Insolvency Act 1986
Insolvency Act 1986 (1986 c. 45)
- Insolvency Act 1986 (1986 c. 45)
- The First Group of Parts Company Insolvency; Companies Winding Up
- Part A1 Moratorium
- Chapter 1 Introductory
- A1 Overview
- A2 Eligible companies
- Chapter 2 Obtaining a moratorium
- A3 Obtaining a moratorium by filing or lodging documents at court
- A4 Obtaining a moratorium for company subject to winding-up petition
- A5 Obtaining a moratorium for other overseas companies
- A6 The relevant documents
- A7 Beginning of moratorium and appointment of monitor
- A8 Obligations to notify where moratorium comes into force
- Chapter 3 Length of moratorium
- Initial period
- A9 End of the moratorium
- Extension of moratorium
- A10 Extension by directors without creditor consent
- A11 Extension by directors with creditor consent
- A12 Creditor consent for the purposes of section A11
- A13 Extension by court on application of directors
- A14 Extension while proposal for CVA pending
- A15 Extension by court in the course of other proceedings
- Early termination on certain grounds
- A16 Company enters into insolvency procedure etc
- Obligations to notify change in end of moratorium
- A17 Obligations to notify change in end of moratorium
- Chapter 4 Effects of moratorium
- Introductory
- A18 Overview and construction of references to payment holidays
- Publicity about moratorium
- A19 Publicity about moratorium
- Effect on creditors etc
- A20 Restrictions on insolvency proceedings etc
- A21 Restrictions on enforcement and legal proceedings
- A22 Floating charges
- A23 Enforcement of security granted during moratorium
- Notification of insolvency proceedings
- A24 Duty of directors to notify monitor of insolvency proceedings etc
- Restrictions on transactions
- A25 Restrictions on obtaining credit
- A26 Restrictions on grant of security etc
- A27 Prohibition on entering into market contracts etc
- Restrictions on payments and disposal of property
- A28 Restrictions on payment of certain pre-moratorium debts
- A29 Restrictions on disposal of property
- A30 Restrictions on disposal of hire-purchase property
- Disposals of property free from charges etc
- A31 Disposal of charged property free from charge
- A32 Disposal of hire-purchase property
- Effect of contravention of certain provisions of Chapter
- A33 Contravention of certain requirements imposed under this Chapter
- CHAPTER 5 The monitor
- A34 Status of monitor
- A35 Monitoring
- A36 Provision of information to monitor
- A37 Application by monitor for directions
- A38 Termination of moratorium by monitor
- A39 Replacement of monitor or appointment of additional monitor
- A40 Application of Part where two or more persons act as monitor
- A41 Presumption of validity
- Chapter 6 Challenges
- A42 Challenge to monitor’s actions
- A43 Challenges to monitor remuneration in insolvency proceedings
- A44 Challenge to directors’ actions
- A45 Challenge brought by Board of the Pension Protection Fund
- CHAPTER 7 Offences: general
- A46 Offence of fraud etc during or in anticipation of moratorium
- A47 Offence of false representation etc to obtain a moratorium
- A48 Prosecution of delinquent officers of company
- Chapter 8 Miscellaneous and general
- Special rules for certain kinds of company etc
- A49 Regulated companies: modifications to this Part
- A50 Power to modify this Part etc in relation to certain companies
- A51 Power to make provision in connection with pension schemes
- Floating charges
- A52 Void provisions in floating charge documents
- Interpretation of this Part
- A53 Meaning of “pre-moratorium debt” and “moratorium debt”
- A54 Interpretation of this Part: general
- Regulations
- A55 Regulations
- Part I Company Voluntary Arrangements
- The Proposal
- 1 Those who may propose an arrangement.
- 1A Moratorium.
- 2 Procedure where nominee is not the liquidator or administrator.
- 3 Consideration of proposal.
- Consideration and implementation of proposal
- 4 Decisions of the company and its creditors.
- 4A Approval of arrangement.
- 5 Effect of approval.
- 6 Challenge of decisions.
- 6A False representations, etc.
- 7 Implementation of proposal.
- 7A Prosecution of delinquent officers of company.
- 7B Arrangements coming to an end prematurely.
- Part II Administration
- 8 Administration
- Part II Administration Orders
- Making etc. of administration order
- 9 Application for order.
- 10 Effect of application.
- 11 Effect of order.
- 12 Notification of order.
- Administrators
- 13 Appointment of administrator.
- 14 General powers.
- 15 Power to deal with charged property, etc.
- 16 Operation of s. 15 in Scotland.
- 17 General duties.
- 18 Discharge or variation of administration order.
- 19 Vacation of office.
- 20 Release of administrator.
- Ascertainment and investigation of company’s affairs
- 21 Information to be given by administrator.
- 22 Statement of affairs to be submitted to administrator.
- Administrator’s proposals
- 23 Statement of proposals.
- 24 Consideration of proposals by creditors’ meeting.
- 25 Approval of substantial revisions.
- Miscellaneous
- 26 Creditors’ committee.
- 27 Protection of interests of creditors and members.
- Part III Receivership
- Chapter I Receivers and Managers (England and Wales)
- Preliminary and general provisions
- 28 Extent of this Chapter.
- 29 Definitions.
- 30 Disqualification of body corporate from acting as receiver.
- 31 Disqualification of bankrupt or person in respect of whom a debt relief order is made
- 32 Power for court to appoint official receiver.
- Receivers and managers appointed out of court
- 33 Time from which appointment is effective.
- 34 Liability for invalid appointment.
- 35 Application to court for directions.
- 36 Court’s power to fix remuneration.
- 37 Liability for contracts, etc.
