions for, and commencement of, voluntary winding up
84 Circumstances in which company may be wound up voluntarily.
85 Notice of resolution to wind up.
86 Commencement of winding up.
Consequences of resolution to wind up
87(1) In case of a voluntary winding up, the company...
88 Avoidance of share transfers, etc. after winding-up resolution.
Declaration of solvency
89 Statutory declaration of solvency.
90 Distinction between “members’” and “creditors’” voluntary winding up.
Chapter III Members’ Voluntary Winding Up
91 Appointment of liquidator.
92 Power to fill vacancy in office of liquidator.
92AProgress report to company at year's end (England and Wales)
93 General company meeting at each year’s end. (Scotland)
94 Final meeting prior to dissolution.
95 Effect of company’s insolvency.
96 Conversion to creditors’ voluntary winding up.
Chapter IV Creditors’ Voluntary Winding Up
97 Application of this Chapter.
98 Meeting of creditors.
99 Directors to lay statement of affairs before creditors.
100 Appointment of liquidator.
101 Appointment of liquidation committee.
102 Creditors’ meeting where winding up converted under s. 96.
103 Cesser of directors’ powers.
104 Vacancy in office of liquidator.
104AProgress report to company and creditors at year's end (England and Wales)
105 Meetings of company and creditors at each year’s end (Scotland).
106 Final meeting prior to dissolution.
Chapter V Provisions Applying to both kinds of Voluntary Winding Up
107 Distribution of company’s property.
108 Appointment or removal of liquidator by the court.
109 Notice by liquidator of his appointment.
110 Acceptance of shares, etc., as consideration for sale of company property.
111 Dissent from arrangement under s. 110.
112 Reference of questions to court.
113 Court’s power to control proceedings (Scotland).
114 No liquidator appointed or nominated by company.
115 Expenses of voluntary winding up.
116 Saving for certain rights.
Chapter VI Winding Up by the Court
Jurisdiction (England and Wales)
117 High Court and county court jurisdiction.
118 Proceedings taken in wrong court.
119 Proceedings in county court; case stated for High Court.
Jurisdiction (Scotland)
120 Court of Session and sheriff court jurisdiction.
121 Power to remit winding up to Lord Ordinary.
Grounds and effect of winding-up petition
122 Circumstances in which company may be wound up by the court.
123 Definition of inability to pay debts.
124 Application for winding up.
124A Petition for winding up on grounds of public interest.
124B Petition for winding up of SE
124CPetition for winding up of SCE
125 Powers of court on hearing of petition.
126 Power to stay or restrain proceedings against company.
127 Avoidance of property dispositions, etc.
128 Avoidance of attachments, etc.
Commencement of winding up
129 Commencement of winding up by the court.
130 Consequences of winding-up order.
Investigation procedures
131 Company’s statement of affairs.
132 Investigation by official receiver.
133 Public examination of officers
134 Enforcement of s. 133.
Appointment of liquidator
135 Appointment and powers of provisional liquidator.
136 Functions of official receiver in relation to office of liquidator.
137 Appointment by Secretary of State.
138 Appointment of liquidator in Scotland.
139 Choice of liquidator at meetings of creditors and contributories.
140 Appointment by the court following administration or voluntary arrangement.
Liquidation committees
141 Liquidation committee (England and Wales).
142 Liquidation committee (Scotland).
The liquidator’s functions
143 General functions in winding up by the court.
144 Custody of company’s property.
145 Vesting of company property in liquidator.
146 Duty to summon final meeting.
General powers of court
147 Power to stay or sist winding up.
148 Settlement of list of contributories and application of assets.
149 Debts due from contributory to company.
150 Power to make calls.
151 Payment into bank of money due to company.
152 Order on contributory to be conclusive evidence.
153 Power to exclude creditors not proving in time.
154 Adjustment of rights of contributories.
155 Inspection of books by creditors, etc.
156 Payment of expenses of winding up.
157 Attendance at company meetings (Scotland).
158 Power to arrest absconding contributory.
159 Powers of court to be cumulative.
160 Delegation of powers to liquidator (England and Wales).
Enforcement of, and appeal from, orders
161 Orders for calls on contributories (Scotland).
162 Appeals from orders in Scotland.
Chapter VII Liquidators
Preliminary
163 Style and title of liquidators.
164 Corrupt inducement affecting appointment.
Liquidator’s powers and duties
165 Voluntary winding up.
166 Creditors’ voluntary winding up.
167 Winding up by the court.
168 Supplementary powers (England and Wales).
169 Supplementary powers (Scotland).
170 Enforcement of liquidator’s duty to make returns, etc.
Removal; vacation of office
171 Removal, etc. (voluntary winding up).
172 Removal, etc. (winding up by the court).
Release of liquidator
173 Release (voluntary winding up).
174 Release (winding up by the court).
Chapter VIII Provisions of General Application in Winding Up
Preferential debts
175 Preferential debts (general provision).
176 Preferential charge on goods distrained.
176ZAPayment of expenses of winding up (England and Wales)
176A Share of assets for unsecured creditors
Special managers
177 Power to appoint special manager.
Disclaimer (England and Wales only)
178 Power to disclaim onerous property.
179 Disclaimer of leaseholds.
180 Land subject ot rentcharge.
181 Powers of court (general).
182 Powers of court (leaseholds).
Execution, attachment and the Scottish equivalents
183 Effect of execution or attachment (England and Wales).
184 Duties of officers charged with execution of writs and other processes (England and Wales).
185 Effect of diligence (Scotland)
Miscellaneous matters
186 Rescission of contracts by the court.
187 Power to make over assets to employees.
188 Notification that company is in liquidation.
189 Interest on debts.
190 Documents exempt from stamp duty.
191 Company’s books to be evidence.
192 Information as to pending liquidations.
193 Unclaimed dividends (Scotland).
194 Resolutions passed at adjourned meetings.
195 Meetings to ascertain wishes of creditors or contributories.
196 Judicial notice of court documents.
197 Commission for receiving evidence.
198 Court order for examination of persons in Scotland.
199 Costs of application for leave to proceed (Scottish companies).
200 Affidavits etc. in United Kingdom and overseas.
Chaper IX Dissolution of Companies After Winding Up
201 Dissolution (voluntary winding up).
202 Early dissolution (England and Wales).
203 Consequence of notice under s. 202.
204 Early dissolution (Scotland).
205 Dissolution otherwise than under ss. 202-204.
Chapter X Malpractice before and during Liquidation; Penalisation of Companies and Company Officers; Investigations and Prosecutions
Offences of fraud, deception, etc.
