Insolvency Act 1986

51 Power to appoint receiver.S

(1)It is competent under the law of Scotland for the holder of a floating charge over all or any part of the property (including uncalled capital), which may from time to time be comprised in the property and undertaking of an incorporated company (whether [F1a company registered under the Companies Act 2006] or not)

[F2(a)which the Court of Session has jurisdiction to wind up; or

(b)where paragraph (a) does not apply, in respect of which a court of a member state F3... has under the EU Regulation jurisdiction to open insolvency proceedings,

to appoint a receiver of such part of the property of the company as is subject to the charge.]

(2)It is competent under the law of Scotland for the court, on the application of the holder of such a floating charge, to appoint a receiver of such part of the property of the company as is subject to the charge.

F4(2ZA). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F5(2A)Subsections (1) and (2) are subject to section 72A.]

(3)The following are disqualified from being appointed as receiver—

(a)a body corporate;

(b)an undischarged bankrupt; and

[F6(ba)a person subject to a bankruptcy restrictions order;]

(c)a firm according to the law of Scotland.

(4)A body corporate or a firm according to the law of Scotland which acts as a receiver is liable to a fine.

(5)An undischarged bankrupt [F7or a person subject to a bankruptcy restrictions order] who so acts is liable to imprisonment or a fine, or both.

(6)In this section, “receiver” includes joint receivers [F8; and

  • “bankruptcy restrictions order” means—

    (a)

    a bankruptcy restrictions order made under section [F9155 of the Bankruptcy (Scotland) Act 2016];

    (b)

    F10...

    (c)

    a bankruptcy restrictions order made under paragraph 1 of Schedule 4A to this Act; or

    (d)

    a bankruptcy restrictions undertaking entered into under paragraph 7 of that Schedule.

  • [F11“the EU Regulation” is [F12Regulation (EU) 2015/848 of the European Parliament and of the Council] on insolvency proceedings [F13as that Regulation has effect in the law of the European Union];

  • “court” is to be construed in accordance with [F14Article 2(6)] of the EU Regulation;

  • “insolvency proceedings” is to be construed in accordance with [F15Article 2(4)] of the EU Regulation.]]

Textual Amendments

F1Words in s. 51(1) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009, (S.I. 2009/1941) arts. 2(1), 8, {Sch. 1 para. 74(5)} (with art. 10, Sch. 1 para. 84)

F5S. 51(2A) inserted (15.9.2003) by 2002 c. 40, ss. 248(3), 279, Sch. 17 para. 13 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

F10Words in s. 51(6) repealed (1.4.2015) by Bankruptcy and Debt Advice (Scotland) Act 2014 (asp 11), s. 57(2), sch. 4; S.S.I. 2014/261, art. 3 (with arts. 4-7 12) (as amended by S.S.I. 2015/54, art. 2)

Modifications etc. (not altering text)

C1Ss. 50-52 applied (with modifications) (6.4.2001) by S.S.I. 2001/128, reg. 4(1), Sch. 2