- 38 Receivership accounts to be delivered to registrar.
- Provisions applicable to every receivership
- 39 Notification that receiver or manager appointed.
- 40 Payment of debts out of assets subject to floating charge.
- 41 Enforcement of duty to make returns.
- Administrative receivers: general
- 42 General powers.
- 43 Power to dispose of charged property, etc.
- 44 Agency and liability for contracts.
- 45 Vacation of office.
- Administrative receivers: ascertainment and investigation of company’s affairs
- 46 Information to be given by administrative receiver.
- 47 Statement of affairs to be submitted.
- 48 Report by administrative receiver.
- 49 Committee of creditors.
- Chapter II Receivers (Scotland)
- 50 Extent of this Chapter.
- 51 Power to appoint receiver.
- 52 Circumstances justifying appointment.
- 53 Mode of appointment by holder of charge.
- 54 Appointment by court.
- 55 Powers of receiver.
- 56 Precedence among receivers.
- 57 Agency and liability of receiver for contracts.
- 58 Remuneration of receiver.
- 59 Priority of debts.
- 60 Distribution of moneys.
- 61 Disposal of interest in property.
- 62 Cessation of appointment of receiver.
- 63 Powers of court.
- 64 Notification that receiver appointed.
- 65 Information to be given by receiver.
- 66 Company’s statement of affairs.
- 67 Report by receiver.
- 68 Committee of creditors
- 69 Enforcement of receiver’s duty to make returns, etc.
- 70 Interpretation for Chapter II.
- 71 Prescription of forms, etc.; regulations.
- Chapter III Receivers’ Powers in Great Britain as a Whole
- 72 Cross-border operation of receivership provisions.
- CHAPTER IV PROHIBITION OF APPOINTMENT OF ADMINISTRATIVE RECEIVER
- 72A Floating charge holder not to appoint administrative receiver
- 72B First exception: capital market
- 72C Second exception: public-private partnership
- 72D Third exception: utilities
- 72DA Exception in respect of urban regeneration projects
- 72E Fourth exception: project finance
- 72F Fifth exception: financial market
- 72G Sixth exception: social landlords
- 72GA Exception in relation to protected railway companies etc.
- 72H Sections 72A to 72G: supplementary
- Part IV Winding Up of Companies Registered under the Companies Acts
- Chapter I Preliminary
- Introductory
- 73 Scheme of this Part
- Contributories
- 74 Liability as contributories of present and past members.
- 75 Directors, etc. with unlimited liability.
- 76 Liability of past directors and shareholders.
- 77 Limited company formerly unlimited.
- 78 Unlimited company formerly limited.
- 79 Meaning of “contributory”.
- 80 Nature of contributory’s liability.
- 81 Contributories in case of death of a member.
- 82 Effect of contributory’s bankruptcy.
- 83 Companies registered but not formed under the Companies Act 2006
- Chapter II Voluntary Winding Up (Introductory and General)
- Resolutions for, and commencement of, voluntary winding up
- 84 Circumstances in which company may be wound up voluntarily.
- 85 Notice of resolution to wind up.
- 86 Commencement of winding up.
- Consequences of resolution to wind up
- 88 Avoidance of share transfers, etc. after winding-up resolution.
- Declaration of solvency
- 89 Statutory declaration of solvency.
- 90 Distinction between “members’” and “creditors’” voluntary winding up.
- Chapter III Members’ Voluntary Winding Up
- 91 Appointment of liquidator.
- 92 Power to fill vacancy in office of liquidator.
- 92A Progress report to company ...
- 93 General company meeting at each year’s end (Scotland)
- 94 Final account prior to dissolution
- 95 Effect of company’s insolvency.
- 96 Conversion to creditors’ voluntary winding up.
- Chapter IV Creditors’ Voluntary Winding Up
- 97 Application of this Chapter.
- 98 Meeting of creditors.
- 99 Directors to lay statement of affairs before creditors.
- 100 Appointment of liquidator.
- 101 Appointment of liquidation committee.
- 102 Creditors’ meeting where winding up converted under s. 96.
- 103 Cesser of directors’ powers.
- 104 Vacancy in office of liquidator.
- 104A Progress report to company and creditors ... ...
- 105 Meetings of company and creditors at each year’s end (Scotland).
- 106 Final account prior to dissolution.
- Chapter V Provisions Applying to both kinds of Voluntary Winding Up
- 107 Distribution of company’s property.
- 108 Appointment or removal of liquidator by the court.
- 109 Notice by liquidator of his appointment.
- 110 Acceptance of shares, etc., as consideration for sale of company property.
- 110 Acceptance of shares, etc., as consideration for sale of company property.
- 111 Dissent from arrangement under s. 110.
- 112 Reference of questions to court.
- 113 Court’s power to control proceedings (Scotland).
- 114 No liquidator appointed or nominated by company.
- 115 Expenses of voluntary winding up.
- 116 Saving for certain rights.
- Chapter VI Winding Up by the Court
- Jurisdiction (England and Wales)
- 117 High Court and county court jurisdiction.
- 118 Proceedings taken in wrong court.
- 119 Proceedings in county court; case stated for High Court.
- Jurisdiction (Scotland)
- 120 Court of Session and sheriff court jurisdiction.
- 121 Power to remit winding up to Lord Ordinary.
- Grounds and effect of winding-up petition
- 122 Circumstances in which company may be wound up by the court.
- 123 Definition of inability to pay debts.
- 124 Application for winding up.
- 124A Petition for winding up on grounds of public interest.
- 124B Petition for winding up of SE
- 124C Petition for winding up of SCE
- 125 Powers of court on hearing of petition.
- 126 Power to stay or restrain proceedings against company.