206 Fraud, etc. in anticipation of winding up.
207 Transactions in fraud of creditors.
208 Misconduct in course of winding up.
209 Falsification of company’s books.
210 Material omissions from statement relating to company’s affairs.
211 False representations to creditors.
Penalisation of directors and officers
212 Summary remedy against delinquent directors, liquidators, etc.
213 Fraudulent trading.
214 Wrongful trading.
215 Proceedings under ss. 213, 214.
216 Restriction on re-use of company names.
217 Personal liability for debts, following contravention of s. 216.
Investigation and prosecution of malpractice
218 Prosecution of delinquent officers and members of company.
219 Obligations arising under s. 218.
Part V Winding Up of Unregistered Companies
220 Meaning of “unregistered company”.
221 Winding up of unregistered companies.
222 Inability to pay debts: unpaid creditor for £750 or more.
223 Inability to pay debts: debt remaining unsatisfed after action brought.
224 Inability to pay debts: other cases.
225Company incorporated outside Great Britain may be wound up though dissolved.
226 Contributories in winding up of unregistered company.
227 Power of court to stay, sist or restrain proceedings.
228 Actions stayed on winding-up order.
229 Provisions of this Part to be cumulative.
Part VI Miscellaneous Provisions Applying to Companies Which are Insolvent or in Liquidation
Office-holders
230 Holders of office to be qualified insolvency practitioners.
231 Appointment to office of two or more persons.
232 Validity of office-holder’s acts.
Management by administrators, liquidators, etc.
233 Supplies of gas, water, electricity, etc.
234 Getting in the company’s property.
235 Duty to co-operate with office-holder.
236 Inquiry into company’s dealings, etc.
237 Court’s enforcement powers under s. 236.
Adjustment of prior transactions (administration and liquidation)
238 Transactions at an undervalue (England and Wales).
239 Preferences (England and Wales).
240“Relevant time” under ss. 238, 239.
241 Orders under ss. 238, 239.
242 Gratuitous alienations (Scotland).
243 Unfair preferences (Scotland).
244 Extortionate credit transactions.
245 Avoidance of certain floating charges.
246 Unenforceability of liens on books, etc.
Remote attendance at meetings
246ARemote attendance at meetings
Use of websites
246BUse of websites
Part VII Interpretation for First Group of Parts
247“Insolvency” and “go into liquidation”.
248“Secured creditor”, etc.
249“Connected” with a company.
250“Member” of a company.
251 Expressions used generally.
The Second Group of Parts Insolvency of Individuals; Bankruptcy
Part 7ADebt relief orders
Preliminary
251ADebt relief orders
Applications for a debt relief order
251BMaking of application
251CDuty of official receiver to consider and determine application
251DPresumptions applicable to the determination of an application
Making and effect of debt relief order
251EMaking of debt relief orders
251FEffect of debt relief order on other debt management arrangements
251GMoratorium from qualifying debts
251HThe moratorium period
251IDischarge from qualifying debts
Duties of debtor
251JProviding assistance to official receiver etc
Objections, investigations and revocation
251KObjections and investigations
251LPower of official receiver to revoke or amend a debt relief order
Role of the court
251MPowers of court in relation to debt relief orders
251NInquiry into debtor's dealings and property
Offences
251OFalse representations and omissions
251PConcealment or falsification of documents
251QFraudulent disposal of property
251RFraudulent dealing with property obtained on credit
251SObtaining credit or engaging in business
251TOffences: supplementary
Supplementary
251UApproved intermediaries
251VDebt relief restrictions orders and undertakings
251WRegister of debt relief orders etc
251XInterpretation
Part VIII Individual Voluntary Arrangements
Moratorium for insolvent debtor
252 Interim order of court.
253 Application for interim order.
254 Effect of application.
255 Cases in which interim order can be made.
256 Nominee’s report on debtor’s proposal.
Procedure where no interim order made
256A Debtor’s proposal and nominee’s report.
Creditors’ meeting
257 Summoning of creditors’ meeting.
Consideration and implementation of debtor’s proposal
258 Decisions of creditor’s meeting.
259 Report of decisions to court.
260 Effect of approval.
261 Additional effect on undischarged bankrupt
262 Challenge of meeting’s decision.
262A False representations etc.
262B Prosecution of delinquent debtors.
262C Arrangements coming to an end prematurely.
