Insolvency Act 1986

Contents

9,449 provisions, too many to show on one page. Open a part or section to read it with its history and connections, or search inside the text.

1. Part I · Company Voluntary Arrangements
   1. Consideration and implementation of proposal
   2. The Proposal
2. Part II · Administration
   1. 8 Administration
3. Part II · Administration Orders
   1. Administrators
   2. Miscellaneous
   3. Administrator’s proposals
   4. Ascertainment and investigation of company’s affairs
   5. Making etc. of administration order
4. Part III · Receivership
   1. Chapter I Receivers and Managers (England and Wales)
   2. Chapter II Receivers (Scotland)
   3. Chapter III Receivers’ Powers in Great Britain as a Whole
   4. Chapter IV Prohibition of appointment of administrative receiver
5. Part IV · Winding Up of Companies Registered under the Companies Acts
   1. Chapter I Preliminary
   2. Chapter II Voluntary Winding Up (Introductory and General)
   3. Chapter III Members’ Voluntary Winding Up
   4. Chapter IV Creditors’ Voluntary Winding Up
   5. Chapter V Provisions Applying to both kinds of Voluntary Winding Up
   6. Chapter VI Winding Up by the Court
   7. Chapter VII Liquidators
   8. Chapter VIII Provisions of General Application in Winding Up
   9. Chapter IX Dissolution of Companies After Winding Up
   10. Chapter X Malpractice before and during Liquidation; Penalisation of Companies and Company Officers; Investigations and Prosecutions
6. Part V · Winding Up of Unregistered Companies
   1. 220 Meaning of “unregistered company”.
   2. 221 Winding up of unregistered companies.
   3. 222 Inability to pay debts: unpaid creditor for £750 or more.
   4. 223 Inability to pay debts: debt remaining unsatisfed after action brought.
   5. 224 Inability to pay debts: other cases.
   6. 225 Company incorporated outside Great Britain may be wound up though dissolved.
   7. 226 Contributories in winding up of unregistered company.
   8. 227 Power of court to stay, sist or restrain proceedings.
   9. 228 Actions stayed on winding-up order.
   10. 229 Provisions of this Part to be cumulative.
7. Part VI · Miscellaneous Provisions Applying to Companies Which are Insolvent or in Liquidation
   1. Remote attendance at meetings Remote attendance at meetings (1) Subject to subsection (2), this section applies to any...
   2. Giving of notices etc by office-holders Use of websites (1) Subject to subsection (2), where any provision of this...
   3. Office-holders
   4. Adjustment of prior transactions (administration and liquidation)
   5. Administration: penalisation of directors etc
   6. Decisions by creditors and contributories
   7. Management by administrators, liquidators, etc.
   8. Power to assign certain causes of action
8. Part VII · Interpretation for First Group of Parts
   1. 247 “Insolvency” and “go into liquidation”.
   2. 248 “Secured creditor”, etc.
   3. 248A “Opted-out creditor”
   4. 249 “Connected” with a company.
   5. 250 “Member” of a company.
   6. 251 Expressions used generally.
9. Part 7A · Debt relief orders
   1. Offences
   2. Preliminary
   3. Supplementary
   4. Applications for a debt relief order
   5. Duties of debtor
   6. Making and effect of debt relief order
   7. Objections, investigations and revocation
   8. Role of the court
10. Part VIII · Individual Voluntary Arrangements
    1. Creditors’ decisions
    3. Consideration and implementation of debtor’s proposal
    4. Moratorium for insolvent debtor
    5. Procedure where no interim order made
11. Part IX · Bankruptcy
    1. Chapter I The court: bankruptcy petitions and bankruptcy orders
    2. Chapter IA Commencement and duration of bankruptcy
    3. Chapter II Protection of Bankrupt’s Estate and Investigation of His Affairs
    4. Chapter III Trustees in Bankruptcy
    5. Chapter IV Administration by Trustee
    6. Chapter V Effect of Bankruptcy on Certain Rights Transacttions, Etc.
    7. Chapter VI Bankruptcy Offences
    8. Chapter VII Powers of Court In Bankruptcy
    9. Chapter A1 Adjudicators: bankruptcy applications by debtors and bankruptcy orders
12. Part X · Individual Insolvency: General Provisions
    3. 372 Supplies of gas, water, electricity, etc.
    4. 372A Further protection of essential supplies
    5. 373 Jurisdiction in relation to insolvent individuals.
    6. 374 Insolvency districts.
    7. 375 Appeals etc. from courts exercising insolvency jurisdiction.
    8. 376 Time-limits.
    9. 377 Formal defects.
