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”
(1)
A person acts as an insolvency practitioner in relation to a company by acting—
(a)
as its liquidator, provisional liquidator, administrator or administrative receiver, or
F1(b)
where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisor
(2)
A person acts as an insolvency practitioner in relation to an individual by acting—
(a)
as his trustee in bankruptcy or interim receiver of his property or as F2trustee (or interim trustee) in the sequestration of his estate; or
(b)
as trustee under a deed which is F3..., in Scotland, a trust deed for his creditor; or
F4(c)
where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor
(d)
in the case of a deceased individual to the administration of whose estate this section applies by virtue of an order under section 421 (application of provisions of this Act to insolvent estates of deceased persons), as administrator of that estate.
F5(2A)
A person acts as an insolvency practitioner in relation to an insolvent partnership by acting—
(a)
as its liquidator, provisional liquidator or administrator, or
(b)
as trustee of the partnership under article 11 of the Insolvent Partnerships Order 1994, or
F6(c)
where a voluntary arrangement in relation to the insolvent partnership is proposed or approved under Part I of the Act, as nominee or supervisor.
F7(2B)
In relation to a voluntary arrangement proposed under Part I or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.
(3)
(4)
In this section—
“administrative receiver” has the meaning given by section 251 in Part VII;
F10“company” means—
(a)
a company registered under the Companies Act 2006 in England and Wales or Scotland, or
(b)
a company that may be wound up under Part 5 of this Act (unregistered companies).
F11“sequestration” means sequestration under the Bankruptcy (Scotland) Act 2016
F12(5)
Nothing in this section applies to anything done by—
(a)
the official receiver; or
(b)
the Accountant in Bankruptcy (within the meaning of the Bankruptcy (Scotland) Act F132016).
F14(6)
Nothing in this section applies to anything done (whether in the United Kingdom or elsewhere) in relation to insolvency proceedings under the F15EU Regulation in a member State other than the United Kingdom.