263 Implementation and supervision of approved voluntary arrangement.
263A Availability
263B Decision
263C Result
263D Approval of voluntary arrangement
263E Implementation
263F Revocation
263G Offences
Part IX Bankruptcy
Chapter I Bankruptcy Petitions; Bankruptcy Orders
Preliminary
264 Who may present a bankruptcy petition.
265 Conditions to be satisfied in respect of debtor.
266 Other preliminary conditions.
Creditor’s petition
267 Grounds of creditor’s petition.
268 Definition of “inability to pay”, etc.; the statutory demand.
269 Creditor with security.
270 Expedited petition.
271 Proceedings on creditor’s petition.
Debtor’s petition
272 Grounds of debtor’s petition.
273 Appointment of insolvency practitioner by the court.
274 Action on report of insolvency practitioner.
274ADebtor who meets conditions for a debt relief order
275 Summary administration.
Other cases for special consideration
276 Default in connection with voluntary arrangement.
277 Petition based on criminal bankruptcy order.
Commencement and duration of bankruptcy; discharge
278 Commencement and continuance.
279 Duration
280 Discharge by order of the court.
281 Effect of discharge.
281A Post-discharge restrictions
282 Court’s power to annul bankruptcy order.
Chapter II Protection of Bankrupt’s Estate and Investigation of His Affairs
283 Definition of bankrupt’s estate.
283A Bankrupt’s home ceasing to form part of estate
284 Restrictions on dispositions of property.
285 Restriction on proceedings and remedies.
286 Power to appoint interim receiver.
287 Receivership pending appointment of trustee.
288 Statement of affairs.
289 Investigatory duties of official receiver
290 Public examination of bankrupt.
291 Duties of bankrupt in relation to official receiver.
Chapter III Trustees in Bankruptcy
Tenure of office as trustee
292 Power to make appointments.
293 Summoning of meeting to appoint first trustee.
294 Power of creditors to requisition meeting.
295 Failure of meeting to appoint trustee.
296 Appointment of trustee by Secretary of State.
297 Special cases.
298 Removal of trustee; vacation of office.
299 Release of trustee.
300 Vacancy in office as trustee.
Control of trustee
301 Creditors’ committee.
302 Exercise by Secretary of State of functions of creditors’ committee.
303 General control of trustee by the court.
304 Liability of trustee.
Chapter IV Administration by Trustee
Preliminary
305 General functions of trustee.
Acquisition, control and realisation of bankrupt’s estate
306 Vesting of bankrupt’s estate in trustee.
306A Property subject to restraint order
306AAProperty released from detention
306B Property in respect of which receivership or administration order made
306BAProperty in respect of which realisation order made
306C Property subject to certain orders where confiscation order discharged or quashed
307 After-acquired property.
308 Vesting in trustee of certain items of excess value.
308A Vesting in trustee of certain tenancies.
309 Time-limit for notice under s. 307 or 308.
310 Income payments orders.
310A Income payments agreement
311 Acquisition by trustee of control.
312 Obligation to surrender control to trustee.
313 Charge on bankrupt’s home.
313A Low value home: application for sale, possession or charge
314 Powers of trustee.
Disclaimer of onerous property
315 Disclaimer (general power).
316 Notice requiring trustee’s decision.
317 Disclaimer of leaseholds.
318 Disclaimer of dwelling house.
319 Disclaimer of land subject to rentcharge.
320 Court order vesting disclaimed property.
321 Order under s. 320 in respect of leaseholds.
Distribution of bankrupt’s estate
322 Proof of debts.
323 Mutual credit and set-off.
324 Distribution by means of dividend.
325 Claims by unsatisfied creditors.
326 Distribution of property in specie.
327 Distribution in criminal bankruptcy.
328 Priority of debts.
329 Debts to spouse.
330 Final distribution.
331 Final meeting.
332 Saving for bankrupt’s home.
Supplemental
333 Duties of bankrupt in relation to trustee.
334 Stay of distribution in case of second bankruptcy.
335 Adjustment between earlier and later bankruptcy estates.
Chapter V Effect of Bankruptcy on Certain Rights Transacttions, Etc.
Rights under trusts of land
335A Rights under trusts of land.
Rights of occupation
336 Rights of occupation etc. of bankrupt’s spouse or civil partner.
337 Rights of occupation of bankrupt.
338 Payments in respect of premises occupied by bankrupt.
Adjustment of prior transactions, etc.
339 Transactions at an undervalue.
340 Preferences.
341“Relevant time” under ss. 339, 340.
342 Orders under ss. 339, 340.
342A Recovery of excessive pension contributions.
342B Orders under section 342A.
342C Orders under section 342A: supplementary.
342D Recovery of excessive contributions in pension-sharing cases.
342E Orders under section 339 or 340 in respect of pension-sharing transactions.
342F Orders under section 339 or 340 in pension-sharing cases: supplementary.
343 Extortionate credit transactions.
344 Avoidance of general assignment of book debts.
345 Contracts to which bankrupt is a party.
346 Enforcement procedures.
347 Distress, etc.
348 Apprenticeships, etc.
349 Unenforceability of liens on books, etc.
349A Arbitration agreements to which bankrupt is party.
Chapter VI Bankruptcy Offences
Preliminary
350 Scheme of this Chapter.
351 Definitions.
352 Defence of innocent intention.
Wrongdoing by the bankrupt before and after bankruptcy
353 Non-disclosure.
354 Concealment of property.
355 Concealment of books and papers; falsification.
356 False statements.
357 Fraudulent disposal of property.
358 Absconding.
359 Fraudulent dealing with property obtained on credit.
360 Obtaining credit; engaging in business.
361 Failure to keep proper accounts of business.
362 Gambling.
Chapter VII Powers of Court In Bankruptcy
363 General control of court.
364 Power of arrest.
365 Seizure of bankrupt’s property.
366 Inquiry into bankrupt’s dealings and property.
367 Court’s enforcement powers under s. 366.
368 Provision corresponding to s. 366, where interim receiver appointed.
369 Order for production of documents by inland revenue.
370 Power to appoint special manager.
371 Re-direction of bankrupt’s letters, etc.
Part X Individual Insolvency: General Provisions
372 Supplies of gas, water, electricity, etc.
373 Jurisdiction in relation to insolvent individuals.
374 Insolvency districts.
375 Appeals etc. from courts exercising insolvency jurisdiction.
376 Time-limits.
377 Formal defects.
378 Exemption from stamp duty.
379 Annual report.
Remote attendance at meetings
379ARemote attendance at meetings
Use of websites
379BUse of websites
Part XI Interpretation for Second Group of Parts
380 Introductory.
381“Bankrupt” and associated terminology.
382“Bankruptcy debt”, etc.
383“Creditor”, “security”, etc.