- 127 Avoidance of property dispositions, etc.
- 128 Avoidance of attachments, etc.
- Commencement of winding up
- 129 Commencement of winding up by the court.
- 130 Consequences of winding-up order.
- Investigation procedures
- 131 Company’s statement of affairs.
- 132 Investigation by official receiver.
- 133 Public examination of officers
- 134 Enforcement of s. 133.
- Appointment of liquidator
- 135 Appointment and powers of provisional liquidator.
- 136 Functions of official receiver in relation to office of liquidator.
- 137 Appointment by Secretary of State.
- 138 Appointment of liquidator in Scotland.
- 139 Choice of liquidator by creditors and contributories.
- 140 Appointment by the court following administration or voluntary arrangement.
- Liquidation committees
- 141 Liquidation committee (England and Wales).
- 142 Liquidation committee (Scotland).
- The liquidator’s functions
- 143 General functions in winding up by the court.
- 144 Custody of company’s property.
- 145 Vesting of company property in liquidator.
- 146 Final account
- 146A Official receiver’s duty to send statement to registrar about other proceedings
- General powers of court
- 147 Power to stay or sist winding up.
- 148 Settlement of list of contributories and application of assets.
- 149 Debts due from contributory to company.
- 150 Power to make calls.
- 151 Payment into bank of money due to company.
- 152 Order on contributory to be conclusive evidence.
- 153 Power to exclude creditors not proving in time.
- 154 Adjustment of rights of contributories.
- 155 Inspection of books by creditors, etc.
- 156 Payment of expenses of winding up.
- 157 Attendance at company meetings (Scotland).
- 158 Power to arrest absconding contributory.
- 159 Powers of court to be cumulative.
- 160 Delegation of powers to liquidator (England and Wales).
- Enforcement of, and appeal from, orders
- 161 Orders for calls on contributories (Scotland).
- 162 Appeals from orders in Scotland.
- Chapter VII Liquidators
- Preliminary
- 163 Style and title of liquidators.
- 164 Corrupt inducement affecting appointment.
- Liquidator’s powers and duties
- 165 Voluntary winding up.
- 166 Creditors’ voluntary winding up.
- 167 Winding up by the court.
- 168 Supplementary powers (England and Wales).
- 169 Supplementary powers (Scotland).
- 170 Enforcement of liquidator’s duty to make returns, etc.
- Removal; vacation of office
- 171 Removal, etc. (voluntary winding up).
- 172 Removal, etc. (winding up by the court).
- Release of liquidator
- 173 Release (voluntary winding up).
- 174 Release (winding up by the court).
- Chapter VIII Provisions of General Application in Winding Up
- Moratorium: order of priority of payment of debts
- 174A Moratorium debts etc: priority
- Preferential debts
- 175 Preferential debts (general provision).
- 176 Preferential charge on goods distrained , etc.
- Non-preferential debts
- 176AZA. Non-preferential debts of financial institutions
- Property subject to floating charge
- 176ZA Payment of expenses of winding up (England and Wales)
- 176ZB Application of proceeds of office-holder claims
- 176A Share of assets for unsecured creditors
- Special managers
- 177 Power to appoint special manager.
- Disclaimer (England and Wales only)
- 178 Power to disclaim onerous property.
- 179 Disclaimer of leaseholds.
- 180 Land subject to rentcharge.
- 181 Powers of court (general).
- 182 Powers of court (leaseholds).
- Execution, attachment and the Scottish equivalents
- 183 Effect of execution or attachment (England and Wales).
- 184 Duties of officers charged with execution of writs and other processes (England and Wales).
- 185 Effect of diligence (Scotland)
- Miscellaneous matters
- 186 Rescission of contracts by the court.
- 187 Power to make over assets to employees.
- 188 Notification that company is in liquidation.
- 189 Interest on debts.
- 190 Documents exempt from stamp duty.
- 191 Company’s books to be evidence.
- 192 Information as to pending liquidations.
- 193 Unclaimed dividends (Scotland).
- 194 Resolutions passed at adjourned meetings.
- 195 Court's powers to ascertain wishes of creditors or contributories.
- 196 Judicial notice of court documents.
- 197 Commission for receiving evidence.
- 198 Court order for examination of persons in Scotland.
- 199 Costs of application for leave to proceed (Scottish companies).
- 200 Affidavits etc. in United Kingdom and overseas.
- Chapter IX Dissolution of Companies After Winding Up
- 201 Dissolution (voluntary winding up).
- 202 Early dissolution (England and Wales).
- 203 Consequence of notice under s. 202.
- 204 Early dissolution (Scotland).
- 205 Dissolution otherwise than under ss. 202-204.
- Chapter X Malpractice before and during Liquidation; Penalisation of Companies and Company Officers; Investigations and Prosecutions
- Offences of fraud, deception, etc.
- 206 Fraud, etc. in anticipation of winding up.
- 207 Transactions in fraud of creditors.
- 208 Misconduct in course of winding up.
- 209 Falsification of company’s books.
- 210 Material omissions from statement relating to company’s affairs.
- 211 False representations to creditors.
- Penalisation of directors and officers
- 212 Summary remedy against delinquent directors, liquidators, etc.
- 213 Fraudulent trading.
- 214 Wrongful trading.
- 215 Proceedings under ss. 213, 214.
- 216 Restriction on re-use of company names.
- 217 Personal liability for debts, following contravention of s. 216.
- Investigation and prosecution of malpractice
- 218 Prosecution of delinquent officers and members of company.
- 219 Obligations arising under s. 218.
- Part V Winding Up of Unregistered Companies
- 220 Meaning of “unregistered company”.
- 221 Winding up of unregistered companies.
