Insolvency Act 1986

Overview

(1) This Part contains provision that enables an eligible company, in certain circumstances, to obtain a moratorium, giving it various protections from…

Eligible companies

Schedule ZA1 contains provision for determining whether a company is an eligible company for the purposes of this Part.

Obtaining a moratorium by filing or lodging documents at court

(1) This section applies to an eligible company that— (a) is not subject to an outstanding winding-up petition, and (b) is not an overseas company. (2) The…

Obtaining a moratorium for company subject to winding-up petition

(1) This section applies to an eligible company that is subject to an outstanding winding-up petition. (2) The directors of the company may apply to the court…

Obtaining a moratorium for other overseas companies

(1) This section applies to an eligible company that— (a) is not subject to an outstanding winding-up petition, and (b) is an overseas company. (2) The…

The relevant documents

(1) For the purposes of this Chapter, “the relevant documents” are— (a) a notice that the directors wish to obtain a moratorium, (b) a statement from a…

Beginning of moratorium and appointment of monitor

(1) A moratorium for a company comes into force at the time at which— (a) in the case of a company to which section A3 applies, the relevant documents are…

Obligations to notify where moratorium comes into force

(1) As soon as reasonably practicable after a moratorium for a company comes into force, the directors must notify the monitor of that fact. (2) As soon as…

End of the moratorium

(1) A moratorium ends at the end of the initial period unless it is extended, or comes to an end sooner, under or by virtue of a provision mentioned in…

Extension by directors without creditor consent

(1) During the initial period, but after the first 15 business days of that period, the directors may extend the moratorium by filing with the court— (a) a…

Extension by directors with creditor consent

(1) At any time after the first 15 business days of the initial period the directors may, if they have obtained creditor consent, extend the moratorium by…

Creditor consent for the purposes of section A11

(1) References in section A11 to creditor consent are to the consent of pre-moratorium creditors to a revised end date for the moratorium. (2) The decision as…

Extension by court on application of directors

(1) At any time after the first 15 business days of the initial period, the directors may apply to the court for an order that the moratorium be extended. (2)…

Extension while proposal for CVA pending

(1) Subsection (2) applies where— (a) at any time, the directors make a proposal under Part 1 (company voluntary arrangements), and (b) apart from that…

Extension by court in the course of other proceedings

(1) Subsection (2) applies where— (a) an application is made under section 896 or 901C(1) of the Companies Act 2006 (arrangements and reconstructions: court…

Company enters into insolvency procedure etc

(1) A moratorium comes to an end at any time at which the company— (a) enters into a compromise or arrangement (see subsection (2)), or (b) enters into a…

Obligations to notify change in end of moratorium

— s. A17 — Obligations to notify change in end of moratorium (1) The table imposes obligations on the directors of a company to notify the monitor where a…

Overview and construction of references to payment holidays

(1) This Chapter makes provision about the main effects of a moratorium for a company. (2) The provision made by this Chapter includes restrictions on the…

Publicity about moratorium

— s. A19 — Publicity about moratorium (1) During a moratorium, the company must, in any premises— (a) where business of the company is carried on, and (b) to…

Restrictions on insolvency proceedings etc

(1) During a moratorium— (a) no petition may be presented for the winding up of the company, except by the directors, (b) no resolution may be passed for the…

Restrictions on enforcement and legal proceedings

(1) During a moratorium— (a) a landlord or other person to whom rent is payable may not exercise a right of forfeiture by peaceable re-entry in relation to…

Floating charges

(1) This section applies where there is an uncrystallised floating charge on the property of a company for which a moratorium is in force. (2) During the…

Enforcement of security granted during moratorium

(1) Security granted by a company during a moratorium in relation to the company may be enforced only if the monitor consented to the grant of security under…

Duty of directors to notify monitor of insolvency proceedings etc

(1) The directors of a company must notify the monitor before taking any of the following steps during a moratorium— (a) presenting a petition for the winding…

Restrictions on obtaining credit

(1) During a moratorium, the company may not obtain credit to the extent of £500 or more from a person unless the person has been informed that a moratorium is…

Restrictions on grant of security etc

(1) During a moratorium, the company may grant security over its property only if the monitor consents. (2) The monitor may give consent under subsection (1)…

Prohibition on entering into market contracts etc

(1) If a company enters into a transaction to which this section applies during a moratorium for the company— (a) the company commits an offence, and (b) any…

Restrictions on payment of certain pre-moratorium debts

(1) During a moratorium, the company may make one or more relevant payments to a person that (in total) exceed the specified maximum amount only if— (a) the…

Restrictions on disposal of property

(1) During a moratorium, the company may dispose of its property only if authorised by subsection (2) or (5). (2) In the case of property that is not subject…

Restrictions on disposal of hire-purchase property

(1) During a moratorium, the company may dispose of any goods in the possession of the company under a hire-purchase agreement only if the disposal is in…

Disposal of charged property free from charge

(1) During a moratorium, the company may, with the permission of the court, dispose of property which is subject to a security interest as if it were not…

Disposal of hire-purchase property

(1) During a moratorium, the company may, with the permission of the court, dispose of goods which are in the possession of the company under a hire-purchase…

Contravention of certain requirements imposed under this Chapter

The fact that a company contravenes section A19 or any of sections A25 to A32 does not— (a) make any transaction void or unenforceable, or (b) affect the…

Status of monitor

The monitor in relation to a moratorium is an officer of the court.

Monitoring

(1) During a moratorium, the monitor must monitor the company’s affairs for the purpose of forming a view as to whether it remains likely that the moratorium…

Provision of information to monitor

(1) The monitor may require the directors of the company to provide any information required by the monitor for the purpose of carrying out the monitor’s…

Application by monitor for directions

The monitor in relation to a moratorium may apply to the court for directions about the carrying out of the monitor’s functions.

Termination of moratorium by monitor

(1) The monitor must bring a moratorium to an end by filing a notice with the court if— (a) the monitor thinks that the moratorium is no longer likely to…

Replacement of monitor or appointment of additional monitor

(1) The court may make an order authorising the appointment of a qualified person to act as the monitor in relation to a moratorium instead of, or in addition…

Application of Part where two or more persons act as monitor

(1) Where two or more persons act jointly as the monitor— (a) a reference in this Act to the monitor is a reference to those persons acting jointly; (b) where…

Presumption of validity

An act of the monitor is valid in spite of a defect in the monitor’s appointment or qualification.

Challenge to monitor’s actions

(1) Any of the persons specified below may apply to the court on the ground that an act, omission or decision of the monitor during a moratorium has unfairly…

Challenges to monitor remuneration in insolvency proceedings

(1) The rules may confer on an administrator or liquidator of a company the right to apply to the court on the ground that remuneration charged by the monitor…

Challenge to directors’ actions

(1) A creditor or member of a company may apply to the court for an order under this section on the ground that— (a) during a moratorium, the company’s…

Challenge brought by Board of the Pension Protection Fund

(1) This section applies where— (a) a moratorium— (i) is in force in relation to a company that is an employer in respect of an eligible scheme, or (ii) is or…

Offence of fraud etc during or in anticipation of moratorium

(1) An officer of a company commits an offence if, during a moratorium for the company or at any time within the period of 12 months ending with the day on…

Offence of false representation etc to obtain a moratorium

(1) An officer of a company commits an offence if, for the purpose of obtaining a moratorium for the company or an extension of a moratorium for the company…

Prosecution of delinquent officers of company

(1) This section applies where a moratorium has been obtained for a company. (2) If it appears to the monitor that any past or present officer of the company…

Regulated companies: modifications to this Part

(1) For the purposes of sections A3 and A4 as they apply in relation to a regulated company, section A6(1) has effect as if the documents listed there included…

Power to modify this Part etc in relation to certain companies

(1) The Secretary of State may by regulations make provision under the law of England and Wales or Scotland— (a) to modify this Part as it applies in relation…

Power to make provision in connection with pension schemes

(1) The Secretary of State may by regulations provide that, in a case where— (a) a moratorium— (i) is in force in relation to a company that is an employer in…

Void provisions in floating charge documents

(1) A provision in an instrument creating a floating charge is void if it provides for the obtaining of a moratorium, or anything done with a view to obtaining…

Meaning of “pre-moratorium debt” and “moratorium debt”

(1) In this Part “pre-moratorium debt”, in relation to a company for which a moratorium is or has been in force, means— (a) any debt or other liability to…

Interpretation of this Part: general

(1) In this Part— “company” means— a company registered under the Companies Act 2006 in England and Wales or Scotland, or an unregistered company that may be…

Regulations

— s. A55 — Regulations (1) Regulations under this Part may make— (a) different provision for different purposes; (b) consequential, supplementary, incidental…

Those who may propose an arrangement

(1) The directors of a company (other than one which is in administration or being wound up) may make a proposal under this Part to the company and to its…

Procedure where nominee is not the liquidator or administrator

(1) This section applies where the nominee under section 1 is not the liquidator or administrator of the company … (2) The nominee shall, within 28 days (or…

Consideration of proposal

(1) Where the nominee under section 1 is not the liquidator or administrator, and it has been report to the court under section 2(2) that the proposal should…

Decisions of the company and its creditors

(1) This section applies where, under section 3— (a) a meeting of the company is summoned to consider the proposed voluntary arrangement, and (b) the company's…

Approval of arrangement

(1) This section applies to a decision, under section 4, with respect to the approval of a proposed voluntary arrangement. (2) The decision has effect if, in…

Effect of approval

(1) This section applies where a decision approving a voluntary arrangement has effect under section 4A. (2) The ... voluntary arrangement— (a) takes effect as…

Challenge of decisions

(1) Subject to this section, an application to the court may be made, by any of the persons specified below, on one or both of the following grounds, namely—…

False representations, etc

(1) If, for the purpose of obtaining the approval of the members or creditors of a company to a proposal for a voluntary arrangement, a person who is an…

Implementation of proposal

(1) This section applies where a voluntary arrangement has effect under section 4A. (2) The person who is for the time being carrying out in relation to the…

Prosecution of delinquent officers of company

(1) This section applies where the approval of a voluntary arrangement in relation to a company has taken effect under section 4A. (2) If it appears to the…

Arrangements coming to an end prematurely

For the purposes of this Part, a voluntary arrangement the approval of which has taken effect under section 4A ... comes to an end prematurely if, when it…

Administration

— s. 8 — Administration Schedule B1 to this Act (which makes provision about the administration of companies) shall have effect.

Application for order

(1) An application to the court for an administration order shall be by petition presented either by the company or the directors, or by a creditor or…

Effect of application

(1) During the period beginning with the presentation of a petition for an administration order and ending with the making of such an order or the dismissal of…

Effect of order

(1) On the making of an administration order— (a) any petition for the winding up of the company shall be dismissed, and (b) any administrative receiver of the…

Notification of order

(1) Every invoice, order for goods or business letter which, at a time when an administration order is in force in relation to a company, is issued by or on…

Appointment of administrator

(1) The administrator of a company shall be appointed either by the administration order or by an order under the next subsection. (2) If a vacancy occurs by…

General powers

(1) The administrator of a company— (a) may do all such things as may be necessary for the management of the affairs, business and property of the company, and…

Power to deal with charged property, etc

(1) The administrator of a company may dispose of or otherwise exercise his powers in relation to any property of the company which is subject to a security to…

Operation of s. 15 in Scotland

(1) Where property is disposed of under section 15 in its application to Scotland, the administrator shall grant to the disponee an appropriate document of…

General duties

(1) The administrator of a company shall, on his appointment, take into his custody or under his control all the property to which the company is or appears to…

Discharge or variation of administration order

(1) The administrator of a company may at any time apply to the court for the administration order to be discharged, or to be varied so as to specify an…

Vacation of office

(1) The administrator of a company may at any time be removed from office by order of the court and may, in the prescribed circumstances, resign his office by…

Release of administrator

(1) A person who has ceased to be the administrator of a company has his release with effect from the following time, that is to say— (a) in the case of a…

Information to be given by administrator

(1) Where an administration order has been made, the administrator shall— (a) forthwith send to the company and publish in the prescribed manner a notice of…

Statement of affairs to be submitted to administrator

(1) Where an administration order has been made, the administrator shall forthwith require some or all of the persons mentioned below to make out and submit to…

Statement of proposals

(1) Where an administration order has been made, the administrator shall, within 3 months (or such longer period as the court may allow) after the making of…

Consideration of proposals by creditors’ meeting

(1) A meeting of creditors summoned under section 23 shall decide whether to approve the administrator’s proposals. (2) The meeting may approve the proposals…

Approval of substantial revisions

(1) This section applies where— (a) proposals have been approved (with or without modifications) under section 24, and (b) the administrator proposes to make…

Creditors’ committee

(1) Where a meeting of creditors summoned under section 23 has approved the administrator’s proposals (with or without modifications), the meeting may, if it…

Protection of interests of creditors and members

(1) At any time when an administration order is in force, a creditor or member of the company may apply to the court by petition for an order under this…

Extent of this Chapter

(1) In this Chapter “company” means a company registered under the Companies Act 2006 in England and Wales or Scotland. (2) This Chapter does not apply to…

Definitions

(1) It is hereby declared that, except where the context otherwise requires— (a) any reference in … this Act to a receiver or manager of the property of a…

Disqualification of body corporate from acting as receiver

A body corporate is not qualified for appointment as receiver of the property of a company, and any body corporate which acts as such a receiver is liable to a…

Disqualification of bankrupt or person in respect of whom a debt relief order is made

(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…

Power for court to appoint official receiver

Where application is made to the court to appoint a receiver on behalf of the debenture holders or other creditors of a company which is being wound up by the…

Time from which appointment is effective

(1) The appointment of a person as a receiver or manager of a company’s property under powers contained in an instrument— (a) is of no effect unless it is…

Liability for invalid appointment

Where the appointment of a person as the receiver or manager of a company’s property under powers contained in an instrument is discovered to be invalid…

Application to court for directions

(1) A receiver or manager of the property of a company appointed under powers contained in an instrument, or the persons by whom or on whose behalf a receiver…

Court’s power to fix remuneration

(1) The court may, on an application made by the liquidator of a company, by order fix the amount to be paid by way of remuneration to a person who, under…

Liability for contracts, etc

(1) A receiver or manager appointed under powers contained in an instrument (other than an administrative receiver) is, to the same extent as if he had been…

Receivership accounts to be delivered to registrar

(1) Except in the case of an adminstrative receiver, every receiver or manager of a company’s property who has been appointed under powers contained in an…

Notification that receiver or manager appointed

(1) Where a receiver or manager of the property of a company has been appointed— (a) every invoice, order for goods or services, business letter or order form…

Payment of debts out of assets subject to floating charge

(1) The following applies in the case of a company, where a receiver is appointed on behalf of the holders of any debentures of the company secured by a charge…

Enforcement of duty to make returns

(1) If a receiver or manager of a company’s property— (a) having made default in filing, delivering or making any return, account or other document, or in…

General powers

(1) The powers conferred on the administrative receiver of a company by the debentures by virtue of which he was appointed are deemed to include (except in so…

Power to dispose of charged property, etc

(1) Where, on an application by the administrative receiver, the court is satisfied that the disposal (with or without other assets) of any relevant property…

Agency and liability for contracts

(1) The administrative receiver of a company— (a) is deemed to be the company’s agent, unless and until the company goes into liquidation; (b) is personally…

Vacation of office

(1) An administrative receiver of a company may at any time be removed from office by order of the court (but not otherwise) and may resign his office by…

Information to be given by administrative receiver

(1) Where an administrative receiver is appointed, he shall— (a) forthwith send to the company and publish in the prescribed manner a notice of his…

Statement of affairs to be submitted

(1) Where an administrative receiver is appointed, he shall forthwith require some or all of the persons mentioned below to make out and submit to him a…

Report by administrative receiver

(1) Where an administrative receiver is appointed, he shall, within 3 months (or such longer period as the court may allow) after his appointment, send to the…

Committee of creditors

(1) Where an administrative receiver has sent or published a report as mentioned in section 48(2) the company's unsecured creditors may, in accordance with the…

Extent of this Chapter

This Chapter extends to Scotland only.