384“Prescribed” and “the rules”.
385 Miscellaneous definitions.
The Third Group of Parts Miscellaneous Matters Bearing on Both Company and Individual Insolvency; General Interpretation; Final Provisions
Part XII Preferential debts in Company and Individual Insolvency
386 Categories of preferential debts.
387“The relevant date”.
Part XIII Insolvency Practitioners and their Qualification
Restrictions on unqualified persons acting as liquidator, trustee in bankruptcy, etc.
388 Meaning of “act as insolvency practitioner”
389 Acting without qualification an offence.
389A Authorisation of nominees and supervisors.
389B Official receiver as nominee or supervisor
The requisite qualification, and the means of obtaining it
390 Persons not qualified to act as insolvency practitioners.
391 Recognised professional bodies.
392 Authorisation by competent authority.
393 Grant, refusal and withdrawal of authorisation.
394 Notices.
395 Right to make representations.
396 Reference to Tribunal.
397 Action of Tribunal on reference.
398 Refusal or withdrawal without reference to Tribunal.
Part XIV Public Administration (England and Wales)
Official receivers
399 Appointment, etc. of official receivers.
400 Functions and status of official receivers.
401 Deputy official receivers and staff.
The Official Petitioner
402 Official Petitioner.
Insolvency Service finance, accounting and investment
403 Insolvency Services Account.
404 Investment Account.
405 Application of income in Investment Account; adjustment of balances.
406Interest on money received by liquidators or trustees in bankruptcy and invested.
407 Unclaimed dividends and undistributed balances.
408 Adjustment of balances
409 Annual financial statement and audit.
Supplementary
410 Extent of this Part.
Part XV Subordinate Legislation
General insolvency rules
411 Company insolvency rules.
412 Individual insolvency rules (England and Wales).
413 Insolvency Rules Committee.
Fees orders
414 Fees orders (company insolvency proceedings).
415 Fees orders (individual insolvency proceedings in England and Wales).
415A Fees orders (general)
Specification, increase and reduction of money sums relevant in the operation of this Act
416 Monetary limits (companies winding up).
417 Money sum in s. 222.
417A Money sums (company moratorium).
418 Monetary limits (bankruptcy).
Insolvency practice
419 Regulations for purposes of Part XIII.
Other order-making powers
420 Insolvent partnerships.
421 Insolvent estates of deceased persons.
421A Insolvent estates: joint tenancies.
422Formerly authorised banks.
Part XVI Provisions Against Debt Avoidance (England and Wales only)
423 Transactions defrauding creditors.
424 Those who may apply for an order under s. 423.
425 Provision which may be made by order under s. 423.
Part XVII Miscellaneous and General
426 Co-operation between courts exercising jurisdiction in relation to insolvency.
426A Disqualification from Parliament (England and Wales)
426B Devolution
426C Irrelevance of privilege
427Disqualification from Parliament (Scotland and Northern Ireland)
428 Exemptions from Restrictive Trade Practices Act.
429 Disabilities on revocation of administration order against an individual.
430 Provision introducing Schedule of punishments.
431 Summary proceedings.
432 Offences by bodies corporate.
433 Admissibility in evidence of statements of affairs, etc.
434 Crown application.
PART 17ASUPPLEMENTARY PROVISIONS
434AIntroductory
434BRepresentation of corporations at meetings
434CLegal professional privilege
434DEnforcement of company's filing obligations
434EApplication of filing obligations to overseas companies
Part XVIII Interpretation
435 Meaning of “associate”.
436 Expressions used generally.
436AProceedings under EC Regulations: modified definition of property
436BReferences to things in writing
Part XIX Final Provisions
437 Transitional provisions, and savings.
438 Repeals.
439 Amendment of enactments.
440 Extent (Scotland).
441 Extent (Northern Ireland).
442 Extent (other territories).
443 Commencement.
444 Citation.
SCHEDULES
SCHEDULE A1 Moratorium where directors propose voluntary arrangement
Part I Introductory
Interpretation
1In this Schedule— “ the beginning of the moratorium ”...
Eligible companies
2(1) A company is eligible for a moratorium if it...
3(1) A company meets the requirements of this paragraph if...
4(1) A company is excluded from being eligible for a...
4ACapital market arrangement
4BPublic private partnership
4CLiability under an arrangement
4DInterpretation of capital market arrangement
4ECapital market investment
4F(1) For the purposes of paragraphs 4A and 4D an...
4GDebt
4HInterpretation of project company
4IPublic-private partnership project
4JStep-in rights
4K“Person”
5The Secretary of State may by regulations modify the qualifications...
Part II Obtaining a moratorium
Nominee’s statement
6(1) Where the directors of a company wish to obtain...
Documents to be submitted to court
7(1) To obtain a moratorium the directors of a company...
Duration of moratorium
8(1) A moratorium comes into force when the documents for...
Notification of beginning of moratorium
9(1) When a moratorium comes into force, the directors shall...
10(1) When a moratorium comes into force, the nominee shall,...
Notification of end of moratorium
11(1) When a moratorium comes to an end, the nominee...
Part III Effects of moratorium
Effect on creditors, etc.
12(1) During the period for which a moratorium is in...
13(1) This paragraph applies where there is an uncrystallised floating...
14Security granted by a company at a time when a...
Effect on company
15(1) Paragraphs 16 to 23 apply in relation to a...
Company invoices, etc.
16(1) Every invoice, order for goods or services, business letter...
Obtaining credit during moratorium
17(1) The company may not obtain credit to the extent...
Disposals and payments
18(1) Subject to sub-paragraph (2), the company may only dispose...
19(1) Subject to sub-paragraph (2), the company may only make...
Disposal of charged property, etc.
20(1) This paragraph applies where— (a) any property of the...
21(1) Where property is disposed of under paragraph 20 in...
22(1) If the company— (a) without any consent or leave...
Market contracts, etc.
23(1) If the company enters into any transaction to which...
