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Companies Act 1989
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Changes over time for: Paragraph 5
Version Superseded: 01/12/2001
Alternative versions:
- 25/04/1991- Amendment
- 11/08/1998
Point in time - Stop date 01/12/2001- Amendment
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Point in time view as at 11/08/1998. This version of this provision has been superseded.
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5(1)A liquidator or trustee of a defaulter shall not—
(a)declare or pay any dividend to the creditors, or
(b)return any capital to contributories,
unless he has retained what he reasonably considers to be an adequate reserve in respect of any claims arising as a result of the default proceedings of the exchange or clearing house concerned.
(2)Nothing in section 11(3), 130 or 285 of the Insolvency Act 1986 (which restrict the taking of certain legal proceedings and other steps), and nothing in the Bankruptcy (Scotland) Act 1985, shall affect any action taken by an exchange or clearing house for the purpose of its default proceedings.
Commencement Information
I1Sch. 22 wholly in force at 25.4.1991 see s. 215 and S.I. 1991/878, art. 2, Sch.
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