Power to appoint receiver

(1) It is competent under the law of Scotland for the holder of a floating charge over all or any part of the property (including uncalled capital), which may…

Circumstances justifying appointment

(1) A receiver may be appointed under section 51(1) by the holder of the floating charge on the occurrence of any event which, by the provisions of the…

Mode of appointment by holder of charge

(1) The appointment of a receiver by the holder of the floating charge under section 51(1) shall be by means of an instrument subscribed in accordance with the…

Appointment by court

(1) Application for the appointment of a receiver by the court under section 51(2) shall be by petition to the court, which shall be served on the company. (2)…

Powers of receiver

(1) Subject to the next subsection, a receiver has in relation to such part of the property of the company as is attached by the floating charge by virtue of…

Precedence among receivers

(1) Where there are two or more floating charges subsisting over all or any part of the property of the company, a receiver may be appointed under this Chapter…

Agency and liability of receiver for contracts

(1) A receiver is deemed to be the agent of the company in relation to such property of the company as is attached by the floating charge by virtue of which he…

Remuneration of receiver

(1) The remuneration to be paid to a receiver is to be determined by agreement between the receiver and the holder of the floating charge by virtue of which he…

Priority of debts

(1) Where a receiver is appointed and the company is not at the time of the appointment in course of being wound up, the debts which fall under subsection (2)…

Distribution of moneys

(1) Subject to the next section, and to the rights of any of the following categories of persons (which rights shall, except to the extent otherwise provided…

Disposal of interest in property

(1) Where the receiver sells or disposes, or is desirous of selling or disposing, or any property or interest in property of the company which is subject to…

Cessation of appointment of receiver

(1) A receiver may be removed from office by the court under subsection (3) below and may resign his office by giving notice of his resignation in the…

Powers of court

(1) The court on the application of— (a) the holder of a floating charge by virtue of which a receiver was appointed, or (b) a receiver appointed under section…

Notification that receiver appointed

(1) Where a receiver has been appointed— (a) every invoice, order for goods or services, business letter or order form (whether in hard copy, electronic or any…

Information to be given by receiver

(1) Where a receiver is appointed, he shall— (a) forthwith send to the company and publish notice of his appointment, and (b) within 28 days after his…

Company’s statement of affairs

(1) Where a receiver of a company is appointed, the receiver shall forthwith require some or all of the persons mentioned in subsection (3) below to make out…

Report by receiver

(1) Where a receiver is appointed under section 51, he shall within 3 months (or such longer period as the court may allow) after his appointment, send to the…

Committee of creditors

(1) Where a receiver has sent or published a report as mentioned in section 67(2) the company's unsecured creditors may, in accordance with the rules…

Enforcement of receiver’s duty to make returns, etc

(1) If any receiver— (a) having made default in filing, delivering or making any return, account or other document, or in giving any notice, which a receiver…

Interpretation for Chapter II

(1) In this Chapter, unless the contrary intention appears, the following expressions have the following meanings respectively assigned to them— “company”…

Prescription of forms, etc.; regulations

(1) The notice referred to in section 62(5), and the notice referred to in section 65(1)(a) shall be in such form as may be prescribed. (2) Any power conferred…

Cross-border operation of receivership provisions

(1) A receiver appointed under the law of either part of Great Britain in respect of the whole or any part of any property or undertaking of a company and in…

Floating charge holder not to appoint administrative receiver

(1) The holder of a qualifying floating charge in respect of a company’s property may not appoint an administrative receiver of the company. (2) In Scotland…

First exception: capital market

(1) Section 72A does not prevent the appointment of an administrative receiver in pursuance of an agreement which is or forms part of a capital market…

Second exception: public-private partnership

(1) Section 72A does not prevent the appointment of an administrative receiver of a project company of a project which— (a) is a public-private partnership…

Third exception: utilities

(1) Section 72A does not prevent the appointment of an administrative receiver of a project company of a project which— (a) is a utility project, and (b)…

Exception in respect of urban regeneration projects

(1) Section 72A does not prevent the appointment of an administrative receiver of a project company of a project which— (a) is designed wholly or mainly to…

Fourth exception: project finance

(1) Section 72A does not prevent the appointment of an administrative receiver of a project company of a project which— (a) is a financed project, and (b)…

Fifth exception: financial market

Section 72A does not prevent the appointment of an administrative receiver of a company by virtue of— (a) a market charge within the meaning of section 173 of…

Sixth exception: social landlords

Section 72A does not prevent the appointment of an administrative receiver of a company which is — (a) a private registered provider of social housing, or (b)…

Exception in relation to protected railway companies etc

Section 72A does not prevent the appointment of an administrative receiver of— (a) a company holding an appointment under Chapter I of Part II of the Water…

Sections 72A to 72G: supplementary

(1) Schedule 2A (which supplements sections 72B to 72G) shall have effect. (2) The Secretary of State may by order— (a) insert into this Act provision creating…

Scheme of this Part

(1) This Part applies to the winding up of a company registered under the Companies Act 2006 in England and Wales or Scotland. (2) The winding up may be…

Liability as contributories of present and past members

(1) When a company is wound up, every present and past member is liable to contribute to its assets to any amount sufficient for payment of its debts and…

Liability of past directors and shareholders

(1) This section applies where a company is being wound up and— (a) it has under Chapter 5 of Part 18 of the Companies Act 2006 (acquisition by limited company…

Limited company formerly unlimited

(1) This section applies in the case of a company being wound up which was at some former time registered as unlimited but has re-registered as a limited…

Unlimited company formerly limited

(1) This section applies in the case of a company being wound up which was at some former time registered as limited but has been re-registered as unlimited ……

Meaning of “contributory”

(1) In this Act … the expression “contributory” means every person liable to contribute to the assets of a company in the event of its being wound up, and for…

Nature of contributory’s liability

The liability of a contributory creates a debt (in England and Wales in the nature of an ordinary contract debt) accruing due from him at the time when his…

Contributories in case of death of a member

(1) If a contributory dies either before or after he has been placed on the list of contributories, his personal representatives, and the heirs and legatees of…

Effect of contributory’s bankruptcy

(1) The following applies if a contributory becomes bankrupt, either before or after he has been placed on the list of contributories. (2) His trustee in…

Companies registered but not formed under the Companies Act 2006

(1) The following applies in the event of a company being wound up which is registered but not formed under the Companies Act 2006.. (2) Every person is a…

Circumstances in which company may be wound up voluntarily

(1) A company may be wound up voluntarily— (a) when the period (if any) fixed for the duration of the company by the articles expires, or the event (if any)…

Notice of resolution to wind up

(1) When a company has passed a resolution for voluntary winding up, it shall, within 14 days after the passing of the resolution, give notice of the…

Commencement of winding up

A voluntary winding up is deemed to commence at the time of the passing of the resolution for voluntary winding up.

s. 87

(1) In case of a voluntary winding up, the company shall from the commencement of the winding up cease to carry on its business, except so far as may be…

Avoidance of share transfers, etc. after winding-up resolution

Any transfer of shares, not being a transfer made to or with the sanction of the liquidator, and any alteration in the status of the company’s members, made…

Statutory declaration of solvency

(1) Where it is proposed to wind up a company voluntarily, the directors (or, in the case of a company having more than two directors, the majority of them)…

Distinction between “members’” and “creditors’” voluntary winding up

A winding up in the case of which a directors’ statutory declaration under section 89 has been made is a “members’ voluntary winding up”; and a winding up in…

Appointment of liquidator

(1) In a members’ voluntary winding up, the company in general meeting shall appoint one or more liquidators for the purpose of winding up the company’s…

Power to fill vacancy in office of liquidator

(1) If a vacancy occurs by death resignation or otherwise in the office of liquidator appointed by the company, the company in general meeting may, subject to…

Progress report to company ..

(1) Subject to section 96, ... the liquidator must— (a) for each prescribed period produce a progress report relating to the prescribed matters; and (b) within…

Final account prior to dissolution

(1) As soon as the company's affairs are fully wound up the liquidator must make up an account of the winding up, showing how it has been conducted and the…

Effect of company’s insolvency

(1) This section applies where the liquidator is of the opinion that the company will be unable to pay its debts in full (together with interest at the…

Conversion to creditors’ voluntary winding up

(1) The winding up becomes a creditors' voluntary winding up as from the day on which— (a) the company's creditors under section 95 nominate a person to be…

Application of this Chapter

(1) Subject as follows, this Chapter applies in relation to a creditors’ voluntary winding up. (2) Sections 99 and 100 do not apply where, under section 96 in…

Directors to lay statement of affairs before creditors

(1) The directors of the company must, before the end of the period of 7 days beginning with the day after the day on which the company passes a resolution for…

Appointment of liquidator

(1) The company may nominate a person to be liquidator at the company meeting at which the resolution for voluntary winding up is passed. (1A) The company's…

Appointment of liquidation committee

(1) The creditors may in accordance with the rules appoint a committee (“the liquidation committee”) of not more than 5 persons to exercise the functions…

Cesser of directors’ powers

On the appointment of a liquidator, all the powers of the directors cease, except so far as the liquidation committee (or, if there is no such committee, the…

Vacancy in office of liquidator

If a vacancy occurs, by death, resignation or otherwise, in the office of a liquidator (other than a liquidator appointed by, or by the direction of, the…

Progress report to company and creditors ... ..

(1) The liquidator must— (a) for each prescribed period produce a progress report relating to the prescribed matters; and (b) within such period commencing…

Final account prior to dissolution

(1) As soon as the company's affairs are fully wound up the liquidator must make up an account of the winding up, showing how it has been conducted and the…

Distribution of company’s property

Subject to the provisions of this Act as to preferential payments, the company’s property in a voluntary winding up shall on the winding up be applied in…

Appointment or removal of liquidator by the court

(1) If from any cause whatever there is not liquidator acting, the court may appoint a liquidator. (2) The court may, on cause shown, remove a liquidator and…

Notice by liquidator of his appointment

(1) The liquidator shall, within 14 days after his appointment, publish in the Gazette and deliver to the registrar of companies for registration a notice of…

Acceptance of shares, etc., as consideration for sale of company property

(1) This section applies, in the case of a company proposed to be, or being, wound up voluntarily, where the whole or part of the company’s business or…

Dissent from arrangement under s. 110

(1) This section applies in the case of a voluntary winding up where, for the purposes of section 110(2) or (4), there has been passed a special resolution of…

Reference of questions to court

(1) The liquidator or any contributory or creditor may apply to the court to determine any question arising in the winding up of a company, or to exercise, as…

Court’s power to control proceedings (Scotland)

If the court, on the application of the liquidator in the winding up of a company registered in Scotland, so directs, no action or proceeding shall be…

No liquidator appointed or nominated by company

(1) This section applies where, in the case of a voluntary winding up, no liquidator has been appointed or nominated by the company. (2) The powers of the…

Expenses of voluntary winding up

After the payment of any liabilities to which section 174A applies, all expenses properly incurred in the winding up, including the remuneration of the…

Saving for certain rights

The voluntary winding up of a company does not bar the right of any creditor or contributory to have it wound up by the court; but in the case of an…

High Court and county court jurisdiction

(1) The High Court has jurisdiction to wind up any company registered in England and Wales. (2) Where in the case of a company registered in England and Wales…

Proceedings taken in wrong court

(1) Nothing in section 117 invalidates a proceeding by reason of its being taken in the wrong court. (2) The winding up of a company by the court in England…

Proceedings in county court; case stated for High Court

(1) If any question arises in any winding-up proceedings in a county court which all the parties to the proceedings, or which one of them and the judge of the…

Court of Session and sheriff court jurisdiction

(1) The Court of Session has jurisdiction to wind up any company registered in Scotland. (2) When the Court of Session is in vacation, the jurisdiction…

Power to remit winding up to Lord Ordinary

(1) The Court of Session may, by Act of Sederunt, make provision for the taking of proceedings in a winding up before one of the Lords Ordinary; and, where…

Circumstances in which company may be wound up by the court

(1) A company may be wound up by the court if— (a) the company has by special resolution resolved that the company be wound up by the court, (b) being a public…

Definition of inability to pay debts

(1) A company is deemed unable to pay its debts— (a) if a creditor (by assignment or otherwise) to whom the company is indebted in a sum exceeding £750 then…

Application for winding up

(1) Subject to the provisions of this section, an application to the court for the winding up of a company shall be by petition presented either by the…

Petition for winding up on grounds of public interest

(1) Where it appears to the Secretary of State from— (a) any report made or information obtained under Part XIV (except section 448A) of the Companies Act 1985…

Powers of court on hearing of petition

(1) On hearing a winding-up petition the court may dismiss it, or adjourn the hearing conditionally or unconditionally, or make an interim order, or any other…

Power to stay or restrain proceedings against company

(1) At any time after the presentation of a winding-up petition, and before a winding-up order has been made, the company, or any creditor or contributory…

Avoidance of property dispositions, etc

(1) In a winding up by the court, any disposition of the company’s property, and any transfer of shares, or alteration in the status of the company’s members…

Avoidance of attachments, etc

(1) Where a company registered in England and Wales is being wound up by the court, any attachment, sequestration, distress or execution put in force against…

Commencement of winding up by the court

(1) If, before the presentation of a petition for the winding up of a company by the court, a resolution has been passed by the company for voluntary winding…

Consequences of winding-up order

(1) On the making of a winding-up order, a copy of the order must forthwith be forwarded by the company (or otherwise as may be prescribed) to the registrar of…

Company’s statement of affairs

(1) Where the court has made a winding-up order or appointed a provisional liquidator, the official receiver may require some or all of the persons mentioned…

Investigation by official receiver

(1) Where a winding-up order is made by the court in England and Wales, it is the duty of the official receiver to investigate— (a) if the company has failed…

Public examination of officers

(1) Where a company is being wound up by the court, the official receiver or, in Scotland, the liquidator may at any time before the dissolution of the company…

Enforcement of s. 133

(1) If a person without reasonable excuse fails at any time to attend his public examination under section 133, he is guilty of a contempt of court and liable…

Appointment and powers of provisional liquidator

(1) Subject to the provisions of this section, the court may, at any time after the presentation of a winding-up petition, appoint a liquidator provisionally…

Functions of official receiver in relation to office of liquidator

(1) The following provisions of this section have effect, subject to section 140 below, on a winding-up order being made by the court in England and Wales. (2)…

Appointment by Secretary of State

(1) In a winding up by the court in England and Wales the official receiver may, at any time when he is the liquidator of the company, apply to the Secretary…

Appointment of liquidator in Scotland

(1) Where a winding-up order is made by the court in Scotland, a liquidator shall be appointed by the court at the time when the order is made. (2) The…

Choice of liquidator by creditors and contributories

(1) This section applies where a company is being wound up by the court and nominations are sought from the company's creditors and contributories for the…

Appointment by the court following administration or voluntary arrangement

(1) Where a winding-up order is made immediately upon the appointment of an administrator ceasing to have effect, the court may appoint as liquidator of the…

Liquidation committee (England and Wales)

(1) This section applies where a winding up order has been made by the court in England and Wales. (2) If both the company's creditors and the company's…

Liquidation committee (Scotland)

(1) This section applies where a winding up order has been made by the court in Scotland. (2) If both the company's creditors and the company's contributories…

General functions in winding up by the court

(1) The functions of the liquidator of a company which is being wound up by the court are to secure that the assets of the company are got in, realised and…

Custody of company’s property

(1) When a winding-up order has been made, or where a provisional liquidator has been appointed, the liquidator or the provisional liquidator (as the case may…

Vesting of company property in liquidator

(1) When a company is being wound up by the court, the court may on the application of the liquidator by order direct that all or any part of the property of…

Final account

(1) This section applies where a company is being wound up by the court and the liquidator is not the official receiver. (2) If it appears to the liquidator…

Power to stay or sist winding up

(1) The court may at any time after an order for winding up, on the application either of the liquidator or the official receiver or any creditor or…

Settlement of list of contributories and application of assets

(1) As soon as may be after making a winding-up order, the court shall settle a list of contributories, with power to rectify the register of members in all…

Debts due from contributory to company

(1) The court may, at any time after making a winding-up order, make an order on any contributory for the time being on the list of contributories to pay, in…

Power to make calls

(1) The court may, at any time after making a winding-up order, and either before or after it has ascertained the sufficiency of the company’s assets, make…

Order on contributory to be conclusive evidence

(1) An order made by the court on a contributory is conclusive evidence that the money (if any) thereby appearing to be due or ordered to be paid is due, but…

Power to exclude creditors not proving in time

The court may fix a time or times within which creditors are to prove their debts or claims or to be excluded from the benefit of any distribution made before…

Adjustment of rights of contributories

The court shall adjust the rights of the contributories among themselves and distribute any surplus among the persons entitled to it.