Part IV Nominees
Monitoring of company’s activities
24(1) During a moratorium, the nominee shall monitor the company’s...
Withdrawal of consent to act
25(1) The nominee may only withdraw his consent to act...
Challenge of nominee’s actions, etc.
26(1) If any creditor, director or member of the company,...
27(1) Where there are reasonable grounds for believing that—
Replacement of nominee by court
28(1) The court may— (a) on an application made by...
Part V Consideration and implementation of voluntary arrangement
Summoning of meetings
29(1) Where a moratorium is in force, the nominee shall...
Conduct of meetings
30(1) Subject to the provisions of paragraphs 31 to 35,...
Approval of voluntary arrangement
31(1) The meetings summoned under paragraph 29 shall decide whether...
Extension of moratorium
32(1) Subject to sub-paragraph (2), a meeting summoned under paragraph...
33(1) The conditions which may be imposed when a moratorium...
34(1) If a decision to extend, or further extend, the...
Moratorium committee
35(1) A meeting summoned under paragraph 29 which resolves that...
Effectiveness of decisions
36(1) Sub-paragraph (2) applies to references to one of the...
Effect of approval of voluntary arrangement
37(1) This paragraph applies where a decision approving a voluntary...
Challenge of decisions
38(1) Subject to the following provisions of this paragraph, any...
Implementation of voluntary arrangement
39(1) This paragraph applies where a voluntary arrangement approved by...
Part VI Miscellaneous
Challenge of directors’ actions
40(1) This paragraph applies in relation to acts or omissions...
Offences
41(1) This paragraph applies where a moratorium has been obtained...
42(1) If, for the purpose of obtaining a moratorium, or...
Void provisions in floating charge documents
43(1) A provision in an instrument creating a floating charge...
Functions of the Financial Services Authority
44(1) This Schedule has effect in relation to a moratorium...
Subordinate legislation
45(1) Regulations or an order made by the Secretary of...
SCHEDULE B1 ADMINISTRATION
ARRANGEMENT OF SCHEDULE
NATURE OF ADMINISTRATION
1Administration
2A person may be appointed as administrator of a company—...
3Purpose of administration
4The administrator of a company must perform his functions as...
5Status of administrator
6General restrictions
7A person may not be appointed as administrator of a...
8(1) A person may not be appointed as administrator of...
9(1) A person may not be appointed as administrator of...
APPOINTMENT OF ADMINISTRATOR BY COURT
10Administration order
11Conditions for making order
12Administration application
13Powers of court
APPOINTMENT OF ADMINISTRATOR BY HOLDER OF FLOATING CHARGE
14Power to appoint
15Restrictions on power to appoint
16An administrator may not be appointed under paragraph 14 while...
17An administrator of a company may not be appointed under...
18Notice of appointment
19Commencement of appointment
20A person who appoints an administrator under paragraph 14—
21Invalid appointment: indemnity
APPOINTMENT OF ADMINISTRATOR BY COMPANY OR DIRECTORS
22Power to appoint
23Restrictions on power to appoint
24(1) If a moratorium for a company under Schedule A1...
25An administrator of a company may not be appointed under...
26Notice of intention to appoint
27(1) A person who gives notice of intention to appoint...
28(1) An appointment may not be made under paragraph 22...
29Notice of appointment
30In a case in which no person is entitled to...
31Commencement of appointment
32A person who appoints an administrator under paragraph 22—
33If before the requirements of paragraph 29 are satisfied the...
34Invalid appointment: indemnity
ADMINISTRATION APPLICATION – SPECIAL CASES
35Application by holder of floating charge
36Intervention by holder of floating charge
37Application where company in liquidation
38(1) The liquidator of a company may make an administration...
39Effect of administrative receivership
EFFECT OF ADMINISTRATION
40Dismissal of pending winding-up petition
41Dismissal of administrative or other receiver
42Moratorium on insolvency proceedings
43Moratorium on other legal process
44Interim moratorium
45Publicity
PROCESS OF ADMINISTRATION
46Announcement of administrator’s appointment
47Statement of company’s affairs
48(1) A person required to submit a statement of affairs...
49Administrator’s proposals
50Creditors’ meeting
51Requirement for initial creditors’ meeting
52(1) Paragraph 51(1) shall not apply where the statement of...
53Business and result of initial creditors’ meeting
54Revision of administrator’s proposals
55Failure to obtain approval of administrator’s proposals
56Further creditors’ meetings
57Creditors’ committee
58Correspondence instead of creditors’ meeting
FUNCTIONS OF ADMINISTRATOR
59General powers
60The administrator of a company has the powers specified in...
61The administrator of a company— (a) may remove a director...
62The administrator of a company may call a meeting of...
63The administrator of a company may apply to the court...
64(1) A company in administration or an officer of a...
65Distribution
66The administrator of a company may make a payment otherwise...
67General duties
68(1) Subject to sub-paragraph (2), the administrator of a company...
69Administrator as agent of company
70Charged property: floating charge
71Charged property: non-floating charge
72Hire-purchase property
73Protection for secured or preferential creditor
74Challenge to administrator’s conduct of company
75Misfeasance
ENDING ADMINISTRATION
76Automatic end of administration
77(1) An order of the court under paragraph 76—
78(1) In paragraph 76(2)(b) “ consent ” means consent of—...
79Court ending administration on application of administrator
80 Termination of administration where objective achieved
81Court ending administration on application of creditor
82Public interest winding-up
83Moving from administration to creditors’ voluntary liquidation
84Moving from administration to dissolution
85Discharge of administration order where administration ends
86Notice to Companies Registrar where administration ends
REPLACING ADMINISTRATOR
87Resignation of administrator
88Removal of administrator from office
89Administrator ceasing to be qualified
90Supplying vacancy in office of administrator
91(1) Where the administrator was appointed by administration order, the...
92Where the administrator was appointed under paragraph 14 the holder...