    10. 378 Exemption from stamp duty.
    11. 379 Annual report.
    12. Creditors' decisions
13. Part XI · Interpretation for Second Group of Parts
    1. 380 Introductory.
    2. 381 “Bankrupt” and associated terminology.
    3. 382 “Bankruptcy debt” , “liability”
    4. 383 “Creditor”, “security”, etc.
    5. 383A “Opted-out creditor”
    6. 384 “Prescribed” and “the rules”.
    7. 385 Miscellaneous definitions.
14. Part XII · Preferential and non-preferential debts in Company and Individual Insolvency
    1. 386 Categories of preferential debts.
    2. 387 “The relevant date”.
    3. 387A Financial institutions and their non-preferential debts
15. Part XIII · Insolvency Practitioners and their Qualification
    1. General
    2. Court sanction of insolvency practitioners in public interest cases
    3. Oversight of recognised professional bodies
    4. Regulatory objectives
    5. Restrictions on unqualified persons acting as liquidator, trustee in bankruptcy, etc.
    6. Revocation etc of recognition
    7. The requisite qualification, and the means of obtaining it
16. Part XIV · Public Administration (England and Wales)
    1. Adjudicators
    2. Supplementary
    3. Insolvency Service finance, accounting and investment
    4. Official receivers
    5. The Official Petitioner
17. Part XV · Subordinate Legislation
    1. Fees orders
    2. General insolvency rules
    3. Insolvency practice
    4. Other order-making powers
    5. Specification, increase and reduction of money sums relevant in the operation of this Act
18. Part XVI · Provisions Against Debt Avoidance (England and Wales only)
    1. 423 Transactions defrauding creditors.
    2. 424 Those who may apply for an order under s. 423.
    3. 425 Provision which may be made by order under s. 423.
19. Part XVII · Miscellaneous and General
    1. 426 Co-operation between courts exercising jurisdiction in relation to insolvency.
    2. 426A Disqualification from Parliament (England and Wales and Northern Ireland)
    3. 426B Devolution
    4. 426C Irrelevance of privilege
    5. 427 Disqualification from Parliament (Scotland ...)
    6. 428 Exemptions from Restrictive Trade Practices Act.
    7. 429 Disabilities on revocation of administration order against an individual.
    8. 430 Provision introducing Schedule of punishments.
    9. 431 Summary proceedings.
    10. 432 Offences by bodies corporate.
    11. 433 Admissibility in evidence of statements of affairs, etc.
    12. 434 Crown application.
20. Part 17A · Supplementary provisions
    1. 434A Introductory
    2. 434B Representation of corporations in decision procedures and at meetings
    3. 434C Legal professional privilege
    4. 434D Enforcement of company's filing obligations
    5. 434E Application of filing obligations to overseas companies
21. Part XVIII · Interpretation
    1. 435 Meaning of “associate”.
    2. 436 Expressions used generally.
    3. 436A Proceedings under EU Regulations: modified definition of property
    4. 436B References to things in writing
22. Part XIX · Final Provisions
    1. 437 Transitional provisions, and savings.
    2. 438 Repeals.
    3. 439 Amendment of enactments.
    4. 440 Extent (Scotland).
    5. 441 Extent (Northern Ireland).
    6. 442 Extent (other territories).
    7. 443 Commencement.
    8. 444 Citation.
23. Part A1 · Moratorium
    1. Chapter 1 Introductory
    2. Chapter 2 Obtaining a moratorium
    3. Chapter 3 Length of moratorium
    4. Chapter 4 Effects of moratorium
    5. Chapter 5 The monitor
    6. Chapter 6 Challenges
    7. Chapter 7 Offences: general
    8. Chapter 8 Miscellaneous and general
24. Schedule 1 · Powers of Administrator or Administrative Receiver
    1. (1) Power to take possession of, collect and get in the...
    2. (2) Power to sell or otherwise dispose of the property of...
    3. (3) Power to raise or borrow money and grant security therefor...
    4. (4) Power to appoint a solicitor or accountant or other professionally...
    5. (5) Power to bring or defend any action or other legal...
    6. (6) Power to refer to arbitration any question affecting the company....
    7. (7) Power to effect and maintain insurances in respect of the...
    8. (8) Power to use the company’s seal.
    9. (9) Power to do all acts and to execute in the...
    10. (10) Power to draw, accept, make and endorse any bill of...
    11. (11) Power to appoint any agent to do any business which...
    12. (12) Power to do all such things (including the carrying out...
    13. (13) Power to make any payment which is necessary or incidental...
    14. (14) Power to carry on the business of the company.
