Part 10Insolvency

Money

272 Insolvency Services Accounts

1

Section 405 of the Insolvency Act 1986 (operation of Investment Account) shall cease to have effect.

2

The following shall be substituted for section 408 of that Act (recourse to Consolidated Fund)—

408 Adjustment of balances

1

The Treasury may direct the payment out of the Consolidated Fund of sums into—

a

the Insolvency Services Account;

b

the Investment Account.

2

The Treasury shall certify to the House of Commons the reason for any payment under subsection (1).

3

The Secretary of State may pay sums out of the Insolvency Services Account into the Consolidated Fund.

4

The National Debt Commissioners may pay sums out of the Investment Account into the Consolidated Fund.