- 222 Inability to pay debts: unpaid creditor for £750 or more.
- 223 Inability to pay debts: debt remaining unsatisfed after action brought.
- 224 Inability to pay debts: other cases.
- 225 Company incorporated outside Great Britain may be wound up though dissolved.
- 226 Contributories in winding up of unregistered company.
- 227 Power of court to stay, sist or restrain proceedings.
- 228 Actions stayed on winding-up order.
- 229 Provisions of this Part to be cumulative.
- Part VI Miscellaneous Provisions Applying to Companies Which are Insolvent or in Liquidation
- Office-holders
- 230 Holders of office to be qualified insolvency practitioners.
- 231 Appointment to office of two or more persons.
- 232 Validity of office-holder’s acts.
- Management by administrators, liquidators, etc.
- 233 Supplies of gas, water, electricity, etc.
- 233A Further protection of essential supplies
- 233B Protection of supplies of goods and services
- 233C Powers to amend section 233B and Schedule 4ZZA
- 234 Getting in the company’s property.
- 235 Duty to co-operate with office-holder.
- 236 Inquiry into company’s dealings, etc.
- 237 Court’s enforcement powers under s. 236.
- Adjustment of prior transactions (administration and liquidation)
- 238 Transactions at an undervalue (England and Wales).
- 239 Preferences (England and Wales).
- 240 “Relevant time” under ss. 238, 239.
- 241 Orders under ss. 238, 239.
- 242 Gratuitous alienations (Scotland).
- 243 Unfair preferences (Scotland).
- 244 Extortionate credit transactions.
- 245 Avoidance of certain floating charges.
- 246 Unenforceability of liens on books, etc.
- Administration: penalisation of directors etc
- 246ZA Fraudulent trading: administration
- 246ZB Wrongful trading: administration
- 246ZC Proceedings under section 246ZA or 246ZB
- Power to assign certain causes of action
- 246ZD Power to assign
- Decisions by creditors and contributories
- 246ZE Decisions by creditors and contributories: general
- 246ZF Deemed consent procedure
- 246ZG Power to amend sections 246ZE and 246ZF
- Remote attendance at meetings
- 246A Remote attendance at meetings
- Giving of notices etc by office-holders
- 246B Use of websites
- 246C Creditors' ability to opt out of receiving certain notices
- Part VII Interpretation for First Group of Parts
- 247 “Insolvency” and “go into liquidation”.
- 248 “Secured creditor”, etc.
- 248A “Opted-out creditor”
- 249 “Connected” with a company.
- 250 “Member” of a company.
- 251 Expressions used generally.
- The Second Group of Parts Insolvency of Individuals; Bankruptcy
- Part 7A Debt relief orders
- Preliminary
- 251A Debt relief orders
- Applications for a debt relief order
- 251B Making of application
- 251C Duty of official receiver to consider and determine application
- 251D Presumptions applicable to the determination of an application
- Making and effect of debt relief order
- 251E Making of debt relief orders
- 251F Effect of debt relief order on other debt management arrangements
- 251G Moratorium from qualifying debts
- 251H The moratorium period
- 251I Discharge from qualifying debts
- Duties of debtor
- 251J Providing assistance to official receiver etc
- Objections, investigations and revocation
- 251K Objections and investigations
- 251L Power of official receiver to revoke or amend a debt relief order
- Role of the court
- 251M Powers of court in relation to debt relief orders
- 251N Inquiry into debtor's dealings and property
- Offences
- 251O False representations and omissions
- 251P Concealment or falsification of documents
- 251Q Fraudulent disposal of property
- 251R Fraudulent dealing with property obtained on credit
- 251S Obtaining credit or engaging in business
- 251T Offences: supplementary
- Supplementary
- 251U Approved intermediaries
- 251V Debt relief restrictions orders and undertakings
- 251W Register of debt relief orders etc
- 251X Interpretation
- Part VIII Individual Voluntary Arrangements
- Moratorium for insolvent debtor
- 252 Interim order of court.
- 253 Application for interim order.
- 254 Effect of application.
- 255 Cases in which interim order can be made.
- 256 Nominee’s report on debtor’s proposal.
- Procedure where no interim order made
- 256A Debtor’s proposal and nominee’s report.
- Creditors’ decisions
- 257 Consideration of debtor's proposal by creditors
- Consideration and implementation of debtor’s proposal
- 258 Approval of debtor's proposal
- 259 Report of decisions to court.
- 260 Effect of approval.
- 261 Additional effect on undischarged bankrupt
- 262 Challenge of creditors' decision.
- 262A False representations etc.
- 262B Prosecution of delinquent debtors.
- 262C Arrangements coming to an end prematurely.
- 263 Implementation and supervision of approved voluntary arrangement.
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 263A Availability
- 263B Decision
- 263C Result
- 263D Approval of voluntary arrangement
- 263E Implementation
- 263F Revocation
- 263G Offences
- Part IX Bankruptcy
- CHAPTER A1 Adjudicators: bankruptcy applications by debtors and bankruptcy orders
- 263H Bankruptcy applications to an adjudicator
- 263I Debtors against whom an adjudicator may make a bankruptcy order
- 263J Conditions applying to bankruptcy application
- 263K Determination of bankruptcy application
- 263L Adjudicator's requests for further information
- 263M Making of bankruptcy order
- 263N Refusal to make a bankruptcy order: review and appeal etc.
- 263O False representations and omissions
- Chapter I The court: bankruptcy petitions and bankruptcy orders
- Preliminary
- 264 Who may present a bankruptcy petition.
- 265 Creditor's petition: debtors against whom the court may make a bankruptcy order.
- 266 Other preliminary conditions.