Inspection of books by creditors, etc

(1) The court may, at any time after making a winding-up order, make such order for inspection of the company’s books and papers by creditors and…

Payment of expenses of winding up

The court may, in the event of the assets being insufficient to satisfy the liabilities, make an order as to the payment out of the assets of the expenses…

Attendance at company meetings (Scotland)

In the winding up by the court of a company registered in Scotland, the court has power to require the attendance of any officer of the company at any meeting…

Power to arrest absconding contributory

The court, at any time either before or after making a winding-up order, on proof of probable cause for believing that a contributory is about to quit the…

Powers of court to be cumulative

Powers conferred on the court by this Act are in addition to, and not in restriction of, any existing powers of instituting proceedings against a contributory…

Delegation of powers to liquidator (England and Wales)

(1) Provision may be made by rules for enabling or requiring all or any of the powers and duties conferred and imposed on the court in England and Wales ... in…

Orders for calls on contributories (Scotland)

(1) In Scotland, where an order, interlocutor or decree has been made for winding up a company by the court, it is competent to the court, on production by the…

Appeals from orders in Scotland

(1) Subject to the provision of this section and to rules of court, an appeal from any order or decision made or given in the winding up of a company by the…

Style and title of liquidators

The liquidator of a company shall be described— (a) where a person other than the official receiver is liquidator, by the style of “the liquidator” of the…

Corrupt inducement affecting appointment

A person who gives, or agrees or offers to give, to any member or creditor of a company any valuable consideration with a view to securing his own appointment…

Voluntary winding up

(1) This section has effect where a company is being wound up voluntarily, but subject to section 166 below in the case of a creditor’s voluntary winding up…

Creditors’ voluntary winding up

(1) This section applies where, in the case of a creditors’ voluntary winding up, a liquidator has been nominated by the company. (1A) The exercise by the…

Winding up by the court

(1) Where a company is being wound up by the court, the liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4. (2) Where the…

Supplementary powers (England and Wales)

(1) This section applies in the case of a company which is being wound up by the court in England and Wales. (2) The liquidator may seek a decision on any…

Supplementary powers (Scotland)

(1) … (2) In a winding up by the court in Scotland, the liquidator has (subject to the rules) the same powers as a trustee on a bankrupt estate.

Enforcement of liquidator’s duty to make returns, etc

(1) If a liquidator who has made any default— (a) in filing, delivering or making any return, account or other document, or (b) in giving any notice which he…

Removal, etc. (voluntary winding up)

(1) This section applies with respect to the removal from office and vacation of office of the liquidator of a company which is being wound up voluntarily. (2)…

Removal, etc. (winding up by the court)

(1) This section applies with respect to the removal from office and vacation of office of the liquidator of a company which is being wound up by the court, or…

Release (voluntary winding up)

(1) This section applies with respect to the release of the liquidator of a company which is being wound up voluntarily. (2) A person who has ceased to be a…

Release (winding up by the court)

(1) This section applies with respect to the release of the liquidator of a company which is being wound up by the court, or of a provisional liquidator. (2)…

Moratorium debts etc: priority

(1) This section applies where proceedings for the winding up of a company are begun before the end of the period of 12 weeks beginning with the day after the…

Preferential debts (general provision)

(1) In a winding up the company’s preferential debts ... shall be paid in priority to all other debts after the payment of— (a) any liabilities to which…

Preferential charge on goods distrained, etc

(1) This section applies where a company is being wound up by the court in England and Wales, and is without prejudice to section 128 (avoidance of…

Non-preferential debts of financial institutions

(1) This section applies in the winding up of a company which is a relevant financial institution. (2) The company’s ordinary non-preferential debts shall be…

Payment of expenses of winding up (England and Wales)

(1) The expenses of winding up in England and Wales, so far as the assets of the company available for payment of general creditors are insufficient to meet…

Application of proceeds of office-holder claims

(1) This section applies where— (a) there is a floating charge (whether created before or after the coming into force of this section) which relates to…

Share of assets for unsecured creditors

(1) This section applies where a floating charge relates to property of a company— (a) which has gone into liquidation, (b) which is in administration, (c) of…

Power to appoint special manager

(1) Where a company has gone into liquidation or a provisional liquidator has been appointed, the court may, on an application under this section, appoint any…

Power to disclaim onerous property

(1) This and the next two sections apply to a company that is being wound up in England and Wales. (2) Subject as follows, the liquidator may, by the giving of…

Disclaimer of leaseholds

(1) The disclaimer under section 178 of any property of a leasehold nature does not take effect unless a copy of the disclaimer has been served (so far as the…

Land subject to rentcharge

(1) The following applies where, in consequence of the disclaimer under section 178 of any land subject to a rentcharge, that land vests by operation of law in…

Powers of court (general)

(1) This section and the next apply where the liquidator has disclaimed property under section 178. (2) An application under this section may be made to the…

Powers of court (leaseholds)

(1) The court shall not make an order under section 181 vesting property of a leasehold nature in any person claiming under the company as underlessee or…

Effect of execution or attachment (England and Wales)

(1) Where a creditor has issued execution against the goods or land of a company or has attached any debt due to it, and the company is subsequently wound up…

Duties of officers charged with execution of writs and other processes (England and Wales)

(1) The following applies where a company’s goods are taken in execution and, before their sale or the completion of the execution (by the receipt or recovery…

Effect of diligence (Scotland)

(1) In the winding up of a company registered in Scotland, the following provisions of the Bankruptcy (Scotland) Act 2016— (a) subsections (3) to (10) of…

Rescission of contracts by the court

(1) The court may, on the application of a person who is, as against the liquidator, entitled to the benefit or subject to the burden of a contract made with…

Power to make over assets to employees

(1) On the winding up of a company (whether by the court or voluntarily), the liquidator may, subject to the following provisions of this section, make any…

Notification that company is in liquidation

(1) When a company is being wound up, whether by the court or voluntarily— (a) every invoice, order for goods or services, business letter or order form…

Interest on debts

(1) In a winding up interest is payable in accordance with this section on any debt proved in the winding up, including so much of any such debt as represents…

Documents exempt from stamp duty

(1) In the case of a winding up by the court, or of a creditors’ voluntary winding up, the following has effect as regards exemption from duties chargeable…

Company’s books to be evidence

Where a company is being wound up, all books and papers of the company and of the liquidators are, as between the contributories of the company, prima facie…

Information as to pending liquidations

(1) If the winding up of a company is not concluded within one year after its commencement, the liquidator shall, at such intervals as may be prescribed, until…

Unclaimed dividends (Scotland)

(1) The following applies where a company registered in Scotland has been wound up, and is about to be dissolved. (2) The liquidator shall lodge in an…

Court's powers to ascertain wishes of creditors or contributories

(1) The court may— (a) as to all matters relating to the winding up of a company, have regard to the wishes of the creditors or contributories (as proved to it…

Judicial notice of court documents

In all proceedings under this Part, all courts, judges and persons judicially acting, and all officers, judicial or ministerial, of any court, or employed in…

Commission for receiving evidence

(1) When a company is wound up in England and Wales or in Scotland, the court may refer the whole or any part of the examination of witnesses— (a) to the…

Court order for examination of persons in Scotland

(1) The court may direct the examination in Scotland of any person for the time being in Scotland (whether a contributory of the company or not), in regard to…

Costs of application for leave to proceed (Scottish companies)

Where a petition or application for leave to proceed with an action or proceeding against a company which is being wound up in Scotland is unopposed and is…

Affidavits etc. in United Kingdom and overseas

(1) An affidavit required to be sworn under or for the purposes of this Part may be sworn in the United Kingdom, or elsewhere in Her Majesty’s dominions…

Dissolution (voluntary winding up)

(1) This section applies, in the case of a company wound up voluntarily, where the liquidator has sent to the registrar of companies his final account…

Early dissolution (England and Wales)

(1) This section applies where an order for the winding up of a company has been made by the court in England and Wales. (2) The official receiver, if— (a) he…

Consequence of notice under s. 202

(1) Where a notice has been given under section 202(3), the official receiver or any creditor or contributory of the company, or the administrative receiver of…

Early dissolution (Scotland)

(1) This section applies where a winding-up order has been made by the court in Scotland. (2) If after a liquidator has been appointed under section 138…

Dissolution otherwise than under ss. 202-204

(1) This section applies where the registrar of companies receives— (a) a final account and statement sent under section 146(4) (final account); or (b) a…

Fraud, etc. in anticipation of winding up

(1) When a company is ordered to be wound up by the court, or passes a resolution for voluntary winding up, any person, being a past or present officer of the…

Transactions in fraud of creditors

(1) When a company is ordered to be wound up by the court or passes a resolution for voluntary winding up, a person is deemed to have committed an offence if…

Misconduct in course of winding up

(1) When a company is being wound up, whether by the court or voluntarily, any person, being a past or present officer of the company, commits an offence if…

Falsification of company’s books

(1) When a company is being wound up, an officer or contributory of the company commits an offence if he destroys, multilates, alters or falsifies any books…

Material omissions from statement relating to company’s affairs

(1) When a company is being wound up, whether by the court or voluntarily, any person, being a past or present officer of the company, commits an offence if he…

False representations to creditors

(1) When a company is being wound up, whether by the court or voluntarily, any person, being a past or present officer of the company— (a) commits an offence…

Summary remedy against delinquent directors, liquidators, etc

(1) This section applies if in the course of the winding up of a company it appears that a person who— (a) is or has been an officer of the company, (b) has…

Fraudulent trading

(1) If in the course of the winding up of a company it appears that any business of the company has been carried on with intent to defraud creditors of the…

Wrongful trading

(1) Subject to subsection (3) below, if in the course of the winding up of a company it appears that subsection (2) of this section applies in relation to a…

Proceedings under ss. 213, 214

(1) On the hearing of an application under section 213 or 214, the liquidator may himself give evidence or call witnesses. (2) Where under either section the…

Restriction on re-use of company names

(1) This section applies to a person where a company (“the liquidating company”) has gone into insolvent liquidation on or after the appointed day and he was a…

Personal liability for debts, following contravention of s. 216

(1) A person is personally responsible for all the relevant debts of a company if at any time— (a) in contravention of section 216, he is involved in the…

Prosecution of delinquent officers and members of company

(1) If it appears to the court in the course of a winding up by the court that any past or present officer, or any member, of the company has been guilty of…

Obligations arising under s. 218

(1) For the purpose of an investigation by the Secretary of State in consequence of a report made to him under section 218(4), any obligation imposed on a…

Meaning of “unregistered company”

For the purposes of this Part “unregistered company” includes any association and any company, with the exception of a company registered under the Companies…

Winding up of unregistered companies

(1) Subject to the provisions of this Part, any unregistered company may be wound up under this Act; and all the provisions of this Act … about winding up…

Inability to pay debts: unpaid creditor for £750 or more

(1) An unregistered company is deemed (for the purposes of section 221) unable to pay its debts if there is a creditor, by assignment or otherwise, to whom the…

Inability to pay debts: debt remaining unsatisfed after action brought

An unregistered company is deemed (for the purposes of section 221) unable to pay its debts if an action or other proceeding has been instituted against any…

Inability to pay debts: other cases

(1) An unregistered company is deemed (for purposes of section 221) unable to pay its debts— (a) if in England and Wales execution or other process issued on a…

Company incorporated outside Great Britain may be wound up though dissolved

(1) Where a company incorporated outside Great Britain which has been carrying on business in Great Britain ceases to carry on business in Great Britain, it…

Contributories in winding up of unregistered company

(1) In the event of an unregistered company being wound up, every person is deemed a contributory who is liable to pay or contribute to the payment of any debt…

Power of court to stay, sist or restrain proceedings

The provisions of this Part with respect to staying, sisting or restraining actions and proceedings against a company at any time after the presentation of a…

Actions stayed on winding-up order

Where an order has been made for winding up an unregistered company, no action or proceding shall be proceeded with or commenced against any contributory of…

Provisions of this Part to be cumulative

(1) The provisions of this Part with respect to unregistered companies are in addition to and not in restriction of any provisions in Part IV with respect to…

Holders of office to be qualified insolvency practitioners

(1) … (2) Where an administrative receiver of a company is appointed, he must be a person who is so qualified. (3) Where a company goes into liquidation, the…

Appointment to office of two or more persons

(1) This section applies if an appointment or nomination of any person to the office of … administrative receiver, liquidator or provisional liquidator— (a)…

Validity of office-holder’s acts

The acts of an individual as … administrative receiver, liquidator or provisional liquidator of a company are valid notwithstanding any defect in his…

Supplies of gas, water, electricity, etc

(1) This section applies in the case of a company where— (a) the company enters administration, (b) an administrative receiver is appointed, or (ba) … (c) a…

Further protection of essential supplies

(1) An insolvency-related term of a contract for the supply of essential goods or services to a company ceases to have effect if— (a) the company enters…

Protection of supplies of goods and services

(1) This section applies where a company becomes subject to a relevant insolvency procedure. (2) A company becomes subject to a relevant insolvency procedure…

Powers to amend section 233B and Schedule 4ZZA

(1) The Secretary of State may by regulations omit any of paragraphs (a) to (g) of section 233B(2) (relevant insolvency procedures). (2) The Secretary of State…

Getting in the company’s property

(1) This section applies in the case of a company where— (a) the company enters administration, (b) an administrative receiver is appointed, or (c) the company…

Duty to co-operate with office-holder

(1) This section applies as does section 234; and it also applies, in the case of a company in respect of which a winding-up order has been made by the court…

Inquiry into company’s dealings, etc

(1) This section applies as does section 234; and it also applies in the case of a company in respect of which a winding-up order has been made by the court in…

Court’s enforcement powers under s. 236

(1) If it appears to the court, on consideration of any evidence obtained under section 236 or this section, that any person has in his possession any property…

Transactions at an undervalue (England and Wales)

(1) This section applies in the case of a company where— (a) the company enters administration, (b) the company goes into liquidation; and “the office-holder”…

Preferences (England and Wales)

(1) This section applies as does section 238. (2) Where the company has at a relevant time (defined in the next section) given a preference to any person, the…

“Relevant time” under ss. 238, 239

(1) Subject to the next subsection, the time at which a company enters into a transaction at an undervalue or gives a preference is a relevant time if the…