    15. (15) Power to establish subsidiaries of the company.
    16. (16) Power to transfer to subsidiaries of the company the whole...
    17. (17) Power to grant or accept a surrender of a lease...
    18. (18) Power to make any arrangement or compromise on behalf of...
    19. (19) Power to call up any uncalled capital of the company....
    20. (20) Power to rank and claim in the bankruptcy, insolvency, sequestration...
    21. (21) Power to present or defend a petition for the winding...
    22. (22) Power to change the situation of the company’s registered office....
    23. (23) Power to do all other things incidental to the exercise...
25. Schedule 2 · Powers of a Scottish Receiver (Additional to Those Conferred on him by the Instrument of Charge)
    1. (1) Power to take possession of, collect and get in the...
    2. (2) Power to sell, feu, hire out or otherwise dispose of...
    3. (3) Power to raise or borrow money and grant security therefor...
    4. (4) Power to appoint a solicitor or accountant or other professionally...
    5. (5) Power to bring or defend any action or other legal...
    6. (6) Power to refer to arbitration all questions affecting the company....
    7. (7) Power to effect and maintain insurances in respect of the...
    8. (8) Power to use the company’s seal.
    9. (9) Power to do all acts and to execute in the...
    10. (10) Power to to draw, accept, make and endorse any bill...
    11. (11) Power to to appoint any agent to do any business...
    12. (12) Power to do all such things (including the carrying out...
    13. (13) Power to make any payment which is necessary or incidental...
    14. (14) Power to carry on the business of the company or...
    15. (15) Power to grant or accept a surrender of a lease...
    16. (16) Power to make any arrangement or compromise on behalf of...
    17. (17) Power to call up any uncalled capital of the company....
    18. (18) Power to to establish subsidiaries of the company.
    19. (19) Power to to transfer to subsidiaries of the company the...
    20. (20) Power to rank and claim in the bankruptcy, insolvency, sequestration...
    21. (21) Power to present or defend a petition for the winding...
    22. (22) Power to change the situation of the company’s registered office....
    23. (23) Power to do all other things incidental to the exercise...
26. Schedule 2A · Exceptions to prohibition on appointment of administrative receiver: supplementary provisions
    1. (1) Capital market arrangement
    2. (2) Capital market investment
    3. (3) (1) An investment is also a capital market investment for...
    4. (4) “Agreement”
    5. (5) Debt
    6. (6) Step-in rights
    7. (7) Project company
    8. (8) “Resources”
    9. (9) “Public body”
    10. (10) Regulated business
    11. (11) “Person”
27. Schedule 3 · Orders in Course of Winding Up Pronounced in Vacation (Scotland)
    1. Part I Orders Which are to be Final
    2. Part II Orders Which are to take Effect Until Matter Disposed of by Inner House
28. Schedule 4 · Powers of Liquidator in a Winding Up
    1. Part I ...
    2. Part II ...
    3. Part III ...
29. Schedule 4A
    1. (1) Bankruptcy restrictions order
    2. (2) Grounds for making order
    3. (3) Timing of application for order
    4. (4) Duration of order
    5. (5) Interim bankruptcy restrictions order
    6. (6) (1) This paragraph applies to a case in which both...
    7. (7) Bankruptcy restrictions undertaking
    8. (8) A reference in an enactment to a person in respect...
    9. (9) (1) A bankruptcy restrictions undertaking— (a) shall come into force...
    10. (10) Effect of annulment of bankruptcy order
    11. (11) Where a bankruptcy order is annulled under section 261 ......
