Small Business, Enterprise and Employment Act 2015 (c. 26)

PART 10 U.K. Insolvency

Removing requirements to seek sanction U.K.

121 Exercise of powers by trustee in bankruptcy: removal of need for sanction U.K.

(1) The Insolvency Act 1986 is amended as follows.

(2) In section 314 (bankruptcy: powers of trustee)—

(a) for subsection (1) substitute—

“(1) The trustee may exercise any of the powers specified in Parts 1 and 2 of Schedule 5.”,

(b) in subsection (2), omit “With the permission of the creditors' committee or the court,”, and

(c) omit subsections (3) and (4).

(3) In Schedule 5 (powers of trustee in bankruptcy), omit the headings for each of Parts 1 to 3.