No versions valid at: 26/03/2001
Point in time view as at 26/03/2001. This version of this cross heading contains provisions that are not valid for this point in time.
Insolvency Act 1986, Paragraph 18 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.
Valid from 01/01/2003
[F1F218(1)Subject to sub-paragraph (2), the company may only dispose of any of its property if—E+W+S
(a)there are reasonable grounds for believing that the disposal will benefit the company, and
(b)the disposal 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 disposal made in the ordinary way of the company’s business.
(3)If the company makes a disposal 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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