    12. (12) Registration
30. Schedule 4ZA · Conditions for making a debt relief order
    1. Part 1 Conditions which must be met
    2. Part 2 Other conditions
31. Schedule 4ZB · Debt relief restrictions orders and undertakings
    1. Debt relief restrictions order
    2. Grounds for making order
    3. Timing of application for order
    4. Duration of order
    5. Interim debt relief restrictions order
    6. Debt relief restrictions undertaking
    7. Effect of revocation of debt relief order
32. Schedule 4ZZA · Protection of supplies under section 233B: exclusions
    1. Part 1 Essential supplies
    2. Part 2 Persons involved in financial services
    3. Part 3 Contracts involving financial services
    4. Part 4 Other exclusions
33. Schedule 5 · Powers of Trustee in Bankruptcy
    1. Part I ...
    2. Part II ...
    3. Part III ...
34. Schedule 6 · The Categories of Preferential Debts
    1. Category 1: Debts due to Inland Revenue
    2. Category 2: Debts due to Customs and Excise
    3. Category 3: Social security contributions
    4. Category 4: Contributions to occupational pension schemes, etc.
    5. Category 5: Remuneration, etc., of employees
    6. Interpertation for Category 5
    7. Category 6: Levies on coal and steel production
    8. Category 6A: Debts owed to the Financial Services Compensation Scheme
    9. Category 7: Deposits covered by Financial Services Compensation Scheme
    10. Category 8: Other deposits
    11. Interpretation for categories 6A, 7 and 8.
    12. Category 9: Certain HMRC debts
    13. Orders
35. Schedule 7 · Insolvency Practitioners Tribunal
    1. Panels of members
    2. Remuneration of members
    3. Sittings of Tribunal
    4. Procedure of Tribunal
36. Schedule 8 · Provisions Capable of Inclusion in Company Insolvency Rules
    1. Courts
    2. Notices, etc.
    3. Registration of voluntary arrangements
    4. Provisional liquidator
    5. Conduct of insolvency
    6. Financial provisions
    7. Information and records
    8. General
37. Schedule 9 · Provisions Capable of Inclusion in Individual Insolvency Rules
    1. Courts
    2. Adjudicators
    3. Appeals against determinations by adjudicators
    4. Notices, etc.
    5. Debt relief orders
    6. Debt relief restrictions orders and undertakings
    7. Register of debt relief orders and debt relief restrictions orders etc
    8. Registration of voluntary arrangements
    9. Interim receiver
    10. Receiver or manager
    11. Administration of individual insolvency
    12. Financial provisions
    13. Information and records
    14. General
38. Schedule 10 · Punishment of Offences under this Act
39. Schedule 11 · Transitional Provisions and Savings
    1. Part I Company Insolvency and Winding Up
    2. Part II Individual Insolvency
    3. Part III Transitional Effect of Part XVI
    4. Part IV Insolvency Practitioners
    5. Part V General Transitional Provisions and Savings
40. Schedule 12 · Enactments Repealed
41. Schedule 13 · Consequential Amendments of Companies Act 1985
    1. Part I Internal and Other Section References Amended or Re-amended
    2. Part II Amendement of Part XXVI (Interpretation)
42. Schedule 14 · Consequential Amendments of other Enactments
43. Schedule A1 · Moratorium where directors propose voluntary arrangement
    1. ... Introductory
    2. Obtaining a moratorium
    3. Effects of moratorium
    4. Nominees
    5. Consideration and implementation of voluntary arrangement
    6. Miscellaneous
44. Schedule B1 · Administration
    1. Arrangement of schedule
    2. Nature of administration
    3. Appointment of administrator by court
    4. Appointment of administrator by holder of floating charge
    5. Appointment of administrator by company or directors
    6. Administration application – special cases
    7. Effect of administration
    8. Process of administration
    9. Functions of administrator
    10. Ending administration
    11. Replacing administrator
    12. General
45. Schedule ZA1 · Moratorium: Eligible companies
    1. (1) Eligible companies
    2. (2) Companies subject to, or recently subject to, moratorium or an insolvency procedure
    3. (2A) Private registered providers of social housing
    4. (2B) Registered social landlord under Part 2 of the Housing (Scotland) Act 2010
    5. (3) Insurance companies
    6. (4) Banks
    7. (5) Electronic money institutions
    8. (6) Investment banks and investment firms
    9. (7) Companies that are party to market contracts or subject to market charges, etc
    10. (8) Participants in designated systems
    11. (9) Payment institutions
    12. (10) Operators of payment systems, infrastructure providers etc
    13. (11) Recognised investment exchanges, clearing houses and CSDs
    14. (12) Securitisation companies
    15. (13) Parties to capital market arrangements
    16. (14) Parties to capital market arrangements
    17. (15) Public-private partnership project companies
    18. (16) Public-private partnership project companies
    19. (17) Public-private partnership project companies
    20. (18) Overseas companies with corresponding functions
    21. (19) Interpretation of Schedule
    22. (20) Powers to amend Schedule
    23. (21) Powers to amend Schedule
    24. (22) Powers to amend Schedule
46. Schedule ZA2 · Moratorium: contract or other instrument involving financial services
    1. (1) Introductory
    2. (2) Financial contracts
    3. (3) Securities financing transactions
    4. (4) Derivatives
    5. (5) Spot contracts
    6. (6) Capital market investments
    7. (7) Contracts forming part of a public-private partnership
    8. (8) Market contracts
    9. (9) Qualifying collateral arrangements and qualifying property transfers
    10. (10) Contracts secured by certain charges or arrangements
    11. (11) Default arrangements and transfer orders
    12. (12) Card-based payment transactions
    13. (13) Power to amend Schedule