Orders under ss. 238, 239

(1) Without prejudice to the generality of sections 238(3) and 239(3), an order under either of those sections with respect to a transaction or preference…

Gratuitous alienations (Scotland)

(1) Where this subsection applies and— (a) the winding up of a company has commenced, an alienation by the company is challengeable by— (i) any creditor who is…

Unfair preferences (Scotland)

(1) Subject to subsection (2) below, subsection (4) below applies to a transaction entered into by a company, whether before or after 1st April 1986, which has…

Extortionate credit transactions

(1) This section applies as does section 238, and where the company is, or has been, a party to a transaction for, or involving, the provision of credit to the…

Avoidance of certain floating charges

(1) This section applies as does section 238, but applies to Scotland as well as to England and Wales. (2) Subject as follows, a floating charge on the…

Unenforceability of liens on books, etc

(1) This section applies in the case of a company where— (a) the company enters administration, (b) the company goes into liquidation, or (c) a provisional…

Fraudulent trading: administration

(1) If while a company is in administration it appears that any business of the company has been carried on with intent to defraud creditors of the company or…

Wrongful trading: administration

(1) Subject to subsection (3), if while a company is in administration it appears that subsection (2) applies in relation to a person who is or has been a…

Proceedings under section 246ZA or 246ZB

Section 215 applies for the purposes of an application under section 246ZA or 246ZB as it applies for the purposes of an application under section 213 but as…

Power to assign

certain causes of action — s. 246ZD — Power to assign (1) This section applies in the case of a company where— (a) the company enters administration, or (b)…

Decisions by creditors and contributories: general

(1) This section applies where, for the purposes of this Group of Parts, a person (“P”) seeks a decision about any matter from a company's creditors or…

Deemed consent procedure

(1) The deemed consent procedure may be used instead of a qualifying decision procedure where a company's creditors or contributories are to make a decision…

Power to amend sections 246ZE and 246ZF

(1) The Secretary of State may by regulations amend section 246ZE so as to change the definition of— (a) the minimum number of creditors; (b) the minimum…

Remote attendance at meetings

— s. 246A — Remote attendance at meetings (1) Subject to subsection (2), this section applies to any meeting of the members of a company summoned by the…

Use of websites

(1) Subject to subsection (2), where any provision of this Act or the rules requires the office-holder to give, deliver, furnish or send a notice or other…

Creditors' ability to opt out of receiving certain notices

(1) Any provision of the rules which requires an office-holder of a company to give a notice to creditors of the company does not apply, in circumstances…

“Insolvency” and “go into liquidation”

(1) In this Group of Parts, except in so far as the context otherwise requires, “insolvency”, in relation to a company, includes the coming into force of a…

“Secured creditor”, etc

In this Group of Parts, except in so far as the context otherwiserequires— (a) “secured creditor”, in relation to a company, means a creditor of the company…

“Opted-out creditor”

(1) For the purposes of this Group of Parts “opted-out creditor”, in relation to an office-holder of a company, means a person who— (a) is a creditor of the…

“Connected” with a company

For the purposes of any provision in this Group of Parts, a person is connected with a company if— (a) he is a director or shadow director of the company or an…

“Member” of a company

For the purposes of any provision in this Group of Parts, a person who is not a member of a company but to whom shares in the company have been transferred, or…

Expressions used generally

In this Group of Parts, except in so far as the context otherwise requires— “administative receiver” means— an administrative receiver as defined by section…

Debt relief orders

— Preliminary — s. 251A — Debt relief orders (1) An individual who is unable to pay his debts may apply for an order under this Part (“a debt relief order”) to…

Making of application

(1) An application for a debt relief order must be made to the official receiver through an approved intermediary. (2) The application must include— (a) a list…

Duty of official receiver to consider and determine application

(1) This section applies where an application for a debt relief order is made. (2) The official receiver may stay consideration of the application until he has…

Presumptions applicable to the determination of an application

(1) The following presumptions are to apply to the determination of an application for a debt relief order. (2) The official receiver must presume that the…

Making of debt relief orders

(1) This section applies where the official receiver makes a debt relief order on determining an application under section 251C. (2) The order must be made in…

Effect of debt relief order on other debt management arrangements

(1) This section applies if— (a) a debt relief order is made, and (b) immediately before the order is made, other debt management arrangements are in force in…

Moratorium from qualifying debts

(1) A moratorium commences on the effective date for a debt relief order in relation to each qualifying debt specified in the order (“a specified qualifying…

The moratorium period

(1) The moratorium relating to the qualifying debts specified in a debt relief order continues for the period of one year beginning with the effective date for…

Discharge from qualifying debts

(1) Subject as follows, at the end of the moratorium applicable to a debt relief order the debtor is discharged from all the qualifying debts specified in the…

Providing assistance to official receiver etc

(1) The duties in this section apply to a debtor at any time after the making of an application by him for a debt relief order. (2) The debtor must— (a) give…

Objections and investigations

(1) Any person specified in a debt relief order as a creditor to whom a specified qualifying debt is owed may object to— (a) the making of the order; (b) the…

Power of official receiver to revoke or amend a debt relief order

(1) The official receiver may revoke or amend a debt relief order during the applicable moratorium period in the circumstances provided for by this section…

Powers of court in relation to debt relief orders

(1) Any person may make an application to the court if he is dissatisfied by any act, omission or decision of the official receiver in connection with a debt…

Inquiry into debtor's dealings and property

(1) An order under this section may be made by the court on the application of the official receiver. (2) An order under this section is an order summoning any…

False representations and omissions

(1) A person who makes an application for a debt relief order is guilty of an offence if he knowingly or recklessly makes any false representation or omission…

Concealment or falsification of documents

(1) A person in respect of whom a debt relief order is made is guilty of an offence if, during the moratorium period in relation to that order— (a) he does not…

Fraudulent disposal of property

(1) A person in respect of whom a debt relief order is made is guilty of an offence if he made or caused to be made any gift or transfer of his property during…

Fraudulent dealing with property obtained on credit

(1) A person in respect of whom a debt relief order is made is guilty of an offence if during the relevant period he disposed of any property which he had…

Obtaining credit or engaging in business

(1) A person in respect of whom a debt relief order is made is guilty of an offence if, during the relevant period— (a) he obtains credit (either alone or…

Offences: supplementary

(1) Proceedings for an offence under this Part may only be instituted by the Secretary of State or by or with the consent of the Director of Public…

Approved intermediaries

(1) In this Part “approved intermediary” means an individual for the time being approved by a competent authority to act as an intermediary between a person…

Debt relief restrictions orders and undertakings

Schedule 4ZB (which makes provision about debt relief restrictions orders and debt relief restrictions undertakings) has effect.

Register of debt relief orders etc

The Secretary of State must maintain a register of matters relating to— (a) debt relief orders; (b) debt relief restrictions orders; and (c) debt relief…

Interpretation

(1) In this Part— “the application date”, in relation to a debt relief order or an application for a debt relief order, means the date on which the application…

Interim order of court

(1) In the circumstances specified below, the court may in the case of a debtor (being an individual) make an interim order under this section. (2) An interim…

Application for interim order

(1) Application to the court for an interim order may be made where the debtor intends to make a proposal under this Part, that is, a proposalto his creditors…

Effect of application

(1) At any time when an application under section 253 for an interim order is pending (a) no landlord or other person to whom rent is payable may exercise any…

Cases in which interim order can be made

(1) The court shall not make an interim order on an application under section 253 unless it is satisfied— (a) that the debtor intends to make a proposal under…

Nominee’s report on debtor’s proposal

(1) Where an interim order has been made on an application under section 253, the nominee shall, before the order ceases to have effect, submit a report to the…

Debtor’s proposal and nominee’s report

(1) This section applies where a debtor (being an individual)— (a) intends to make a proposal under this Part (but an interim order has not been made in…

Consideration of debtor's proposal by creditors

(1) This section applies where it has been reported to the court under section 256 or to the debtor's creditors under section 256A that the debtor's creditors…

Approval of debtor's proposal

(1) This section applies where under section 257 the debtor's creditors are asked to decide whether to approve the proposed voluntary arrangement. (2) The…

Report of decisions to court

(1) When pursuant to section 257 the debtor's creditors have decided whether to approve the debtor's proposal (with or without modifications), the nominee (or…

Effect of approval

(1) This section has effect where pursuant to section 257 the debtor's creditors decide to approve the proposed voluntary arrangement (with or without…

Additional effect on undischarged bankrupt

(1) This section applies where— (a) pursuant to section 257 the debtor's creditors decide to approve the proposed voluntary arrangement (with or without…

Challenge of creditors' decision

(1) Subject to this section, an application to the court may be made, by any of the persons specified below, on one or both of the following grounds, namely—…

False representations etc

(1) If for the purpose of obtaining the approval of his creditors to a proposal for a voluntary arrangement, the debtor— (a) makes any false representation, or…

Prosecution of delinquent debtors

(1) This section applies where a voluntary arrangement approved by a decision of the debtor's creditors pursuant to section 257 has taken effect. (2) If it…

Arrangements coming to an end prematurely

For the purposes of this Part, a voluntary arrangement approved by a decision of the debtor's creditors pursuant to section 257 comes to an end prematurely if…

Implementation and supervision of approved voluntary arrangement

(1) This section applies where a voluntary arrangement approved by a decision of the debtor's creditors pursuant to section 257 has taken effect. (2) The…

Bankruptcy applications to an adjudicator

(1) An individual may make an application to an adjudicator in accordance with this Chapter for a bankruptcy order to be made against him or her. (2) An…

Debtors against whom an adjudicator may make a bankruptcy order

(1) An adjudicator has jurisdiction to determine a bankruptcy application only if— (a) the centre of the debtor's main interests is in England and Wales, or…

Conditions applying to bankruptcy application

(1) A bankruptcy application must include— (a) such particulars of the debtor's creditors, debts and other liabilities, and assets, as may be prescribed, and…

Determination of bankruptcy application

(1) After receiving a bankruptcy application, an adjudicator must determine whether the following requirements are met— (a) the adjudicator had jurisdiction…

Adjudicator's requests for further information

(1) An adjudicator may at any time during the determination period request from the debtor information that the adjudicator considers necessary for the purpose…

Making of bankruptcy order

(1) This section applies where an adjudicator makes a bankruptcy order as a result of a bankruptcy application. (2) The order must be made in the prescribed…

Refusal to make a bankruptcy order: review and appeal etc

(1) Where an adjudicator refuses to make a bankruptcy order on a bankruptcy application, the adjudicator must give notice to the debtor— (a) giving the reasons…

False representations and omissions

(1) It is an offence knowingly or recklessly to make any false representation or omission in— (a) making a bankruptcy application to an adjudicator, or (b)…

Who may present a bankruptcy petition

(1) A petition for a bankruptcy order to be made against an individual may be presented to the court in accordance with the following provisions of this Part—…

Creditor's petition: debtors against whom the court may make a bankruptcy order

(1) A bankruptcy petition may be presented to the court under section 264(1)(a) only if— (a) the centre of the debtor's main interests is in England and Wales…

Other preliminary conditions

(1) Where a bankruptcy petition relating to an individual is presented by a person who is entitled to present a petition under two or more paragraphs of…

Grounds of creditor’s petition

(1) A creditor’s petition must be in respect of one or more debts owed by the debtor, and the petitioning creditor or each of the petitioning creditors must be…

Definition of “inability to pay”, etc.; the statutory demand

(1) For the purposes of section 267(2)(c), the debtor appears to be unable to pay a debt if, but only if, the debt is payable immediately and either— (a) the…

Creditor with security

(1) A debt which is the debt, or one of the debts, in respect of which a creditor’s petition is presented need not be unsecured if either— (a) the petition…

Expedited petition

In the case of a creditor’s petition presented wholly or partly in respect of a debt which is the subject of a statutory demand under section 268, the petition…

Proceedings on creditor’s petition

(1) The court shall not make a bankruptcy order on a creditor’s petition unless it is satisfied that the debt, or one of the debts, in respect of which the…

Default in connection with voluntary arrangement

(1) The court shall not make a bankruptcy order on a petition under section 264(1)(c) (supervisor of, or person bound by, voluntary arrangement proposed and…

Petition based on criminal bankruptcy order

(1) Subject to section 266(3), the court shall make a bankruptcy order on a petition under section 264(1)(d) on production of a copy of the criminal bankruptcy…

Commencement and continuance

The bankruptcy of an individual against whom a bankruptcy order has been made— (a) commences with the day on which the order is made, and (b) continues until…

Duration

(1) A bankrupt is discharged from bankruptcy at the end of the period of one year beginning with the date on which the bankruptcy commences. (2) … (3) On the…

Discharge by order of the court

(1) An application for an order of the court discharging an individual from bankruptcy in a case falling within section 279(6) may be made by the bankrupt at…

Effect of discharge

(1) Subject as follows, where a bankrupt is discharged, the discharge releases him from all the bankruptcy debts, but has no effect— (a) on the functions (so…

Post-discharge restrictions

Schedule 4A to this Act (bankruptcy restrictions order and bankruptcy restrictions undertaking) shall have effect.

Court’s power to annul bankruptcy order

(1) The court may annul a bankruptcy order if it at any time appears to the court— (a) that, on any grounds existing at the time the order was made, the order…

Definition of bankrupt’s estate

(1) Subject as follows, a bankrupt’s estate for the purposes of any of this Group of Parts comprises— (a) all property belonging to or vested in the bankrupt…

Bankrupt’s home ceasing to form part of estate

(1) This section applies where property comprised in the bankrupt’s estate consists of an interest in a dwelling-house which at the date of the bankruptcy was…

Restrictions on dispositions of property

(1) Where a person is made bankrupt, any disposition of property made by that person in the period to which this section applies is void except to the extent…

Restriction on proceedings and remedies

(1) At any time when proceedings on a bankruptcy application are ongoing or proceedings on a bankruptcy petition are pending or an individual has been made…

Power to appoint interim receiver

(1) The court may, if it is shown to be necessary for the protection of the debtor’s property, at any time after the presentation of a bankruptcy petition and…

Powers of interim receiver

(1) An interim receiver appointed under section 286 is the receiver and (subject to section 370 (special manager)) the manager of the debtor's property and is…

Statement of affairs

(1) Where a bankruptcy order has been made otherwise than on a bankruptcy application, the official receiver may at any time before the discharge of the…

Investigatory duties of official receiver

(1) The official receiver shall— (a) investigate the conduct and affairs of each bankrupt (including his conduct and affairs before the making of the…

Public examination of bankrupt

(1) Where a bankruptcy order has been made, the official receiver may at any time before the discharge of the bankrupt apply to the court for the public…

Duties of bankrupt in relation to official receiver

(1) … (2) … (3) … (4) The bankrupt shall give the official receiver such inventory of his estate and such other information, and shall attend on the official…

First trustee in bankruptcy

(1) On the making of a bankruptcy order the official receiver becomes trustee of the bankrupt's estate, unless the court appoints another person under…

Appointment of trustees: general provision

(1) This section applies to any appointment of a person (other than the official receiver) as trustee of a bankrupt's estate. (2) No person may be appointed as…

Appointment of trustee by Secretary of State

(1) At any time when the official receiver is the trustee of a bankrupt’s estate by virtue of any provision of this Chapter ... he may apply to the Secretary…

Removal of trustee; vacation of office

(1) Subject as follows, the trustee of a bankrupt’s estate may be removed from office only by an order of the court or by a decision of the bankrupt's…

Release of trustee

(1) Where the official receiver has ceased to be the trustee of a bankrupt’s estate and a person is appointed in his stead, the official receiver shall have…

Vacancy in office as trustee

(1) This section applies where the appointment of any person as trustee of a bankrupt’s estate fails to take effect or, such an appointment having taken…