- Creditor’s petition
- 267 Grounds of creditor’s petition.
- 268 Definition of “inability to pay”, etc.; the statutory demand.
- 269 Creditor with security.
- 270 Expedited petition.
- 271 Proceedings on creditor’s petition.
- ...
- 272 Grounds of debtor’s petition.
- 273 Appointment of insolvency practitioner by the court.
- 274 Action on report of insolvency practitioner.
- 274A Debtor who meets conditions for a debt relief order
- 275 Summary administration.
- Other cases for special consideration
- 276 Default in connection with voluntary arrangement.
- 277 Petition based on criminal bankruptcy order.
- Chapter IA Commencement and duration of bankruptcy
- 278 Commencement and continuance.
- 279 Duration
- 280 Discharge by order of the court.
- 281 Effect of discharge.
- 281A Post-discharge restrictions
- 282 Court’s power to annul bankruptcy order.
- Chapter II Protection of Bankrupt’s Estate and Investigation of His Affairs
- 283 Definition of bankrupt’s estate.
- 283A Bankrupt’s home ceasing to form part of estate
- 284 Restrictions on dispositions of property.
- 285 Restriction on proceedings and remedies.
- 286 Power to appoint interim receiver.
- 287 Powers of interim receiver.
- 288 Statement of affairs.
- 289 Investigatory duties of official receiver
- 290 Public examination of bankrupt.
- 291 Duties of bankrupt in relation to official receiver.
- Chapter III Trustees in Bankruptcy
- Tenure of office as trustee
- 291A First trustee in bankruptcy
- 292 Appointment of trustees: general provision
- 293 Summoning of meeting to appoint first trustee.
- 294 Power of creditors to requisition meeting.
- 295 Failure of meeting to appoint trustee.
- 296 Appointment of trustee by Secretary of State.
- 297 Special cases.
- 298 Removal of trustee; vacation of office.
- 299 Release of trustee.
- 300 Vacancy in office as trustee.
- Control of trustee
- 301 Creditors’ committee.
- 302 Exercise by Secretary of State of functions of creditors’ committee.
- 303 General control of trustee by the court.
- 304 Liability of trustee.
- Chapter IV Administration by Trustee
- Preliminary
- 305 General functions of trustee.
- Acquisition, control and realisation of bankrupt’s estate
- 306 Vesting of bankrupt’s estate in trustee.
- 306A Property subject to restraint order
- 306AA Property released from detention
- 306B Property in respect of which receivership or administration order made
- 306BA Property in respect of which realisation order made
- 306C Property subject to certain orders where confiscation order discharged or quashed
- 307 After-acquired property.
- 308 Vesting in trustee of certain items of excess value.
- 308A Vesting in trustee of certain tenancies.
- 309 Time-limit for notice under s. 307 or 308.
- 310 Income payments orders.
- 310A Income payments agreement
- 311 Acquisition by trustee of control.
- 312 Obligation to surrender control to trustee.
- 313 Charge on bankrupt’s home.
- 313A Low value home: application for sale, possession or charge
- 314 Powers of trustee.
- Disclaimer of onerous property
- 315 Disclaimer (general power).
- 316 Notice requiring trustee’s decision.
- 317 Disclaimer of leaseholds.
- 318 Disclaimer of dwelling house.
- 319 Disclaimer of land subject to rentcharge.
- 320 Court order vesting disclaimed property.
- 321 Order under s. 320 in respect of leaseholds.
- Distribution of bankrupt’s estate
- 322 Proof of debts.
- 323 Mutual credit and set-off.
- 324 Distribution by means of dividend.
- 325 Claims by unsatisfied creditors.
- 326 Distribution of property in specie.
- 327 Distribution in criminal bankruptcy.
- 328 Priority of debts.
- 329 Debts to spouse.
- 330 Final distribution.
- 331 Final report.
- 332 Saving for bankrupt’s home.
- Supplemental
- 333 Duties of bankrupt in relation to trustee.
- 334 Stay of distribution in case of second bankruptcy.
- 335 Adjustment between earlier and later bankruptcy estates.
- Chapter V Effect of Bankruptcy on Certain Rights Transacttions, Etc.
- Rights under trusts of land
- 335A Rights under trusts of land.
- Rights of occupation
- 336 Rights of occupation etc. of bankrupt’s spouse or civil partner.
- 337 Rights of occupation of bankrupt.
- 338 Payments in respect of premises occupied by bankrupt.
- Adjustment of prior transactions, etc.
- 339 Transactions at an undervalue.
- 340 Preferences.
- 341 “Relevant time” under ss. 339, 340.
- 342 Orders under ss. 339, 340.
- 342A Recovery of excessive pension contributions.
- 342B Orders under section 342A.
- 342C Orders under section 342A: supplementary.
- 342D Recovery of excessive contributions in pension-sharing cases.
- 342E Orders under section 339 or 340 in respect of pension-sharing transactions.
- 342F Orders under section 339 or 340 in pension-sharing cases: supplementary.
- 343 Extortionate credit transactions.
- 344 Avoidance of general assignment of book debts.
- 345 Contracts to which bankrupt is a party.
- 346 Enforcement procedures.
- 347 Distress, etc.
- 348 Apprenticeships, etc.
- 349 Unenforceability of liens on books, etc.
- 349A Arbitration agreements to which bankrupt is party.
- Chapter VI Bankruptcy Offences
- Preliminary
- 350 Scheme of this Chapter.
- 351 Definitions.
- 352 Defence of innocent intention.
- Wrongdoing by the bankrupt before and after bankruptcy
- 353 Non-disclosure.
- 354 Concealment of property.
- 355 Concealment of books and papers; falsification.
