The following shall be substituted for section 31 of the Insolvency Act 1986 (c. 45) (receiver and manager: disqualification)—

“31 Disqualification of bankrupt

(1)

A person commits an offence if he acts as receiver or manager of the property of a company on behalf of debenture holders while—

(a)

he is an undischarged bankrupt, or

(b)

a bankruptcy restrictions order is in force in respect of him.

(2)

A person guilty of an offence under subsection (1) shall be liable to imprisonment, a fine or both.

(3)

This section does not apply to a receiver or manager acting under an appointment made by the court.”