Creditors’ committee

(1) Subject as follows, a bankrupt's creditors may, in accordance with the rules, establish a committee (known as “the creditors’ committee”) to exercise the…

Exercise by Secretary of State of functions of creditors’ committee

(1) The creditors’ committee is not to be able or required to carry out its functions at any time when the official receiver is trustee of the bankrupt’s…

General control of trustee by the court

(1) If a bankrupt or any of his creditors or any other person is dissatisfied by any act, omission or decision of a trustee of the bankrupt’s estate, he may…

Liability of trustee

(1) Where on an application under this section the court is satisfied— (a) that the trustee of a bankrupt’s estate has misapplied or retained, or become…

General functions of trustee

(1) This Chapter applies in relation to any bankruptcy where either— (a) the appointment of a person as trustee of a bankrupt’s estate takes effect, or (b) the…

Vesting of bankrupt’s estate in trustee

(1) The bankrupt’s estate shall vest in the trustee immediately on his appointment taking effect or, in the case of the official receiver, on his becoming…

Property subject to restraint order

(1) This section applies where— (a) property is excluded from the bankrupt’s estate by virtue of section 417(2)(a) of the Proceeds of Crime Act 2002 (property…

Property released from detention

(1) This section applies where— (a) property is excluded from the bankrupt's estate by virtue of section 417(2)(b) of the Proceeds of Crime Act 2002 (property…

Property in respect of which receivership or administration order made

(1) This section applies where— (a) property is excluded from the bankrupt’s estate by virtue of section 417(2)(c) of the Proceeds of Crime Act 2002 (property…

Property in respect of which realisation order made

(1) This section applies where— (a) property is excluded from the bankrupt's estate by virtue of section 417(2)(d) of the Proceeds of Crime Act 2002 (property…

Property subject to certain orders where confiscation order discharged or quashed

(1) This section applies where— (a) property is excluded from the bankrupt’s estate by virtue of section 417(2)(a), (b), (c) or (d) of the Proceeds of Crime…

After-acquired property

(1) Subject to this section and section 309, the trustee may by notice in writing claim for the bankrupt’s estate any property which has been acquired by, or…

Vesting in trustee of certain items of excess value

(1) Subject to section 309, where— (a) property is excluded by virtue of section 283(2) (tools of trade, household effects, etc.) from the bankrupt’s estate…

Vesting in trustee of certain tenancies

Upon the service on the bankrupt by the trustee of a notice in writing under this section, any tenancy— (a) which is excluded by virtue of section 283(3A) from…

Time-limit for notice under s. 307 or 308

(1) Except with the leave of the court, a notice shall not be served— (a) under section 307, after the end of the period of 42 days beginning with the day on…

Income payments orders

(1) The court may … make an order (“an income payments order”) claiming for the bankrupt’s estate so much of the income of the bankrupt during the period for…

Income payments agreement

(1) In this section “income payments agreement” means a written agreement between a bankrupt and his trustee or between a bankrupt and the official receiver…

Acquisition by trustee of control

(1) The trustee shall take possession of all books, papers and other records which relate to the bankrupt’s estate or affairs and which belong to him or are in…

Obligation to surrender control to trustee

(1) The bankrupt shall deliver up to the trustee possession of any property, books, papers or other records of which he has possession or control and of which…

Charge on bankrupt’s home

(1) Where any property consisting of an interest in a dwelling house which is occupied by the bankrupt or by his spouse or former spouse or by his civil…

Low value home: application for sale, possession or charge

(1) This section applies where— (a) property comprised in the bankrupt’s estate consists of an interest in a dwelling-house which at the date of the bankruptcy…

Powers of trustee

(1) The trustee may exercise any of the powers specified in Parts 1 and 2 of Schedule 5. (2) ... the trustee may appoint the bankrupt— (a) to superintend the…

Disclaimer (general power)

(1) Subject as follows, the trustee may, by the giving of the prescribed notice, disclaim any onerous property and may do so notwithstanding that he has taken…

Notice requiring trustee’s decision

(1) Notice of disclaimer shall not be given under section 315 in respect of any property if— (a) a person interested in the property has applied in writing to…

Disclaimer of leaseholds

(1) The disclaimer of any property of a leasehold nature does not take effect unless a copy of the disclaimer has been served (so far as the trustee is aware…

Disclaimer of dwelling house

Without prejudice to section 317, the disclaimer of any property in a dwelling house does not take effect unless a copy of the disclaimer has been served (so…

Disclaimer of land subject to rentcharge

(1) The following applies where, in consequence of the disclaimer under section 315 of any land subject to a rentcharge, that land vests by operation of law in…

Court order vesting disclaimed property

(1) This section and the next apply where the trustee has disclaimed property under section 315. (2) An application may be made to the court under this section…

Order under s. 320 in respect of leaseholds

(1) The court shall not make an order under section 320 vesting property of a leasehold nature in any person, except on terms making that person— (a) subject…

Proof of debts

(1) Subject to this section and the next, the proof of any bankruptcy debt by a secured or unsecured creditor of the bankrupt and the admission or rejection of…

Mutual credit and set-off

(1) This section applies where before the commencement of the bankruptcy there have been mutual credits, mutual debts or other mutual dealings between the…

Distribution by means of dividend

(1) Whenever the trustee has sufficient funds in hand for the purpose he shall, subject to the retention of such sums as may be necessary for the expenses of…

Claims by unsatisfied creditors

(1) A creditor who has not proved his debt before the declaration of any dividend is not entitled to disturb, by reason that he has not participated in it, the…

Distribution of property in specie

(1) Without prejudice to sections 315 to 319 (disclaimer), the trustee may, with the permission of the creditors’ committee, divide in its existing form…

Distribution in criminal bankruptcy

Where the bankruptcy order was made on a petition under section 264(1)(d) (criminal bankruptcy), no distribution shall be made under sections 324 to 326 so…

Priority of debts

(1) In the distribution of the bankrupt’s estate, his preferential debts ... shall be paid in priority to other debts. (1A) Ordinary preferential debts rank…

Debts to spouse

(1) This section applies to bankruptcy debts owed in respect of credit provided by a person who (whether or not the bankrupt’s spouse or civil partner at the…

Final distribution

(1) When the trustee has realised all the bankrupt’s estate or so much of it as can, in the trustee’s opinion, be realised without needlessly protracting the…

Final report

(1) Subject as follows in this section and the next, this section applies where— (a) it appears to the trustee that the administration of the bankrupt’s estate…

Saving for bankrupt’s home

(1) This section applies where— (a) there is comprised in the bankrupt’s estate property consisting of an interest in a dwelling house which is occupied by the…

Duties of bankrupt in relation to trustee

(1) The bankrupt shall— (a) give to the trustee such information as to his affairs, (b) attend on the trustee at such times, and (c) do all such other things…

Stay of distribution in case of second bankruptcy

(1) This section and the next apply where a bankruptcy order is made against an undischarged bankrupt; and in both sections— (a) “the later bankruptcy” means…

Adjustment between earlier and later bankruptcy estates

(1) With effect from the commencement of the later bankruptcy anthing to which section 334(3) applies which, immediately before the commencement of that…

Rights under trusts of land

— s. 335A — Rights under trusts of land (1) Any application by a trustee of a bankrupt’s estate under section 14 of the Trusts of Land and Appointment of…

Rights of occupation etc. of bankrupt’s spouse or civil partner

(1) Nothing occurring in the initial period of the bankruptcy (that is to say, the period beginning with the day of the making of the bankruptcy application or…

Rights of occupation of bankrupt

(1) This section applies where— (a) a person who is entitled to occupy a dwelling house by virtue of a beneficial estate or interest is made bankrupt, and (b)…

Payments in respect of premises occupied by bankrupt

Where any premises comprised in a bankrupt’s estate are occupied by him (whether by virtue of the preceding section or otherwise) on condition that he makes…

Transactions at an undervalue

(1) Subject as follows in this section and sections 341 and 342, where an individual is made bankrupt and he has at a relevant time (defined in section 341)…

Preferences

(1) Subject as follows in this and the next two sections, where an individual is made bankrupt and he has at a relevant time (defined in section 341) given a…

“Relevant time” under ss. 339, 340

(1) Subject as follows, the time at which an individual enters into a transaction at an undervalue or gives a preference is a relevant time if the transaction…

Orders under ss. 339, 340

(1) Without prejudice to the generality of section 339(2) or 340(2), an order under either of those sections with respect to a transaction or preference…

Recovery of excessive pension contributions

(1) Where an individual who is made bankrupt— (a) has rights under an approved pension arrangement, or (b) has excluded rights under an unapproved pension…

Orders under section 342A

(1) Without prejudice to the generality of section 342A(2), an order under section 342A may include provision— (a) requiring the person responsible for the…

Orders under section 342A: supplementary

(1) The person responsible for— (a) an approved pension arrangement under which a bankrupt has rights, (b) an unapproved pension arrangement under which a…

Recovery of excessive contributions in pension-sharing cases

(1) For the purposes of sections 339, 341 and 342, a pension-sharing transaction shall be taken— (a) to be a transaction, entered into by the transferor with…

Orders under section 339 or 340 in respect of pension-sharing transactions

(1) This section and section 342F apply if the court is making an order under section 339 or 340 in a case where— (a) the transaction or preference is, or is…

Orders under section 339 or 340 in pension-sharing cases: supplementary

(1) On the transferor’s trustee in bankruptcy making a written request to the person responsible for the destination arrangement, that person shall provide the…

Extortionate credit transactions

(1) This section applies where a person is made bankrupt who is or has been a party to a transaction for, or involving, the provision to him of credit. (2) The…

Avoidance of general assignment of book debts

(1) The following applies where a person engaged in any business makes a general assignment to another person of his existing or future book debts, or any…

Contracts to which bankrupt is a party

(1) The following applies where a contract has been made with a person who is subsequently made bankrupt. (2) The court may, on the application of any other…

Enforcement procedures

(1) Subject to section 285 in Chapter II (restriction on proceedings and remedies) and to the following provisions of this section, where the creditor of any…

Distress, etc

(1) CRAR (the power of commercial rent arrears recovery under section 72(1) of the Tribunals, Courts and Enforcement Act 2007) is exercisable where the tenant…

Apprenticeships, etc

(1) This section applies where— (a) a bankruptcy order is made in respect of an individual to whom another individual was an apprentice or articled clerk at…

Unenforceability of liens on books, etc

(1) Subject as follows, a lien or other right to retain possession of any of the books, papers or other records of a bankrupt is unenforceable to the extent…

Arbitration agreements to which bankrupt is party

(1) This section applies where a bankrupt had become party to a contract containing an arbitration agreement before the commencement of his bankruptcy. (2) If…

Scheme of this Chapter

(1) Subject to section 360(3) below, this Chapter applies — (a) where an adjudicator has made a bankruptcy order as a result of a bankruptcy application, or…

Definitions

In the following provisions of this Chapter— (a) references to property comprised in the bankrupt’s estate or to property possession of which is required to be…

Defence of innocent intention

Where in the case of an offence under any provision of this Chapter it is stated that this section applies, a person is not guilty of the offence if he proves…

Non-disclosure

(1) The bankrupt is guilty of an offence if— (a) he does not to the best of his knowledge and belief disclose all the property comprised in his estate to the…

Concealment of property

(1) The bankrupt is guilty of an offence if— (a) he does not deliver up possession to the official receiver or trustee, or as the official receiver or trustee…

Concealment of books and papers; falsification

(1) The bankrupt is guilty of an offence if he does not deliver up possession to the official receiver or the trustee, or as the official receiver or trustee…

False statements

(1) The bankrupt is guilty of an offence if he makes or has made any material omission in any statement made under any provision in this Group of Parts and…

Fraudulent disposal of property

(1) The bankrupt is guilty of an offence if he makes or causes to be made, or has in the period of 5 years ending with the commencement of the bankruptcy made…

Absconding

The bankrupt is guilty of an offence if— (a) he leaves, or attempts or makes preparations to leave, England and Wales with any property the value of whichis…

Fraudulent dealing with property obtained on credit

(1) The bankrupt is guilty of an offence if, in the 12 months before the making of the bankruptcy application or (as the case may be) the presentation of the…

Obtaining credit; engaging in business

(1) The bankrupt is guilty of an offence if— (a) either alone or jointly with any other person, he obtains credit to the extent of the prescribed amount or…

General control of court

(1) Every bankruptcy is under the general control of the court and, subject to the provisions in this Group of Parts, the court has full power to decide all…

Power of arrest

(1) In the cases specified in the next subsection the court may cause a warrant to be issued to a constable or prescribed officer of the court— (a) for the…

Seizure of bankrupt’s property

(1) At any time after a bankruptcy order has been made, the court may, on the application of the official receiver or the trustee of the bankrupt’s estate…

Inquiry into bankrupt’s dealings and property

(1) At any time after a bankruptcy order has been made the court may, on the application of the official receiver or the trustee of the bankrupt’s estate…

Court’s enforcement powers under s. 366

(1) If it appears to the court, on consideration of any evidence obtained under section 366 or this section, that any person has in his possession any property…

Provision corresponding to s. 366, where interim receiver appointed

Sections 366 and 367 apply where an interim receiver has been appointed under section 286 as they apply where a bankruptcy order has been made, as if— (a)…

Order for production of documents by inland revenue

(1) For the purposes of an examination under section 290 (public examination of bankrupt) or proceedings under sections 366 to 368, the court may, on the…

Power to appoint special manager

(1) The court may, on an application under this section, appoint any person to be the special manager— (a) of a bankrupt’s estate, or (b) of the business of an…

Re-direction of bankrupt’s letters, etc

(1) Where a bankruptcy order has been made, the court may from time to time, on the application of the official receiver or the trustee of the bankrupt’s…

Supplies of gas, water, electricity, etc

(1) This section applies where on any day (“the relevant day”)— (a) a bankruptcy order is made against an individual or an interim receiver of an individual’s…

Further protection of essential supplies

(1) An insolvency-related term of a contract for the supply of essential goods or services to an individual ceases to have effect if— (a) a voluntary…

Jurisdiction in relation to insolvent individuals

(1) The High Court and the county court have jurisdiction throughout England and Wales for the purposes of the Parts in this Group. (2) For the purposes of…

Insolvency districts

(1) The Lord Chancellor may, with the concurrence of the Lord Chief Justice, by order designate the areas which are for the time being to be comprised, for the…

Appeals etc. from courts exercising insolvency jurisdiction

(1) Every court having jurisdiction for the purposes of the Parts in this Group may review, rescind or vary any order made by it in the exercise of that…

Time-limits

Where by any provision in this Group of Parts or by the rules the time for doing anything (including anything in relation to a bankruptcy application) is…

Formal defects

The acts of a person as the trustee of a bankrupt’s estate or as a special manager, and the acts of the creditors’ committee established for any bankruptcy…

Exemption from stamp duty

Stamp duty shall not be charged on— (a) any document, being a deed, conveyance, assignment, surrender, admission or other assurance relating solely to property…

Annual report

As soon as practicable after the end of 1986 and each subsequent calendar year, the Secretary of State shall prepare and lay before each House of Parliament a…

Creditors' decisions: general

(1) This section applies where, for the purposes of this Group of Parts, a person (“P”) seeks a decision from an individual's creditors about any matter. (2)…

Deemed consent procedure

(1) The deemed consent procedure may be used instead of a creditors' decision procedure where an individual's creditors are to make a decision about any…

Power to amend sections 379ZA and 379ZB

(1) The Secretary of State may by regulations amend section 379ZA so as to change the definition of the minimum number of creditors. (2) The Secretary of State…

Use of websites

(1) This section applies where— (a) a bankruptcy order is made against an individual or an interim receiver of an individual's property is appointed, or (b) a…