- 356 False statements.
- 357 Fraudulent disposal of property.
- 358 Absconding.
- 359 Fraudulent dealing with property obtained on credit.
- 360 Obtaining credit; engaging in business.
- 361 Failure to keep proper accounts of business.
- 362 Gambling.
- Chapter VII Powers of Court In Bankruptcy
- 363 General control of court.
- 364 Power of arrest.
- 365 Seizure of bankrupt’s property.
- 366 Inquiry into bankrupt’s dealings and property.
- 367 Court’s enforcement powers under s. 366.
- 368 Provision corresponding to s. 366, where interim receiver appointed.
- 369 Order for production of documents by inland revenue.
- 370 Power to appoint special manager.
- 371 Re-direction of bankrupt’s letters, etc.
- Part X Individual Insolvency: General Provisions
- 372 Supplies of gas, water, electricity, etc.
- 372A Further protection of essential supplies
- 373 Jurisdiction in relation to insolvent individuals.
- 374 Insolvency districts.
- 375 Appeals etc. from courts exercising insolvency jurisdiction.
- 376 Time-limits.
- 377 Formal defects.
- 378 Exemption from stamp duty.
- 379 Annual report.
- Creditors' decisions
- 379ZA Creditors' decisions: general
- 379ZB Deemed consent procedure
- 379ZC Power to amend sections 379ZA and 379ZB
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 379A Remote attendance at meetings
- Giving of notices etc by office-holders
- 379B Use of websites
- 379C Creditors' ability to opt out of receiving certain notices
- Part XI Interpretation for Second Group of Parts
- 380 Introductory.
- 381 “Bankrupt” and associated terminology.
- 382 “Bankruptcy debt” , “liability”
- 383 “Creditor”, “security”, etc.
- 383A “Opted-out creditor”
- 384 “Prescribed” and “the rules”.
- 385 Miscellaneous definitions.
- The Third Group of Parts Miscellaneous Matters Bearing on Both Company and Individual Insolvency; General Interpretation; Final Provisions
- Part XII Preferential and non-preferential debts in Company and Individual Insolvency
- 386 Categories of preferential debts.
- 387 “The relevant date”.
- 387A. Financial institutions and their non-preferential debts
- Part XIII Insolvency Practitioners and their Qualification
- Restrictions on unqualified persons acting as liquidator, trustee in bankruptcy, etc.
- 388 Meaning of “act as insolvency practitioner”
- 389 Acting without qualification an offence.
- 389A Authorisation of nominees and supervisors.
- 389B Official receiver as nominee or supervisor
- 390 Persons not qualified to act as insolvency practitioners.
- 390A Authorisation
- 390B Partial authorisation: acting in relation to partnerships
- 391 Recognised professional bodies
- 391A Application for recognition as recognised professional body
- Regulatory objectives
- 391B Application of regulatory objectives
- 391C Meaning of “regulatory functions” and “regulatory objectives”
- Oversight of recognised professional bodies
- 391D Directions
- 391E Directions: procedure
- 391F Financial penalty
- 391G Financial penalty: procedure
- 391H Appeal against financial penalty
- 391I Recovery of financial penalties
- 391J Reprimand
- 391K Reprimand: procedure
- Revocation etc of recognition
- 391L Revocation of recognition at instigation of Secretary of State
- 391M Orders under section 391L: procedure
- 391N Revocation of recognition at request of body
- Court sanction of insolvency practitioners in public interest cases
- 391O Direct sanctions orders
- 391P Application for, and power to make, direct sanctions order
- 391Q Direct sanctions order: conditions
- 391R Direct sanctions direction instead of order
- General
- 391S Power for Secretary of State to obtain information
- 391T Compliance orders
- The requisite qualification, and the means of obtaining it
- 392 Authorisation by competent authority.
- 393 Grant, refusal and withdrawal of authorisation.
- 394 Notices.
- 395 Right to make representations.
- 396 Reference to Tribunal.
- 397 Action of Tribunal on reference.
- 398 Refusal or withdrawal without reference to Tribunal.
- Part XIV Public Administration (England and Wales)
- Adjudicators
- 398A Appointment etc of adjudicators and assistants
- Official receivers
- 399 Appointment, etc. of official receivers.
- 400 Functions and status of official receivers.
- 401 Deputy official receivers and staff.
- The Official Petitioner
- 402 Official Petitioner.
- Insolvency Service finance, accounting and investment
- 403 Insolvency Services Account.
- 404 Investment Account.
- 405 Application of income in Investment Account; adjustment of balances.
- 406 Interest on money received by liquidators or trustees in bankruptcy and invested.
- 407 Unclaimed dividends and undistributed balances.
- 408 Adjustment of balances
- 409 Annual financial statement and audit.
- Supplementary
- 410 Extent of this Part.
- Part XV Subordinate Legislation
- General insolvency rules
- 411 Company insolvency rules.
- 412 Individual insolvency rules (England and Wales).
- 413 Insolvency Rules Committee.
- Fees orders
- 414 Fees orders (company insolvency proceedings).
- 415 Fees orders (individual insolvency proceedings in England and Wales).
- 415A Fees orders (general)
- Specification, increase and reduction of money sums relevant in the operation of this Act
- 415B Monetary limits (company moratorium)
- 416 Monetary limits (companies winding up).
- 417 Money sum in s. 222.
- 417A Money sums (company moratorium).
- 418 Monetary limits (bankruptcy).
- Insolvency practice
- 419 Regulations for purposes of Part XIII.
- Other order-making powers
- 420 Insolvent partnerships.
- 421 Insolvent estates of deceased persons.
- 421A Insolvent estates: joint tenancies.