93(1) Where the administrator was appointed under paragraph 22(1) by...
94(1) Where the administrator was appointed under paragraph 22(2) the...
95The court may replace an administrator on the application of...
96Substitution of administrator: competing floating charge-holder
97Substitution of administrator appointed by company or directors: creditors’ meeting
98Vacation of office: discharge from liability
99Vacation of office: charges and liabilities
GENERAL
100Joint and concurrent administrators
101(1) This paragraph applies where two or more persons are...
102(1) This paragraph applies where two or more persons are...
103(1) Where a company is in administration, a person may...
104Presumption of validity
105Majority decision of directors
106Penalties
107Extension of time limit
108(1) A period specified in paragraph 49(5), 50(1)(b) or 51(2)...
109Where a period is extended under paragraph 107 or 108,...
110Amendment of provision about time
111Interpretation
111ANon-UK companies
112Scotland
113Where property in Scotland is disposed of under paragraph 70...
114In Scotland, where goods in the possession of a company...
115(1) In Scotland, the administrator of a company may make,...
116In Scotland, the administrator in making any payment in accordance...
SCHEDULE 1 Powers of Administrator or Administrative Receiver
1Power to take possession of, collect and get in the...
2Power to sell or otherwise dispose of the property of...
3Power to raise or borrow money and grant security therefor...
4Power to appoint a solicitor or accountant or other professionally...
5Power to bring or defend any action or other legal...
6Power to refer to arbitration any question affecting the company....
7Power to effect and maintain insurances in respect of the...
8Power to use the company’s seal.
9Power to do all acts and to execute in the...
10Power to draw, accept, make and endorse any bill of...
11Power to appoint any agent to do any business which...
12Power to do all such things (including the carrying out...
13Power to make any payment which is necessary or incidental...
14Power to carry on the business of the company.
15Power to establish subsidiaries of the company.
16Power to transfer to subsidiaries of the company the whole...
17Power to grant or accept a surrender of a lease...
18Power to make any arrangement or compromise on behalf of...
19Power to call up any uncalled capital of the company....
20Power to rank and claim in the bankruptcy, insolvency, sequestration...
21Power to present or defend a petition for the winding...
22Power to change the situation of the company’s registered office....
23Power to do all other things incidental to the exercise...
SCHEDULE 2 Powers of a Scottish Receiver (Additional to Those Conferred on him by the Instrument of Charge)
1Power to take possession of, collect and get in the...
2Power to sell, feu, hire out or otherwise dispose of...
3Power to raise or borrow money and grant security therefor...
4Power to appoint a solicitor or accountant or other professionally...
5Power to bring or defend any action or other legal...
6Power to refer to arbitration all questions affecting the company....
7Power to effect and maintain insurances in respect of the...
8Power to use the company’s seal.
9Power to do all acts and to execute in the...
10Power to to draw, accept, make and endorse any bill...
11Power to to appoint any agent to do any business...
12Power to do all such things (including the carrying out...
13Power to make any payment which is necessary or incidental...
14Power to carry on the business of the company or...
15Power to grant or accept a surrender of a lease...
16Power to make any arrangement or compromise on behalf of...
17Power to call up any uncalled capital of the company....
18Power to to establish subsidiaries of the company.
19Power to to transfer to subsidiaries of the company the...
20Power to rank and claim in the bankruptcy, insolvency, sequestration...
21Power to present or defend a petition for the winding...
22Power to change the situation of the company’s registered office....
23Power to do all other things incidental to the exercise...
SCHEDULE 2A EXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS
1Capital market arrangement
2Capital market investment
3(1) An investment is also a capital market investment for...
4 “Agreement”
5Debt
6Step-in rights
7Project company
8 “Resources”
9 “Public body”
10Regulated business
11 “Person”
SCHEDULE 3 Orders in Course of Winding Up Pronounced in Vacation (Scotland)
Part I Orders Which are to be Final
Part II Orders Which are to take Effect Until Matter Disposed of by Inner House
SCHEDULE 4 Powers of Liquidator in a Winding Up
Part I Powers Exercisable with Sanction
1Power to pay any class of creditors in full.
2Power to make any compromise or arrangement with creditors or...
3In the case of a winding up in Scotland, power...
3APower to bring legal proceedings under section 213, 214, 238,...
Part II Powers Exercisable without Sanction in Voluntary Winding Up, with Sanction in Winding Up by the Court
4Power to bring or defend any action or other legal...
5Power to carry on the business of the company so...
Part III Powers Exercisable Without Sanction in any Winding Up
6Power to sell any of the company’s property by public...
6AIn the case of a winding up in England and...
7Power to do all acts and execute, in the name...
8Power to prove, rank and claim in the bankruptcy, insolvency...
9Power to draw, accept, make and indorse any bill of...
10Power to raise on the security of the assets of...
11Power to take out in his official name letters of...
12Power to appoint an agent to do any business which...
13Power to do all such other things as may be...
SCHEDULE 4ZAConditions for making a debt relief order
Part 1Conditions which must be met
Connection with England and Wales
1(1) The debtor— (a) is domiciled in England and Wales...
Debtor's previous insolvency history
2The debtor is not, on the determination date—
3A debtor's petition for the debtor's bankruptcy under Part 9—...
4A creditor's petition for the debtor's bankruptcy under Part 9—...
5A debt relief order has not been made in relation...
Limit on debtor's overall indebtedness
6(1) The total amount of the debtor's debts on the...
Limit on debtor's monthly surplus income
7(1) The debtor's monthly surplus income (if any) on the...
Limit on value of debtor's property
8(1) The total value of the debtor's property on the...
Part 2Other conditions
9(1) The debtor has not entered into a transaction with...
10(1) The debtor has not given a preference to any...
SCHEDULE 4ZBDebt relief restrictions orders and undertakings
Debt relief restrictions order
1(1) A debt relief restrictions order may be made by...