Creditors' ability to opt out of receiving certain notices

(1) Any provision of the rules which requires an office-holder to give a notice to creditors of an individual does not apply, in circumstances prescribed by…

Introductory

The next five sections have effect for the interpretation of the provisions of this Act which are comprised in this Group of Parts; and where a definition is…

“Bankrupt” and associated terminology

(1) “Bankrupt” means an individual who has been made bankrupt and, in relation to a bankruptcy order, it means the individual made bankrupt by that order. (1A)…

“Bankruptcy debt”, “liability”

(1) “Bankruptcy debt”, in relation to a bankrupt, means (subject to the next subsection) any of the following— (a) any debt or liability to which he is subject…

“Creditor”, “security”, etc

(1) “Creditor”— (a) in relation to a bankrupt, means a person to whom any of the bankruptcy debts is owed (being, in the case of an amount falling within…

“Opted-out creditor”

(1) For the purposes of this Group of Parts “opted-out creditor” in relation to an office-holder for an individual means a person who— (a) is a creditor of the…

“Prescribed” and “the rules”

(1) Subject to the next subsection and sections 342C(7) and 342F(9) in Chapter V of Part IX, “prescribed” means prescribed by the rules; and “the rules” means…

Miscellaneous definitions

(1) The following definitions have effect— “ adjudicator ” means a person appointed by the Secretary of State under section 398A; “the court”, in relation to…

Categories of preferential debts

(1) A reference in this Act to the preferential debts of a company or an individual is to the debts listed in Schedule 6 to this Act (contributions to…

“The relevant date”

(1) This section explains references in Schedule 6 to the relevant date (being the date which determines the existence and amount of a preferential debt). (2)…

Financial institutions and their non-preferential debts

(1) In this Act “relevant financial institution” means any of the following— (a) a credit institution, (b) an investment firm, (c) a financial holding company…

Meaning of “act as insolvency practitioner”

(1) A person acts as an insolvency practitioner in relation to a company by acting— (a) as its liquidator, provisional liquidator, administrator…

Acting without qualification an offence

(1) A person who acts as an insolvency practitioner in relation to a company or an individual at a time when he is not qualified to do so is liable to…

Official receiver as nominee or supervisor

(1) The official receiver is authorised to act as nominee or supervisor in relation to a voluntary arrangement approved under Part VIII provided that the…

Persons not qualified to act as insolvency practitioners

(1) A person who is not an individual is not qualified to act as an insolvency practitioner. (2) A person is not qualified to act as an insolvency practitioner…

Authorisation

(1) In this Part— “partial authorisation” means authorisation to act as an insolvency practitioner— only in relation to companies, or only in relation to…

Partial authorisation: acting in relation to partnerships

(1) A person who is partially authorised to act as an insolvency practitioner in relation to companies may nonetheless not accept an appointment to act in…

Recognised professional bodies

(1) The Secretary of State may by order, if satisfied that a body meets the requirements of subsection (4), declare the body to be a recognised professional…

Application for recognition as recognised professional body

(1) An application for an order under section 391(1) or (2) must— (a) be made to the Secretary of State in such form and manner as the Secretary of State may…

Application of regulatory objectives

(1) In discharging regulatory functions, a recognised professional body must, so far as is reasonably practicable, act in a way— (a) which is compatible with…

Meaning of “regulatory functions” and “regulatory objectives”

(1) This section has effect for the purposes of this Part. (2) “Regulatory functions”, in relation to a recognised professional body, means any functions the…

Directions

(1) This section applies if the Secretary of State is satisfied that an act or omission of a recognised professional body (or a series of such acts or…

Directions: procedure

(1) Before giving a recognised professional body a direction under section 391D, the Secretary of State must give the body a notice accompanied by a draft of…

Financial penalty

(1) This section applies if the Secretary of State is satisfied— (a) that a recognised professional body has failed to comply with a requirement to which this…

Financial penalty: procedure

(1) Before imposing a penalty on a recognised professional body, the Secretary of State must give notice to the body— (a) stating that the Secretary of State…

Appeal against financial penalty

(1) A recognised professional body on which a penalty is imposed may appeal to the court on one or more of the appeal grounds. (2) The appeal grounds are— (a)…

Recovery of financial penalties

(1) If the whole or part of a penalty is not paid by the time by which it is required to be paid, the unpaid balance from time to time carries interest at the…

Reprimand

(1) This section applies if the Secretary of State is satisfied that an act or omission of a recognised professional body (or a series of such acts or…

Reprimand: procedure

(1) If the Secretary of State proposes to publish a statement under section 391J in respect of a recognised professional body, it must give the body a notice—…

Revocation of recognition at instigation of Secretary of State

(1) An order under section 391(1) or (2) in relation to a recognised professional body may be revoked by the Secretary of State by order if the Secretary of…

Orders under section 391L: procedure

(1) Before making a revocation order or partial revocation order in relation to a recognised professional body, the Secretary of State must give notice to the…

Revocation of recognition at request of body

(1) An order under section 391(1) or (2) in relation to a recognised professional body may be revoked by the Secretary of State by order if— (a) the body has…

Direct sanctions orders

(1) For the purposes of this Part a “direct sanctions order” is an order made by the court against a person who is acting as an insolvency practitioner which—…

Application for, and power to make, direct sanctions order

(1) The Secretary of State may apply to the court for a direct sanctions order to be made against a person if it appears to the Secretary of State that it…

Direct sanctions order: conditions

(1) Condition 1 is that the person, in acting as an insolvency practitioner or in connection with any appointment as such, has failed to comply with— (a) a…

Direct sanctions direction instead of order

(1) The Secretary of State may give a direction (a “direct sanctions direction”) in relation to a person acting as an insolvency practitioner to the relevant…

Power for Secretary of State to obtain information

(1) A person mentioned in subsection (2) must give the Secretary of State such information as the Secretary of State may by notice in writing require for the…

Compliance orders

(1) If at any time it appears to the Secretary of State that— (a) a recognised professional body has failed to comply with a requirement imposed on it by or by…

Appointment etc of adjudicators and assistants

(1) The Secretary of State may appoint persons to the office of adjudicator. (2) A person appointed under subsection (1)— (a) is to be paid out of money…

Appointment, etc. of official receivers

(1) For the purposes of this Act the official receiver, in relation to any bankruptcy, winding up, individual voluntary arrangement, debt relief order or…

Functions and status of official receivers

(1) In addition to any functions conferred on him by this Act, a person holding the office of official receiver shall carry out such other functions as may…

Deputy official receivers and staff

(1) The Secretary of State may, if he thinks it expedient to do so in order to facilitate the disposal of the business of the official receiver attached to any…

Official Petitioner

— s. 402 — Official Petitioner (1) There continues to be an officer known as the Official Petitioner for the purposes of discharging, in relation to cases in…

Insolvency Services Account

(1) All money received by the Secretary of State in respect of proceedings under this Act as it applies to England and Wales shall be paid into the Insolvency…

Investment Account

Any money standing to the credit of the Investment Account (including any money received by the National Debt Commissioners by way of interest on or proceeds…

Interest on money received by liquidators or trustees in bankruptcy and invested

Where under rules made by virtue of paragraph 16 of Schedule 8 to this Act(investment of money received by company liquidators) or paragraph 21 of Schedule 9…

Unclaimed dividends and undistributed balances

(1) The Secretary of State shall from time to time pay into the Consolidated Fund out of the Insolvency Services Account so much of the sums standing to the…

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…

Annual financial statement and audit

(1) The National Debt Commissioners shall for each year ending on 31st March prepare a statement of the sums credited and debited to the Investment Account in…

Extent of this Part

This part of this Act extends to England and Wales only.

Company insolvency rules

(1) Rules may be made— (a) in relation to England and Wales, by the Lord Chancellor with the concurrence of the Secretary of State and, in the case of rules…

Individual insolvency rules (England and Wales)

(1) The Lord Chancellor may, with the concurrence of the Secretary of State and, in the case of rules that affect court procedure, with the concurrence of the…

Insolvency Rules Committee

(1) The committee established under section 10 of the Insolvency Act 1976 (advisory committee on bankruptcy and winding-up rules) continues to exist for the…

Fees orders (company insolvency proceedings)

(1) There shall be paid in respect of— (a) proceedings under any of Parts A1 to VII of this Act, and (b) the performance by the official receiver or the…

Fees orders (individual insolvency proceedings in England and Wales)

(1) There shall be paid in respect of— (za) the costs of persons acting as approved intermediaries under Part 7A, (a) proceedings under Parts 7A to 11 of this…

Fees orders (general)

(A1) The Secretary of State— (a) may by order require a person or body to pay a fee in connection with the grant or maintenance of a designation of that person…

Monetary limits (company moratorium)

(1) The Secretary of State may by regulations increase or reduce any of the money sums for the time being specified in the following provisions of Part A1— (a)…

Monetary limits (companies winding up)

(1) The Secretary of State may by order in a statutory instrument increase or reduce any of the money sums for the time being specified in the following…

Money sum in s. 222

The Secretary of State may by regulations in a statutory instrument increase or reduce the money sum for the time being specified in section 222(1) (minimum…

Monetary limits (bankruptcy)

(1) The Secretary of State may by order prescribe amounts for the purposes of the following provisions in the second Group of Parts— section 251S(4) (maximum…

Regulations for purposes of Part XIII

(1) The Secretary of State may make regulations for the purpose of giving effect to Part XIII of this Act; and “prescribed” in that Part means prescribed by…

Insolvent partnerships

(1) The Lord Chancellor may, by order made with the concurrence of the Secretary of State and the Lord Chief Justice, provide that such provisions of this Act…

Insolvent estates of deceased persons

(1) The Lord Chancellor may, by order made with the concurrence of the Secretary of State and the Lord Chief Justice, provide that such provisions of this Act…

Insolvent estates: joint tenancies

(1) This section applies where— (a) an insolvency administration order has been made in respect of the insolvent estate of a deceased person, (b) the petition…

Formerly authorised banks

(1) The Secretary of State may by order made with the concurrence of the Treasury and after consultation with the Financial Conduct Authority and the…

Meaning of “relevant offence”

In this Part “relevant offence” means a criminal offence punishable with imprisonment for more than two years or punishable on summary conviction with…

Transactions defrauding creditors

(1) This section relates to transactions entered into at an undervalue; and a person enters into such a transaction with another person if— (a) he makes a gift…

Those who may apply for an order under s. 423

(1) An application for an order under section 423 shall not be made in relation to a transaction except— (a) in a case where the debtor has been made bankrupt…

Provision which may be made by order under s. 423

(1) Without prejudice to the generality of section 423, an order made under that section with respect to a transaction may (subject as follows)— (a) require…

Co-operation between courts exercising jurisdiction in relation to insolvency

(1) An order made by a court in any part of the United Kingdom in the exercise of jurisdiction in relation to insolvency law shall be enforced in any other…

Disqualification from Parliament (England and Wales and Northern Ireland)

(1) A person in respect of whom a bankruptcy restrictions order or a debt relief restrictions order has effect shall be disqualified— (a) from membership of…

Devolution

(1) If a court in England and Wales makes a bankruptcy restrictions order or interim order in respect of a member of the Scottish Parliament, the Northern…

Irrelevance of privilege

(1) An enactment about insolvency applies in relation to a member of the House of Commons or the House of Lords irrespective of any Parliamentary privilege…

Disqualification from Parliament (Scotland ...)

(1) Where ... a court in Scotland awards sequestration of an individual’s estate, the individual is disqualified— (a) for sitting or voting in the House of…

Exemptions from Restrictive Trade Practices Act

(1) … (2) … (3) In this section “insolvency services” means the services of persons acting as insolvency practitioners or carrying out under the law of…

Disabilities on revocation of administration order against an individual

(1) The following applies where a person fails to make any payment which he is required to make by virtue of an administration order under Part VI of the…

Provision introducing Schedule of punishments

(1) Schedule 10 to this Act has effect with respect to the way in which offences under this Act are punishable on conviction. (2) In relation to an offence…

Summary proceedings

(1) Summary proceedings for any offence under any of Parts A1 to VII of this Act may (without prejudice to any jurisdiction exercisable apart from this…

Offences by bodies corporate

(1) This section applies to offences under this Act other than those excepted by subsection (4). (2) Where a body corporate is guilty of an offence to which…

Admissibility in evidence of statements of affairs, etc

(1) In any proceedings (whether or not under this Act)— (a) a statement of affairs prepared for the purposes of any provision of this Act which is derived from…

Crown application

For the avoidance of doubt it is hereby declared that provisions of this Act which derive from the Insolvency Act 1985 and Part A1 and sections 233A and 233B…

Introductory

The provisions of this Part have effect for the purposes of— (a) the First Group of Parts, and (b) sections 411, 413, 414, 416 and 417 in Part 15.

Representation of corporations in decision procedures and at meetings

(1) If a corporation is a creditor or debenture-holder, it may by resolution of its directors or other governing body authorise a person or persons to act as…

Legal professional privilege

In proceedings against a person for an offence under this Act nothing in this Act is to be taken to require any person to disclose any information that he is…

Enforcement of company's filing obligations

(1) This section applies where a company has made default in complying with any obligation under this Act— (a) to deliver a document to the registrar, or (b)…

Application of filing obligations to overseas companies

The provisions of this Act requiring documents to be forwarded or delivered to, or filed with, the registrar of companies apply in relation to an overseas…

Meaning of “associate”

(1) For the purposes of this Act any question whether a person is an associate of another person is to be determined in accordance with the following…

Expressions used generally

(1) In this Act, except in so far as the context otherwise requires (and subject to Parts VII and XI)— “agricultural charge” has the same meaning as in the…

References to things in writing

(1) A reference in this Act to a thing in writing includes that thing in electronic form. (2) Subsection (1) does not apply to the following provisions— (a)…

Transitional provisions, and savings

The transitional provisions and savings set out in Schedule 11 to this Act shall have effect, the Schedule comprising the following Parts— Part I: company…

Repeals

The enactments specified in the second column of Schedule 12 to this Act are repealed to the extent specified in the third column of that Schedule.

Amendment of enactments

(1) The Companies Act is amended as shown in Parts I and II of Schedule 13 to this Act, being amendments consequential on this Act and the Company Directors…

Extent (Scotland)

(1) Subject to the next subsection, provisions of this Act contained in the first Group of Parts extend to Scotland except where otherwise stated. (2) The…

Extent (Northern Ireland)

(1) The following provisions of this Act extend to Northern Ireland— (a) sections 197, 426, 426A, 426B, 427 and 428; and (b) so much of section 439 and…

Extent (other territories)

Her Majesty may, by Order in Council, direct that such of the provisions of this Act as are specified in the Order, being provisions formerly contained in the…

Commencement

This Act comes into force on the day appointed under section 236(2) of the Insolvency Act 1985 for the coming into force of Part III of that Act (individual…

Citation

This Act may be cited as the Insolvency Act 1986.

Eligible companies

A company is “eligible” for the purposes of this Part unless it is excluded from being eligible by any of the following— paragraph 2 (current or recent…

Companies subject to, or recently subject to, moratorium or an insolvency procedure

(1) A company is excluded from being eligible if— (a) on the filing date, a moratorium for the company is in force, or (b) at any time during the period of 12…

Private registered providers of social housing

A company is excluded from being eligible if it is a private registered provider of social housing.

Registered social landlord under Part 2 of the Housing (Scotland) Act 2010

A company is excluded from being eligible if it is a registered social landlord under Part 2 of the Housing (Scotland) Act 2010.

