Insolvency Act 1986

Part I E+W+S Powers Exercisable with Sanction

1 E+W+S Power 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.

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

[F1 2A E+W+S Power to bring legal proceedings under section 339, 340 or 423.]

Textual Amendments

F1 Sch. 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))

3 E+W+S Power 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.

4 E+W+S Power 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.

5 E+W+S Power, 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.

6 E+W+S

[F2 Power 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.]

Textual Amendments

F2 Sch. 5 para. 6 omitted (E.W.) (6.4.2010) by virtue of The Legislative Reform (Insolvency) (Miscellaneous Provisions) Order 2010 (S.I. 2010/18), art. 11(1)(a) (with art. 12(5))

7 E+W+S Power 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.

8 E+W+S Power 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 [F3 or by the trustee on any person].

Textual Amendments

F3 Words in Sch. 5 para. 8 omitted (E.W.) (6.4.2010) by virtue of The Legislative Reform (Insolvency) (Miscellaneous Provisions) Order 2010 (S.I. 2010/18), art. 11(1)(b) (with art. 12(5))