Schedules

Schedule 7Minor and consequential amendments

Part 6Proceeds of crime: confiscation

Proceeds of Crime Act 2002 (c. 29)

88

1

Section 426 (winding up under the Insolvency Act 1986) is amended as follows.

2

For subsection (2) substitute—

2

If an order for the winding up of a company is made or it passes a resolution for its voluntary winding up, the functions of the liquidator (or any provisional liquidator) are not exercisable in relation to the following property—

a

property for the time being subject to a restraint order which was made under section 41, 120 or 190 before the relevant time;

b

property for the time being detained under or by virtue of section 44A, 47J, 47K, 47M, 47P, 122A, 127J, 127K, 127M, 127P, 193A, 195J, 195K, 195M or 195P;

c

property in respect of which an order under section 50, 128(3) or 198 is in force;

d

property in respect of which an order under section 67A, 131A or 215A is in force.

3

In subsection (5)—

a

in paragraph (a) for “67” substitute “ 67B, the powers conferred on an appropriate officer by section 47C ”,

b

in paragraph (b) after “Schedule 3” insert “ , the powers conferred on an appropriate officer by section 127C ”, and

c

in paragraph (c) for “215” substitute “ 215B, the powers conferred on an appropriate officer by section 195C ”.