Insurance companies

(1) A company is excluded from being eligible if— (a) it carries on the regulated activity of effecting or carrying out contracts of insurance, and (b) it is…

Banks

(1) A company is excluded from being eligible if— (a) it has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated…

Electronic money institutions

A company is excluded from being eligible if it is an electronic money institution within the meaning of the Electronic Money Regulations 2011 (S.I. 2011/99)…

Investment banks and investment firms

(1) A company is excluded from being eligible if it is an investment bank or an investment firm. (2) In this paragraph— “investment bank” means a company that…

Companies that are party to market contracts or subject to market charges, etc

(1) A company is excluded from being eligible if it is a party to a market contract for the purposes of Part 7 of the Companies Act 1989 (see section 155 of…

Participants in designated systems

A company is excluded from being eligible if— (a) it is a participant in a designated system, within the meaning of the Financial Markets and Insolvency…

Payment institutions

A company is excluded from being eligible if it is an authorised payment institution, a small payment institution or a registered account information service…

Operators of payment systems, infrastructure providers etc

A company is excluded from being eligible if— (a) it is the operator of a payment system or an infrastructure provider within the meaning of Part 5 of the…

Recognised investment exchanges, clearing houses and CSDs

A company is excluded from being eligible if it is a recognised investment exchange, a recognised clearing house or a recognised CSD within the meaning of the…

Securitisation companies

A company is excluded from being eligible if it is a securitisation company within the meaning of the Taxation of Securitisation Companies Regulations 2006…

Parties to capital market arrangements

(1) A company is excluded from being eligible if, on the filing date— (a) it is a party to an agreement which is or forms part of a capital market arrangement…

Parties to capital market arrangements

(1) For the purposes of paragraph 13 an investment is a “capital market investment” if condition A or B is met. (2) Condition A is that the investment— (a) is…

Public-private partnership project companies

(1) A company is excluded from being eligible if, on the filing date, it is a project company of a project which— (a) is a public-private partnership project…

Public-private partnership project companies

(1) For the purposes of paragraph 15 “public-private partnership project” means a project— (a) the resources for which are provided partly by one or more…

Public-private partnership project companies

(1) For the purposes of paragraph 15 a project has “step-in rights” if a person who provides finance in connection with the project has a conditional…

Overseas companies with corresponding functions

A company is excluded from being eligible if its registered office or head office is outside the United Kingdom and— (a) its functions correspond to those of a…

Interpretation of Schedule

(1) This paragraph applies for the purposes of this Schedule. (2) “Agreement” includes any agreement or undertaking effected by— (a) contract, (b) deed, or (c)…

Powers to amend Schedule

(1) The Secretary of State may by regulations amend this Schedule, apart from paragraph 2, so as to alter the circumstances in which a company is “eligible”…

Powers to amend Schedule

(1) The Welsh Ministers may by regulations amend this Schedule— (a) so as to provide that a social landlord registered under Part 1 of the Housing Act 1996 is…

Powers to amend Schedule

(1) The Scottish Ministers may by regulations amend this Schedule— (a) so as to provide that a social landlord registered under Part 2 of the Housing…

Introductory

For the purposes of section A18 “contract or other instrument involving financial services” means a contract or other instrument to which any of the following…

Financial contracts

(1) This paragraph applies to a financial contract. (2) “Financial contract” means— (a) a contract for the provision of financial services consisting of— (i)…

Securities financing transactions

(1) This paragraph applies to— (a) a securities financing transaction, and (b) a master agreement for securities financing transactions. (2) “Securities…

Derivatives

(1) This paragraph applies to— (a) a derivative, and (b) a master agreement for derivatives. (2) “Derivative” has the meaning given by Article 2(5) of…

Spot contracts

(1) This paragraph applies to— (a) a spot contract, and (b) a master agreement for spot contracts. (2) “Spot contract” has the meaning given by Article 7(2) or…

Capital market investments

(1) This paragraph applies to an agreement which is, or forms part of, an arrangement involving the issue of a capital market investment. (2) “Capital market…

Contracts forming part of a public-private partnership

This paragraph applies to a contract forming part of a public-private partnership project within the meaning given by paragraph 16 of Schedule ZA1.

Market contracts

This paragraph applies to a market contract within the meaning of Part 7 of the Companies Act 1989 (see section 155 of that Act).

Qualifying collateral arrangements and qualifying property transfers

This paragraph applies to qualifying collateral arrangements and qualifying property transfers within the meaning of Part 7 of the Companies Act 1989 (see…

Contracts secured by certain charges or arrangements

This paragraph applies to a contract where any obligation under the contract is— (a) secured by a market charge within the meaning of Part 7 of the Companies…

Default arrangements and transfer orders

This paragraph applies to a contract which is included in default arrangements, or a transfer order, within the meaning of the Financial Markets and Insolvency…

Card-based payment transactions

This paragraph applies to a contract to accept and process card-based payment transactions within the meaning given by Regulation (EU) 2015/751 of the European…

Power to amend Schedule

(1) The Secretary of State may by regulations amend this Schedule so as to change the meaning of “contract or other instrument involving financial services”…

Administration

(1) For the purposes of this Act “administrator” of a company means a person appointed under this Schedule to manage the company’s affairs, business and…

Sch. B1 para. 2

A person may be appointed as administrator of a company— (a) by administration order of the court under paragraph 10, (b) by the holder of a floating charge…

Purpose of administration

(1) The administrator of a company must perform his functions with the objective of— (a) rescuing the company as a going concern, or (b) achieving a better…

Sch. B1 para. 4

The administrator of a company must perform his functions as quickly and efficiently as is reasonably practicable.

Status of administrator

An administrator is an officer of the court (whether or not he is appointed by the court).

General restrictions

A person may be appointed as administrator of a company only if he is qualified to act as an insolvency practitioner in relation to the company.

Sch. B1 para. 7

A person may not be appointed as administrator of a company which is in administration (subject to the provisions of paragraphs 90 to 97 and 100 to 103 about…

Sch. B1 para. 8

(1) A person may not be appointed as administrator of a company which is in liquidation by virtue of— (a) a resolution for voluntary winding up, or (b) a…

Sch. B1 para. 9

(1) A person may not be appointed as administrator of a company which— (a) has a liability in respect of a deposit which it accepted in accordance with the…

Administration order

An administration order is an order appointing a person as the administrator of a company.

Conditions for making order

The court may make an administration order in relation to a company only if satisfied— (a) that the company is or is likely to become unable to pay its debts…

Administration application

(1) An application to the court for an administration order in respect of a company (an “administration application”) may be made only by— (a) the company, (b)…

Powers of court

(1) On hearing an administration application the court may— (a) make the administration order sought; (b) dismiss the application; (c) adjourn the hearing…

Power to appoint

(1) The holder of a qualifying floating charge in respect of a company’s property may appoint an administrator of the company. (2) For the purposes of…

Restrictions on power to appoint

(1) A person may not appoint an administrator under paragraph 14 unless— (a) he has given at least two business days’ written notice to the holder of any prior…

Sch. B1 para. 16

An administrator may not be appointed under paragraph 14 while a floating charge on which the appointment relies is not enforceable.

Sch. B1 para. 17

An administrator of a company may not be appointed under paragraph 14 if— (a) a provisional liquidator of the company has been appointed under section 135, or…

Notice of appointment

(1) A person who appoints an administrator of a company under paragraph 14 shall file with the court— (a) a notice of appointment, and (b) such other documents…

Commencement of appointment

The appointment of an administrator under paragraph 14 takes effect when the requirements of paragraph 18 are satisfied.

Sch. B1 para. 20

A person who appoints an administrator under paragraph 14— (a) shall notify the administrator and such other persons as may be prescribed as soon as is…

Invalid appointment: indemnity

(1) This paragraph applies where— (a) a person purports to appoint an administrator under paragraph 14, and (b) the appointment is discovered to be invalid…

Power to appoint

(1) A company may appoint an administrator. (2) The directors of a company may appoint an administrator.

Restrictions on power to appoint

(1) This paragraph applies where an administrator of a company is appointed— (a) under paragraph 22, or (b) on an administration application made by the…

Sch. B1 para. 25

An administrator of a company may not be appointed under paragraph 22 if— (a) a petition for the winding up of the company has been presented and is not yet…

Sch. B1 para. 25A

(1) Paragraph 25(a) does not prevent the appointment of an administrator of a company if the petition for the winding up of the company was presented after the…

Notice of intention to appoint

(1) A person who proposes to make an appointment under paragraph 22 shall give at least five business days’ written notice to— (a) any person who is or may be…

Sch. B1 para. 27

(1) A person who gives notice of intention to appoint under paragraph 26 shall file with the court as soon as is reasonably practicable a copy of— (a) the…

Sch. B1 para. 28

(1) An appointment may not be made under paragraph 22 unless the person who makes the appointment has complied with any requirement of paragraphs 26 and 27…

Notice of appointment

(1) A person who appoints an administrator of a company under paragraph 22 shall file with the court— (a) a notice of appointment, and (b) such other documents…

Sch. B1 para. 30

In a case in which no person is entitled to notice of intention to appoint under paragraph 26(1) (and paragraph 28 therefore does not apply)— (a) the statutory…

Commencement of appointment

The appointment of an administrator under paragraph 22 takes effect when the requirements of paragraph 29 are satisfied.

Sch. B1 para. 32

A person who appoints an administrator under paragraph 22— (a) shall notify the administrator and such other persons as may be prescribed as soon as is…

Sch. B1 para. 33

If before the requirements of paragraph 29 are satisfied the company enters administration by virtue of an administration order or an appointment under…

Invalid appointment: indemnity

(1) This paragraph applies where— (a) a person purports to appoint an administrator under paragraph 22, and (b) the appointment is discovered to be invalid…

Application by holder of floating charge

(1) This paragraph applies where an administration application in respect of a company— (a) is made by the holder of a qualifying floating charge in respect of…

Intervention by holder of floating charge

(1) This paragraph applies where— (a) an administration application in respect of a company is made by a person who is not the holder of a qualifying floating…

Application where company in liquidation

(1) This paragraph applies where the holder of a qualifying floating charge in respect of a company’s property could appoint an administrator under paragraph…

Sch. B1 para. 38

(1) The liquidator of a company may make an administration application. (2) If the court makes an administration order on hearing an application made by virtue…

Effect of administrative receivership

(1) Where there is an administrative receiver of a company the court must dismiss an administration application in respect of the company unless— (a) the…

Dismissal of pending winding-up petition

(1) A petition for the winding up of a company— (a) shall be dismissed on the making of an administration order in respect of the company, and (b) shall be…

Dismissal of administrative or other receiver

(1) When an administration order takes effect in respect of a company any administrative receiver of the company shall vacate office. (2) Where a company is in…

Moratorium on insolvency proceedings

(1) This paragraph applies to a company in administration. (2) No resolution may be passed for the winding up of the company. (3) No order may be made for the…

Moratorium on other legal process

(1) This paragraph applies to a company in administration. (2) No step may be taken to enforce security over the company’s property except— (a) with the…

Interim moratorium

(1) This paragraph applies where an administration application in respect of a company has been made and— (a) the application has not yet been granted or…

Publicity

(1) While a company is in administration, every business document issued by or on behalf of the company or the administrator, and all the company's websites…

Announcement of administrator’s appointment

(1) This paragraph applies where a person becomes the administrator of a company. (2) As soon as is reasonably practicable the administrator shall— (a) send a…

Statement of company’s affairs

(1) As soon as is reasonably practicable after appointment the administrator of a company shall by notice in the prescribed form require one or more relevant…

Sch. B1 para. 48

(1) A person required to submit a statement of affairs must do so before the end of the period of 11 days beginning with the day on which he receives notice of…

Administrator’s proposals

(1) The administrator of a company shall make a statement setting out proposals for achieving the purpose of administration. (2) A statement under…

Consideration of administrator's proposals by creditors

(1) The administrator must seek a decision from the company's creditors as to whether they approve the proposals set out in the statement made under paragraph…

Sch. B1 para. 52

(1) Paragraph 51(1) shall not apply where the statement of proposals states that the administrator thinks— (a) that the company has sufficient property to…

Creditors' decision

(1) The company's creditors may approve the administrator's proposals— (a) without modification, or (b) with modification to which the administrator consents…

Revision of administrator’s proposals

(1) This paragraph applies where— (a) an administrator’s proposals have been approved (with or without modification) by the company's creditors, (b) the…

Failure to obtain approval of administrator’s proposals

(1) This paragraph applies where an administrator— (a) reports to the court under paragraph 53 that a company's creditors have failed to approve the…

Further creditors’ decisions

(1) The administrator of a company shall seek a decision from the company's creditors on a matter if— (a) it is requested in the prescribed manner by creditors…

Creditors’ committee

(1) The company's creditors may, in accordance with the rules, establish a creditors’ committee. (2) A creditors’ committee shall carry out functions conferred…

General powers

(1) The administrator of a company may do anything necessary or expedient for the management of the affairs, business and property of the company. (2) A…

Sch. B1 para. 60

(1) The administrator of a company has the powers specified in Schedule 1 to this Act. (2) But the power to sell, hire out or otherwise dispose of property is…

Sch. B1 para. 60A

(1) The Secretary of State may by regulations make provision for— (a) prohibiting, or (b) imposing requirements or conditions in relation to, the disposal…

Sch. B1 para. 61

The administrator of a company— (a) may remove a director of the company, and (b) may appoint a director of the company (whether or not to fill a vacancy).

Sch. B1 para. 62

The administrator of a company may— (a) call a meeting of members of the company; (b) seek a decision on any matter from the company's creditors.

Sch. B1 para. 63

The administrator of a company may apply to the court for directions in connection with his functions.

Sch. B1 para. 64

(1) A company in administration or an officer of a company in administration may not exercise a management power without the consent of the administrator. (2)…

Distribution

(1) This paragraph applies where a company enters administration before the end of the period of 12 weeks beginning with the day after the end of any…

Sch. B1 para. 65

(1) If the assets of a company are sufficient to meet any debts or other liabilities payable under paragraph 64A in full, the administrator of the company may…

Sch. B1 para. 66

If the debts and other liabilities payable under paragraph 64A have been met, the administrator of a company may make a payment otherwise than in accordance…

General duties

The administrator of a company shall on his appointment take custody or control of all the property to which he thinks the company is entitled.

Sch. B1 para. 68

(1) Subject to sub-paragraph (2), the administrator of a company shall manage its affairs, business and property in accordance with— (a) any proposals approved…

Administrator as agent of company

In exercising his functions under this Schedule the administrator of a company acts as its agent.