- 422 Formerly authorised banks.
- 422A Meaning of “relevant offence”
- Part XVI Provisions Against Debt Avoidance (England and Wales only)
- 423 Transactions defrauding creditors.
- 424 Those who may apply for an order under s. 423.
- 425 Provision which may be made by order under s. 423.
- Part XVII Miscellaneous and General
- 426 Co-operation between courts exercising jurisdiction in relation to insolvency.
- 426A Disqualification from Parliament (England and Wales and Northern Ireland)
- 426B Devolution
- 426C Irrelevance of privilege
- 427 Disqualification from Parliament (Scotland ...)
- 428 Exemptions from Restrictive Trade Practices Act.
- 429 Disabilities on revocation of administration order against an individual.
- 430 Provision introducing Schedule of punishments.
- 431 Summary proceedings.
- 432 Offences by bodies corporate.
- 433 Admissibility in evidence of statements of affairs, etc.
- 434 Crown application.
- PART 17A SUPPLEMENTARY PROVISIONS
- 434A Introductory
- 434B Representation of corporations in decision procedures and at meetings
- 434C Legal professional privilege
- 434D Enforcement of company's filing obligations
- 434E Application of filing obligations to overseas companies
- Part XVIII Interpretation
- 435 Meaning of “associate”.
- 436 Expressions used generally.
- 436A Proceedings under EU Regulations: modified definition of property
- 436B References to things in writing
- Part XIX Final Provisions
- 437 Transitional provisions, and savings.
- 438 Repeals.
- 439 Amendment of enactments.
- 440 Extent (Scotland).
- 441 Extent (Northern Ireland).
- 442 Extent (other territories).
- 443 Commencement.
- 444 Citation.
- SCHEDULES
- SCHEDULE ZA1 Moratorium: Eligible companies
- Eligible companies
- Companies subject to, or recently subject to, moratorium or an insolvency procedure
- Private registered providers of social housing
- Registered social landlord under Part 2 of the Housing (Scotland) Act 2010
- Insurance companies
- Banks
- Electronic money institutions
- Investment banks and investment firms
- Companies that are party to market contracts or subject to market charges, etc
- Participants in designated systems
- Payment institutions
- Operators of payment systems, infrastructure providers etc
- Recognised investment exchanges, clearing houses and CSDs
- Securitisation companies
- Parties to capital market arrangements
- Public-private partnership project companies
- Overseas companies with corresponding functions
- Interpretation of Schedule
- Powers to amend Schedule
- SCHEDULE ZA2 Moratorium: contract or other instrument involving financial services
- Introductory
- Financial contracts
- Securities financing transactions
- Derivatives
- Spot contracts
- Capital market investments
- Contracts forming part of a public-private partnership
- Market contracts
- Qualifying collateral arrangements and qualifying property transfers
- Contracts secured by certain charges or arrangements
- Default arrangements and transfer orders
- Card-based payment transactions
- Power to amend Schedule
- SCHEDULE A1 Moratorium where directors propose voluntary arrangement
- SCHEDULE B1 ADMINISTRATION
- ARRANGEMENT OF SCHEDULE
- NATURE OF ADMINISTRATION
- Administration
- Purpose of administration
- Status of administrator
- General restrictions
- APPOINTMENT OF ADMINISTRATOR BY COURT
- Administration order
- Conditions for making order
- Administration application
- Powers of court
- APPOINTMENT OF ADMINISTRATOR BY HOLDER OF FLOATING CHARGE
- Power to appoint
- Restrictions on power to appoint
- Notice of appointment
- Commencement of appointment
- Invalid appointment: indemnity
- APPOINTMENT OF ADMINISTRATOR BY COMPANY OR DIRECTORS
- Power to appoint
- Restrictions on power to appoint
- Notice of intention to appoint
- Notice of appointment
- Commencement of appointment
- Invalid appointment: indemnity
- ADMINISTRATION APPLICATION – SPECIAL CASES
- Application by holder of floating charge
- Intervention by holder of floating charge
- Application where company in liquidation
- Effect of administrative receivership
- EFFECT OF ADMINISTRATION
- Dismissal of pending winding-up petition
- Dismissal of administrative or other receiver
- Moratorium on insolvency proceedings
- Moratorium on other legal process
- Interim moratorium
- Publicity
- PROCESS OF ADMINISTRATION
- Announcement of administrator’s appointment
- Statement of company’s affairs
- Administrator’s proposals
- Consideration of administrator's proposals by creditors
- Creditors' decision
- Revision of administrator’s proposals
- Failure to obtain approval of administrator’s proposals
- Further creditors’ decisions
- Creditors’ committee
- FUNCTIONS OF ADMINISTRATOR
- General powers
- Distribution
- General duties
- Administrator as agent of company
- Charged property: floating charge
- Charged property: non-floating charge
- Hire-purchase property
- Protection for priority creditor
- Challenge to administrator’s conduct of company
- Misfeasance
- ENDING ADMINISTRATION
- Automatic end of administration
- Court ending administration on application of administrator
- Termination of administration where objective achieved
- Court ending administration on application of creditor
- Public interest winding-up
- Moving from administration to creditors’ voluntary liquidation
- Moving from administration to dissolution
- Discharge of administration order where administration ends
- Notice to Companies Registrar where administration ends
- REPLACING ADMINISTRATOR
- Resignation of administrator
- Removal of administrator from office
- Administrator ceasing to be qualified
- Supplying vacancy in office of administrator
- Substitution of administrator: competing floating charge-holder
- Substitution of administrator appointed by company or directors: creditors’ decision
- Vacation of office: discharge from liability
- Vacation of office: charges and liabilities
- GENERAL
- Joint and concurrent administrators
- Presumption of validity
- Majority decision of directors
- Penalties
- Extension of time limit
- Amendment of provision about time
- Interpretation
- Non-UK companies
- Scotland
- SCHEDULE 1 Powers of Administrator or Administrative Receiver
- SCHEDULE 2 Powers of a Scottish Receiver (Additional to Those Conferred on him by the Instrument of Charge)
- SCHEDULE 2A EXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS
- Capital market arrangement
- Capital market investment
- “Agreement”
- Debt
- Step-in rights
- Project company
- “Resources”
- “Public body”
- Regulated business
- “Person”
- SCHEDULE 3 Orders in Course of Winding Up Pronounced in Vacation (Scotland)
- Part I Orders Which are to be Final
- Part II Orders Which are to take Effect Until Matter Disposed of by Inner House
- SCHEDULE 4 Powers of Liquidator in a Winding Up
- Part I ...