Grounds for making order
2(1) The court shall grant an application for a debt...
Timing of application for order
3An application for a debt relief restrictions order in respect...
Duration of order
4(1) A debt relief restrictions order— (a) comes into force...
Interim debt relief restrictions order
5(1) This paragraph applies at any time between—
6(1) This paragraph applies to a case in which both...
Debt relief restrictions undertaking
7(1) A debtor may offer a debt relief restrictions undertaking...
8A reference in an enactment to a person in respect...
9(1) A debt relief restrictions undertaking— (a) comes into force...
Effect of revocation of debt relief order
10Unless the court directs otherwise, the revocation at any time...
SCHEDULE 4A
1Bankruptcy restrictions order
2Grounds for making order
3Timing of application for order
4Duration of order
5Interim bankruptcy restrictions order
6(1) This paragraph applies to a case in which both...
7Bankruptcy restrictions undertaking
8A reference in an enactment to a person in respect...
9(1) A bankruptcy restrictions undertaking— (a) shall come into force...
10Effect of annulment of bankruptcy order
11Where a bankruptcy order is annulled under section 261, 263D...
12Registration
SCHEDULE 5 Powers of Trustee in Bankruptcy
Part I Powers Exercisable with Sanction
1Power to carry on any business of the bankrupt so...
2Power to bring, institute or defend any action or legal...
2APower to bring legal proceedings under section 339, 340 or...
3Power to accept as the consideration for the sale of...
4Power to mortgage or pledge any part of the property...
5Power, where any right, option or other power forms part...
6Power to refer to arbitration, or compromise on such terms...
7Power to make such compromise or other arrangement as may...
8Power to make such compromise or other arrangement as ay...
Part II General Powers
9Power to sell any part of the property for the...
9APower to refer to arbitration, or compromise on such terms...
9BPower to make such compromise or other arrangement as may...
10Power to give receipts for any money received by him,...
11Power to prove, rank, claim and draw a dividend in...
12Power to exercise in relation to any property comprised in...
13Power to deal with any property comprised in the estate...
Part III Ancillary Powers
14For the purposes of, or in connection with, the exercise...
SCHEDULE 6 The Categories of Preferential Debts
Category 1: Debts due to Inland Revenue
1Sums due at the relevant date from the debtor on...
2Sums due to the relevant date from the debtor in...
Category 2: Debts due to Customs and Excise
3Any value added tax which is referable to the period...
3AAny insurance premium tax which is referable to the period...
3BAny landfill tax which is referable to the period of...
3CAny climate change levy which is referable to the period...
3DAny aggregates levy which is referable to the period of...
4The amount of any car tax which is due at...
5Any amount which is due— (a) by way of general...
5AThe amount of any excise duty on beer which is...
5BAny amount which is due by way of lottery duty...
5CAny amount which is due by way of air passenger...
Category 3: Social security contributions
6All sums which on the relevant date are due from...
7All sums which on the relevant date have been assessed...
Category 4: Contributions to occupational pension schemes, etc.
8Any sum which is owed by the debtor and is...
Category 5: Remuneration, etc., of employees
9So much of any amount which— (a) is owed by...
10An amount owed by way of accrued holiday remuneration, in...
11So much of any sum owed in respect of money...
12So much of any amount which— (a) is ordered (whether...
Interpertation for Category 5
13(1) For the purposes of paragraphs 9 to 12, a...
14(1) This paragraph relates to a case in which a...
15Without prejudice to paragraphs 13 and 14—
Category 6: Levies on coal and steel production
15AAny sums due at the relevant date from the debtor...
Orders
16An order under paragraph 9 or 12—
SCHEDULE 7 Insolvency Practitioners Tribunal
Panels of members
1(1) The Secretary of State shall draw up and from...
Remuneration of members
2The Secretary of State may out of money provided by...
Sittings of Tribunal
3(1) For the purposes of carrying out their functions in...
Procedure of Tribunal
4(1) Any investigation by the Tribunal shall be so conducted...
SCHEDULE 8 Provisions Capable of Inclusion in Company Insolvency Rules
Courts
1Provision for supplementing, in relation to the insolvency or winding...
2(1) Provision for regulating the practice and procedure of any...
Notices, etc.
3Provision requiring notice of any proceedings in connection with or...
4Provision with respect to the form, manner of serving, contents...
5Provision specifying the persons to whom any notice is to...
Registration of voluntary arrangements
6Provision for the registration of voluntary arrangements approved under Part...
Provisional liquidator
7Provision as to the manner in which a provisional liquidator...
Conduct of insolvency
8Provision with respect to the certification of any person as,...
9The following provision with respect to meetings of a company’s...
10(1) Provision as to the functions, membership and proceedings of...
11Provision as to the manner in which any requirement that...
12Provision as to the debts that may be proved in...
13Provision with respect to the manner of the distribution of...
14Provision which, with or without modifications, applies in relation to...
14AProvision about the application of section 176A of this Act...
14BAdministration
Financial provisions
15Provision as to the amount, or manner of determining the...
16Provision with respect to the manner in which moneys received...
16AProvision enabling the Secretary of State to set the rate...
17Provision as to the fees, costs, charges and other expenses...
18Provision as to the fees, costs, charges and other expenses...
19Provision as to the fees, costs, charges and other expenses...
Information and records
20Provision requiring registrars and other officers of courts having jurisdiction...
21Provision requiring a creditor, member or contributory, or such a...
22Provision as to the manner in which public examinations under...
23Provision imposing requirements with respect to— (a) the preparation and...
24Provision requiring the person who is the supervisor of a...
25Provision as to the manner in which the liquidator of...
26Provision imposing requirements in connection with the carrying out of...
General
27Provision conferring power on the Secretary of State or the...
28Provision conferring a discretion on the court.
29Provision conferring power on the court to make orders for...
30Provision making non-compliance with any of the rules a criminal...
31Provision making different provision for different cases or descriptions of...