Charged property: floating charge

(1) The administrator of a company may dispose of or take action relating to property which is subject to a floating charge as if it were not subject to the…

Charged property: non-floating charge

(1) The court may by order enable the administrator of a company to dispose of property which is subject to a security (other than a floating charge) as if it…

Hire-purchase property

(1) The court may by order enable the administrator of a company to dispose of goods which are in the possession of the company under a hire-purchase agreement…

Protection for priority creditor

(1) An administrator’s statement of proposals under paragraph 49 may not include any action which— (a) affects the right of a secured creditor of the company…

Challenge to administrator’s conduct of company

(1) A creditor or member of a company in administration may apply to the court claiming that— (a) the administrator is acting or has acted so as unfairly to…

Misfeasance

(1) The court may examine the conduct of a person who— (a) is or purports to be the administrator of a company, or (b) has been or has purported to be the…

Automatic end of administration

(1) The appointment of an administrator shall cease to have effect at the end of the period of one year beginning with the date on which it takes effect. (2)…

Sch. B1 para. 77

(1) An order of the court under paragraph 76— (a) may be made in respect of an administrator whose term of office has already been extended by order or by…

Sch. B1 para. 78

(1) In paragraph 76(2)(b) “consent” means consent of— (a) each secured creditor of the company, and (b) if the company has unsecured debts, the unsecured…

Court ending administration on application of administrator

(1) On the application of the administrator of a company the court may provide for the appointment of an administrator of the company to cease to have effect…

Termination of administration where objective achieved

(1) This paragraph applies where an administrator of a company is appointed under paragraph 14 or 22. (2) If the administrator thinks that the purpose of…

Court ending administration on application of creditor

(1) On the application of a creditor of a company the court may provide for the appointment of an administrator of the company to cease to have effect at a…

Public interest winding-up

(1) This paragraph applies where a winding-up order is made for the winding up of a company in administration on a petition presented under— (a) section 124A…

Moving from administration to creditors’ voluntary liquidation

(1) This paragraph applies in England and Wales where the administrator of a company thinks— (a) that the total amount which each secured creditor of the…

Moving from administration to dissolution

(1) If the administrator of a company thinks that the company has no property which might permit a distribution to its creditors, he shall send a notice to…

Discharge of administration order where administration ends

(1) This paragraph applies where— (a) the court makes an order under this Schedule providing for the appointment of an administrator of a company to cease to…

Notice to Companies Registrar where administration ends

(1) This paragraph applies where the court makes an order under this Schedule providing for the appointment of an administrator to cease to have effect. (2)…

Resignation of administrator

(1) An administrator may resign only in prescribed circumstances. (2) Where an administrator may resign he may do so only— (a) in the case of an administrator…

Removal of administrator from office

The court may by order remove an administrator from office.

Administrator ceasing to be qualified

(1) The administrator of a company shall vacate office if he ceases to be qualified to act as an insolvency practitioner in relation to the company. (2) Where…

Supplying vacancy in office of administrator

Paragraphs 91 to 95 apply where an administrator— (a) dies, (b) resigns, (c) is removed from office under paragraph 88, or (d) vacates office under paragraph…

Sch. B1 para. 91

(1) Where the administrator was appointed by administration order, the court may replace the administrator on an application under this sub-paragraph made by—…

Sch. B1 para. 92

Where the administrator was appointed under paragraph 14 the holder of the floating charge by virtue of which the appointment was made may replace the…

Sch. B1 para. 93

(1) Where the administrator was appointed under paragraph 22(1) by the company it may replace the administrator. (2) A replacement under this paragraph may be…

Sch. B1 para. 94

(1) Where the administrator was appointed under paragraph 22(2) the directors of the company may replace the administrator. (2) A replacement under this…

Sch. B1 para. 95

The court may replace an administrator on the application of a person listed in paragraph 91(1) if the court— (a) is satisfied that a person who is entitled to…

Substitution of administrator: competing floating charge-holder

(1) This paragraph applies where an administrator of a company is appointed under paragraph 14 by the holder of a qualifying floating charge in respect of the…

Substitution of administrator appointed by company or directors: creditors’ decision

(1) This paragraph applies where— (a) an administrator of a company is appointed by a company or directors under paragraph 22, and (b) there is no holder of a…

Vacation of office: discharge from liability

(1) Where a person ceases to be the administrator of a company (whether because he vacates office by reason of resignation, death or otherwise, because he is…

Vacation of office: charges and liabilities

(1) This paragraph applies where a person ceases to be the administrator of a company (whether because he vacates office by reason of resignation, death or…

Joint and concurrent administrators

(1) In this Schedule— (a) a reference to the appointment of an administrator of a company includes a reference to the appointment of a number of persons to act…

Sch. B1 para. 101

(1) This paragraph applies where two or more persons are appointed to act jointly as the administrator of a company. (2) A reference to the administrator of…

Sch. B1 para. 102

(1) This paragraph applies where two or more persons are appointed to act concurrently as the administrator of a company. (2) A reference to the administrator…

Sch. B1 para. 103

(1) Where a company is in administration, a person may be appointed to act as administrator jointly or concurrently with the person or persons acting as the…

Presumption of validity

An act of the administrator of a company is valid in spite of a defect in his appointment or qualification.

Majority decision of directors

A reference in this Schedule to something done by the directors of a company includes a reference to the same thing done by a majority of the directors of a…

Penalties

(1) A person who is guilty of an offence under this Schedule is liable to a fine (in accordance with section 430 and Schedule 10). (2) A person who is guilty…

Extension of time limit

(1) Where a provision of this Schedule provides that a period may be varied in accordance with this paragraph, the period may be varied in respect of a…

Sch. B1 para. 108

(1) A period specified in paragraph 49(5) ... or 51(2) may be varied in respect of a company by the administrator with consent. (2) In sub-paragraph (1)…

Sch. B1 para. 109

Where a period is extended under paragraph 107 or 108, a reference to the period shall be taken as a reference to the period as extended.

Amendment of provision about time

(1) The Secretary of State may by order amend a provision of this Schedule which— (a) requires anything to be done within a specified period of time, (b)…

Interpretation

(1) In this Schedule— “administrative receiver” has the meaning given by section 251, “administrator” has the meaning given by paragraph 1 and, where the…

Non-UK companies

A company incorporated outside the United Kingdom that has a principal place of business in Northern Ireland may not enter administration under this Schedule…

Scotland

In the application of this Schedule to Scotland— (a) a reference to filing with the court is a reference to lodging in court, and (b) a reference to a charge…

Sch. B1 para. 113

Where property in Scotland is disposed of under paragraph 70 or 71, the administrator shall grant to the disponee an appropriate document of transfer or…

Sch. B1 para. 114

In Scotland, where goods in the possession of a company under a hire-purchase agreement are disposed of under paragraph 72, the disposal has the effect of…

Sch. B1 para. 115

(1) In Scotland, the administrator of a company may make, in or towards the satisfaction of the debt secured by the floating charge, a payment to the holder of…

Sch. B1 para. 116

In Scotland, the administrator in making any payment in accordance with paragraph 115 shall make such payment subject to the rights of any of the following…

Sch. 1 para. 1

Power to take possession of, collect and get in the property of the company and, for that purpose, to take such proceedings as may seem to him expedient.

Sch. 1 para. 2

Power to sell or otherwise dispose of the property of the company by public auction or private contract or, in Scotland, to sell, feu, hire out or otherwise…

Sch. 1 para. 3

Power to raise or borrow money and grant security therefor over the property of the company.

Sch. 1 para. 4

Power to appoint a solicitor or accountant or other professionally qualified person to assist him in the performance of his functions.

Sch. 1 para. 5

Power to bring or defend any action or other legal proceedings in the name and on behalf of the company.

Sch. 1 para. 6

Power to refer to arbitration any question affecting the company.

Sch. 1 para. 7

Power to effect and maintain insurances in respect of the business and property of the company.

Sch. 1 para. 8

Power to use the company’s seal.

Sch. 1 para. 9

Power to do all acts and to execute in the name and on behalf of the company any deed, receipt or other document.

Sch. 1 para. 10

Power to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company.

Sch. 1 para. 11

Power to appoint any agent to do any business which he is unable to do himself or which can more conveniently be done by an agent and power to employ and…

Sch. 1 para. 12

Power to do all such things (including the carrying out of works) as may be necessary for the realisation of the property of the company.

Sch. 1 para. 13

Power to make any payment which is necessary or incidental to the performance of his functions.

Sch. 1 para. 14

Power to carry on the business of the company.

Sch. 1 para. 15

Power to establish subsidiaries of the company.

Sch. 1 para. 16

Power to transfer to subsidiaries of the company the whole or any part of the business and property of the company.

Sch. 1 para. 17

Power to grant or accept a surrender of a lease or tenancy of any of the property of the company, and to take a lease or tenancy of any property required or…

Sch. 1 para. 18

Power to make any arrangement or compromise on behalf of the company.

Sch. 1 para. 19

Power to call up any uncalled capital of the company.

Sch. 1 para. 20

Power to rank and claim in the bankruptcy, insolvency, sequestration or liquidation of any person indebted to the company and to receive dividends, and to…

Sch. 1 para. 21

Power to present or defend a petition for the winding up of the company.

Sch. 1 para. 22

Power to change the situation of the company’s registered office.

Sch. 1 para. 23

Power to do all other things incidental to the exercise of the foregoing powers.

Sch. 2 para. 1

Power to take possession of, collect and get in the property from the company or a liquidator thereof or any other person, and for that purpose, to take such…

Sch. 2 para. 2

Power to sell, feu, hire out or otherwise dispose of the property by public roup or private bargain and with or without advertisement.

Sch. 2 para. 3

Power to raise or borrow money and grant security therefor over the property.

Sch. 2 para. 4

Power to appoint a solicitor or accountant or other professionally qualified person to assist him in the performance of his functions.

Sch. 2 para. 5

Power to bring or defend any action or other legal proceedings in the name and on behalf of the company.

Sch. 2 para. 6

Power to refer to arbitration all questions affecting the company.

Sch. 2 para. 7

Power to effect and maintain insurances in respect of the business and property of the company.

Sch. 2 para. 8

Power to use the company’s seal.

Sch. 2 para. 9

Power to do all acts and to execute in the name and on behalf of the company any deed, receipt or other document.

Sch. 2 para. 10

Power to to draw, accept, make and endorse any bill of exchange or promissory note in the name and on behalf of the company.

Sch. 2 para. 11

Power to to appoint any agent to do any business which he is unable to do himself or which can more conveniently be done by an agent, and power to employ and…

Sch. 2 para. 12

Power to do all such things (including the carrying out of works), as may be necessary for the realisation of the property.

Sch. 2 para. 13

Power to make any payment which is necessary or incidental to the performance of his functions.

Sch. 2 para. 14

Power to carry on the business of the company or any part of it.

Sch. 2 para. 15

Power to grant or accept a surrender of a lease or tenancy of any of the property, and to take a lease or tenancy of any property required or convenient for…

Sch. 2 para. 16

Power to make any arrangement or compromise on behalf of the company.

Sch. 2 para. 17

Power to call up any uncalled capital of the company.

Sch. 2 para. 18

Power to to establish subsidiaries of the company.

Sch. 2 para. 19

Power to to transfer to subsidiaries of the company the business of the company or any part of it and any of the property.

Sch. 2 para. 20

Power to rank and claim in the bankruptcy, insolvency, sequestration or liquidation of any person or company indebted to the company and to receive dividends…

Sch. 2 para. 21

Power to present or defend a petition for the winding up of the company.

Sch. 2 para. 22

Power to change the situation of the company’s registered office.

Sch. 2 para. 23

Power to do all other things incidental to the exercise of the powers mentioned in section 55(1) of this Act or above in this Schedule.

Capital market arrangement

(1) For the purposes of section 72B an arrangement is a capital market arrangement if— (a) it involves a grant of security to a person holding it as trustee…

Capital market investment

(1) For the purposes of section 72B an investment is a capital market investment if it— (a) is within article 77 or 77A of the Financial Services and Markets…

Sch. 2A para. 3

(1) An investment is also a capital market investment for the purposes of section 72B if it consists of a bond or commercial paper issued to one or more of the…

“Agreement”

For the purposes of sections 72B and 72E and this Schedule “agreement” includes an agreement or undertaking effected by— (a) contract, (b) deed, or (c) any…

Debt

The debt of at least £50 million referred to in section 72B(1)(a) or 72E(2)(a)— (a) may be incurred at any time during the life of the capital market…

Step-in rights

(1) For the purposes of sections 72C to 72E a project has “step-in rights” if a person who provides finance in connection with the project has a conditional…

Project company

(1) For the purposes of sections 72C to 72E a company is a “project company” of a project if— (a) it holds property for the purpose of the project, (b) it has…

“Resources”

In section 72C “resources” includes— (a) funds (including payment for the provision of services or facilities), (b) assets, (c) professional skill, (d) the…

“Public body”

(1) In section 72C “public body” means— (a) a body which exercises public functions, (b) a body specified for the purposes of this paragraph by the Secretary…

Regulated business

(1) For the purposes of section 72D a business is regulated if it is carried on— (a) in reliance on a licence granted to a person under section 7 of the…

“Person”

A reference to a person in this Schedule includes a reference to a partnership or another unincorporated group of persons.

Sch. 4 para. 1

Power to pay any class of creditors in full.

Sch. 4 para. 2

Power to make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim (present or…

Sch. 4 para. 3

... power to compromise, on such terms as may be agreed— (a) all calls and liabilities to calls, all debts and liabilities capable of resulting in debts, and…

Sch. 4 para. 3A

Power to bring legal proceedings under section 213, 214, 238, 239, 242, 243 or 423.

Sch. 4 para. 4

Power to bring or defend any action or other legal proceeding in the name and on behalf of the company.

Sch. 4 para. 5

Power to carry on the business of the company so far as may be necessary for its beneficial winding up.

Sch. 4 para. 6

Power to sell any of the company’s property by public auction or private contract with power to transfer the whole of it to any person or to sell the same in…

Sch. 4 para. 7

Power to do all acts and execute, in the name and on behalf of the company, all deeds, receipts and other documents and for that purpose to use, when…

Sch. 4 para. 8

Power to prove, rank and claim in the bankruptcy, insolvency or sequestration of any contributory for any balance against his estate, and to receive dividends…

Sch. 4 para. 9

Power to draw, accept, make and indorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to…

Sch. 4 para. 10

Power to raise on the security of the assets of the company any money requisite.

Sch. 4 para. 11

Power to take out in his official name letters of administration to any deceased contributory, and to do in his official name any other act necessary for…

Sch. 4 para. 12

Power to appoint an agent to do any business which the liquidator is unable to do himself.

Sch. 4 para. 13

Power to do all such other things as may be necessary for winding up the company’s affairs and distributing its assets.

Essential supplies

— Sch. 4ZZA para. 1 — Essential supplies (1) Section 233B(3) and (4) do not apply in relation to provision of a contract if— (a) the company becomes subject to…

Introductory

Section 233B does not apply in relation to a contract for the supply of goods or services to a company (“the company”) where any of paragraphs 3 to 11 applies.

Insurers

(1) This paragraph applies where either the company or the supplier— (a) carries on the regulated activity of effecting or carrying out contracts of insurance…

Banks

(1) This paragraph applies where either the company or the supplier— (a) has permission under Part 4A of the Financial Services and Markets Act 2000 to carry…

Electronic money institutions

This paragraph applies where either the company or the supplier is an electronic money institution within the meaning of the Electronic Money Regulations 2011…

Investment banks and investment firms

(1) This paragraph applies where either the company or the supplier is an investment bank or an investment firm. (2) In this paragraph— “investment bank” means…

Payment institutions

This paragraph applies where either the company or the supplier is an authorised payment institution, a small payment institution or a registered account…

Operators of payment systems, infrastructure providers etc

This paragraph applies where either the company or the supplier is— (a) the operator of a payment system or an infrastructure provider within the meaning of…

Recognised investment exchanges etc

This paragraph applies where either the company or the supplier is a recognised investment exchange, a recognised clearing house or a recognised CSD within the…

Securitisation companies

This paragraph applies where either the company or the supplier is a securitisation company within the meaning of the Taxation of Securitisation Companies…

Overseas activities

This paragraph applies where either the company or the supplier does or has done anything outside the United Kingdom which, if done in the United Kingdom…

Introductory

To the extent that anything to which any of paragraphs 13 to 18 applies is a contract for the supply of goods or services, section 233B does not apply in…

Financial contracts

(1) This paragraph applies to a financial contract. (2) “Financial contract” means— (a) a contract for the provision of financial services consisting of— (i)…

Securities financing transactions

(1) This paragraph applies to— (a) a securities financing transaction, and (b) a master agreement for securities financing transactions. (2) “Securities…

Derivatives

(1) This paragraph applies to— (a) a derivative, and (b) a master agreement for derivatives. (2) “Derivative” has the meaning given by Article 2(5) of…

Spot contracts