- Part II ...
- Part III ...
- SCHEDULE 4ZZA Protection of supplies under section 233B: exclusions
- PART 1 Essential supplies
- Essential supplies
- PART 2 Persons involved in financial services
- Introductory
- Insurers
- Banks
- Electronic money institutions
- Investment banks and investment firms
- Payment institutions
- Operators of payment systems, infrastructure providers etc
- Recognised investment exchanges etc
- Securitisation companies
- Overseas activities
- PART 3 Contracts involving financial services
- Introductory
- Financial contracts
- Securities financing transactions
- Derivatives
- Spot contracts
- Capital market investments
- Contracts forming part of a public-private partnership
- PART 4 Other exclusions
- Financial markets and insolvency
- Set-off and netting
- Aircraft equipment
- SCHEDULE 4ZA Conditions for making a debt relief order
- Part 1 Conditions which must be met
- Connection with England and Wales
- Debtor's previous insolvency history
- Limit on debtor's overall indebtedness
- Limit on debtor's monthly surplus income
- Limit on value of debtor's property
- Part 2 Other conditions
- SCHEDULE 4ZB Debt relief restrictions orders and undertakings
- Debt relief restrictions order
- Grounds for making order
- Timing of application for order
- Duration of order
- Interim debt relief restrictions order
- Debt relief restrictions undertaking
- Effect of revocation of debt relief order
- Bankruptcy restrictions order
- Grounds for making order
- Timing of application for order
- Duration of order
- Interim bankruptcy restrictions order
- Bankruptcy restrictions undertaking
- Effect of annulment of bankruptcy order
- Registration
- SCHEDULE 5 Powers of Trustee in Bankruptcy
- Part I ...
- Part II ...
- Part III ...
- SCHEDULE 6 The Categories of Preferential Debts
- Category 1: Debts due to Inland Revenue
- Category 2: Debts due to Customs and Excise
- Category 3: Social security contributions
- Category 4: Contributions to occupational pension schemes, etc.
- Category 5: Remuneration, etc., of employees
- Interpertation for Category 5
- Category 6: Levies on coal and steel production
- Category 6A: Debts owed to the Financial Services Compensation Scheme
- Category 7: Deposits covered by Financial Services Compensation Scheme
- Category 8: Other deposits
- Interpretation for categories 6A, 7 and 8.
- Category 9: Certain HMRC debts
- Orders
- SCHEDULE 7 Insolvency Practitioners Tribunal
- Panels of members
- Remuneration of members
- Sittings of Tribunal
- Procedure of Tribunal
- SCHEDULE 8 Provisions Capable of Inclusion in Company Insolvency Rules
- Courts
- Notices, etc.
- Registration of voluntary arrangements
- Provisional liquidator
- Conduct of insolvency
- Administration
- Financial provisions
- Information and records
- General
- SCHEDULE 9 Provisions Capable of Inclusion in Individual Insolvency Rules
- Courts
- Adjudicators
- Appeals against determinations by adjudicators
- Notices, etc.
- Debt relief orders
- Debt relief restrictions orders and undertakings
- Register of debt relief orders and debt relief restrictions orders etc
- Registration of voluntary arrangements
- Official receiver acting on voluntary arrangement
- Interim receiver
- Receiver or manager
- Administration of individual insolvency
- Financial provisions
- Information and records
- Bankruptcy restrictions orders and undertakings
- General
- SCHEDULE 10 Punishment of Offences under this Act
- SCHEDULE 11 Transitional Provisions and Savings
- Part I Company Insolvency and Winding Up
- Administration orders
- Receivers and managers (England and Wales)
- Receivers (Scotland)
- Winding up already in progress
- Statement of affairs
- Provisions relating to liquidator
- Winding up under supervision of the court
- Saving for power to make rules
- Setting aside of preferences and other transactions
- Part II Individual Insolvency
- Bankruptcy (general)
- Discharge from old bankruptcy
- Provisions relating to trustee
- Copyright
- Second bankruptcy
- Setting aside of preferences and other transactions
- Bankruptcy offences
- Power to make rules
- Part III Transitional Effect of Part XVI
- Part IV Insolvency Practitioners
- Part V General Transitional Provisions and Savings
- Interpretation for this Part
- General saving for past acts and events
- Periods of time
- Internal cross-references in this Act
- Punishment of offences
- References elsewhere to the former enactments
- Saving for power to repeal provisions in section 51
- Saving for Interpretation Act 1978 ss. 16, 17
- SCHEDULE 12 Enactments Repealed
- SCHEDULE 13 Consequential Amendments of Companies Act 1985
- Part I Internal and Other Section References Amended or Re-amended
- Part II Amendement of Part XXVI (Interpretation)
- SCHEDULE 14 Consequential Amendments of other Enactments
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