SCHEDULE 9 Provisions Capable of Inclusion in Individual Insolvency Rules
Courts
1Provision with respect to the arrangement and disposition of the...
2Provision for enabling a registrar in bankruptcy of the High...
3Provision for regulating the practice and procedure of any court...
4Provision conferring rights of audience, in courts exercising jurisdiction for...
Notices, etc.
5Provision requiring notice of any proceedings under Parts 7A to...
6Provision with respect to the form, manner of serving, contents...
7Provision specifying the persons to whom any notice under Parts...
Debt relief orders
7AProvision as to the manner in which the official receiver...
7BProvision as to the manner in which any requirement that...
7CProvision modifying the application of Part 7A in relation to...
Debt relief restrictions orders and undertakings
7DProvision about debt relief restrictions orders, interim orders and undertakings,...
Register of debt relief orders and debt relief restrictions orders etc
7EProvision about the register required to be maintained by section...
Registration of voluntary arrangements
8Provision for the registration of voluntary arrangements approved under Part...
8AOfficial receiver acting on voluntary arrangement
Interim receiver
9Provision as to the manner in which an interim receiver...
Receiver or manager
10Provision as to the manner in which the official receiver...
Administration of individual insolvency
11Provision with respect to the certification of the appointment of...
12The following provision with respect to meetings of creditors—
13Provision as to the functions, membership and proceedings of a...
14Provision as to the manner in which any requirement that...
15Provision as to the manner in which any requirement imposed...
16Provision as to the terms and conditions that may be...
17Provision as to the debts that may be proved in...
18Provision with respect to the manner of the distribution of...
19Provision modifying the application of Parts VIII to XI of...
Financial provisions
20Provision as to the amount, or manner of determining the...
21Provision with respect to the manner in which moneys received...
21AProvision enabling the Secretary of State to set the rate...
22Provision as to the fees, costs, charges and other expenses...
23Provision as to the fees, costs, charges and other expenses...
Information and records
24Provision requiring registrars and other officers of courts having jurisdiction...
25Provision requiring a creditor or a committee established under section...
26Provision as to the manner in which public examinations under...
27Provision imposing requirements with respect to— (a) the preparation and...
28Provision requiring the person who is the supervisor of a...
29Provision as to the manner in which the trustee of...
29ABankruptcy restrictions orders and undertakings
General
30Provision conferring power on the Secretary of State to make...
31Provision conferring a discretion on the court.
32Provision making non-compliance with any of the rule a criminal...
33Provision making different provision for different cases including different provision...
SCHEDULE 10 Punishment of Offences under this Act
Note:. . . . . . . . . ....
SCHEDULE 11 Transitional Provisions and Savings
Part I Company Insolvency and Winding Up
Administration orders
1(1) Where any right to appoint an administrative receiver of...
Receivers and managers (England and Wales)
2(1) In relation to any receiver or manager of a...
Receivers (Scotland)
3(1) In relation to any receiver appointed under section 467...
Winding up already in progress
4(1) In relation to any winding up which has commenced,...
Statement of affairs
5(1) Where a winding up by the court in England...
Provisions relating to liquidator
6(1) This paragraph applies as regards the liquidator in the...
Winding up under supervision of the court
7The repeals in Part II of Schedule 10 the Insolvency...
Saving for power to make rules
8(1) Paragraphs 4 to 7 are without prejudice to the...
Setting aside of preferences and other transactions
9(1) Where a provision in Part VI of this Act...
Part II Individual Insolvency
Bankruptcy (general)
10(1) Subject to the following provisions of this Part of...
11(1) In relation to any such case as is mentioned...
12Transactions entered into before the appointed day have effect on...
Discharge from old bankruptcy
13(1) Where a person— (a) was adjudged bankrupt before the...
Provisions relating to trustee
14(1) This paragraph applies as regards the trustee in the...
Copyright
15(1) Where a person who is adjudged bankrupt on a...
Second bankruptcy
16(1) Sections 334 and 335 of this Act apply with...
Setting aside of preferences and other transactions
17(1) A performance given, assignment made or other transaction entered...
Bankruptcy offences
18(1) Where a bankruptcy order is made under this Act...
Power to make rules
19(1) The preceding provisions of this Part of this Schedule...
Part III Transitional Effect of Part XVI
20(1) A transaction entered into before the appointed day shall...
Part IV Insolvency Practitioners
21Where an individual began to act as an insolvency practitioner...
Part V General Transitional Provisions and Savings
Interpretation for this Part
22In this Part of this Schedule, “the former enactments” means...
General saving for past acts and events
23So far as anything done or treated as done under...
Periods of time
24Where any period of time specified in a provision of...
Internal cross-references in this Act
25Where in any provision of this Act there is a...
Punishment of offences
26(1) Offences committed before the appointed day under any provision...
References elsewhere to the former enactments
27(1) A reference in any enactment, instrument or document (whether...
Saving for power to repeal provisions in section 51
28The Secretary of State may by order in a statutory...
Saving for Interpretation Act 1978 ss. 16, 17
29Nothing in this Schedule is to be taken as prejudicing...
SCHEDULE 12 Enactments Repealed
SCHEDULE 13 Consequential Amendments of Companies Act 1985
Part I Internal and Other Section References Amended or Re-amended
Part II Amendement of Part XXVI (Interpretation)
In Part XXVI of the Companies Act, after section 735,...
SCHEDULE 14 Consequential Amendments of other Enactments

Royal arms

Insolvency Act 1986

1986 CHAPTER 45

An Act to consolidate the enactments relating to company insolvency and winding up (including the winding up of companies that are not insolvent, and of unregistered companies); enactments relating to the insolvency and bankruptcy of individuals; and other enactments bearing on those two subject matters, including the functions and qualification of insolvency practitioners, the public administration of insolvency, the penalisation and redress of malpractice and wrongdoing, and the avoidance of certain transactions at an undervalue

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—