Version Superseded: 01/01/2015
Point in time view as at 26/07/1994. This version of this provision has been superseded.
Insolvency Act 1986, Section 114 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.
(1)This section applies where, in the case of a voluntary winding up, no liquidator has been appointed or nominated by the company.
(2)The powers of the directors shall not be exercised, except with the sanction of the court or (in the case of a creditors’ voluntary winding up) so far as may be necessary to secure compliance with sections 98 (creditors’ meeting) and 99 (statement of affairs), during the period before the appointment or nomination of a liquidator of the company.
(3)Subsection (2) does not apply in relation to the powers of the directors—
(a)to dispose of perishable goods and other goods the value of which is likely to diminish if they are not immediately disposed of, and
(b)to do all such other things as may be necessary for the protection of the company’s assets.
(4)If the directors of the company without reasonable excuse fail to comply with this section, they are liable to a fine.
Modifications etc. (not altering text)
C1S. 114 applied (with modifications) (S.) (6.4.2001) by S.S.I. 2001/128, reg. 4(1), Sch. 2
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