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Insolvency Act 1986

Insolvency Act 1986

1986 c.45 · 649 provisions

An Act to consolidate the enactments relating to company insolvency and winding up (including the winding up of companies that are not insolvent, and of unregistered

companies); enactments relating to the insolvency and bankruptcy of individuals; and other enactments bearing on those two subject matters, including the functions and

qualification of insolvency practitioners, the public administration of insolvency, the penalisation and redress of malpractice and wrongdoing, and the avoidance of certain

transactions at an undervalue

Part A1: Moratorium

Chapter 1: Introductory

Section A1: Overview
Section A2: Eligible companies

Chapter 2: Obtaining a moratorium

Section A3: Obtaining a moratorium by filing or lodging documents at court
Section A4: Obtaining a moratorium for company subject to winding-up petition
Section A5: Obtaining a moratorium for other overseas companies
Section A6: The relevant documents
Section A7: Beginning of moratorium and appointment of monitor
Section A8: Obligations to notify where moratorium comes into force

Chapter 3: Length of moratorium

Section A9: End of the moratorium
Section A10: Extension by directors without creditor consent
Section A11: Extension by directors with creditor consent
Section A12: Creditor consent for the purposes of section A11
Section A13: Extension by court on application of directors
Section A14: Extension while proposal for CVA pending
Section A15: Extension by court in the course of other proceedings
Section A16: Company enters into insolvency procedure etc
Section A17: Obligations to notify change in end of moratorium

Chapter 4: Effects of moratorium

Section A18: Overview and construction of references to payment holidays
Section A19: Publicity about moratorium
Section A20: Restrictions on insolvency proceedings etc
Section A21: Restrictions on enforcement and legal proceedings
Section A22: Floating charges
Section A23: Enforcement of security granted during moratorium
Section A24: Duty of directors to notify monitor of insolvency proceedings etc
Section A25: Restrictions on obtaining credit
Section A26: Restrictions on grant of security etc
Section A27: Prohibition on entering into market contracts etc
Section A28: Restrictions on payment of certain pre-moratorium debts
Section A29: Restrictions on disposal of property
Section A30: Restrictions on disposal of hire-purchase property
Section A31: Disposal of charged property free from charge
Section A32: Disposal of hire-purchase property
Section A33: Contravention of certain requirements imposed under this Chapter

CHAPTER 5: The monitor

Section A34: Status of monitor
Section A35: Monitoring
Section A36: Provision of information to monitor
Section A37: Application by monitor for directions
Section A38: Termination of moratorium by monitor
Section A39: Replacement of monitor or appointment of additional monitor
Section A40: Application of Part where two or more persons act as monitor
Section A41: Presumption of validity

Chapter 6: Challenges

Section A42: Challenge to monitor's actions
Section A43: Challenges to monitor remuneration in insolvency proceedings
Section A44: Challenge to directors' actions
Section A45: Challenge brought by Board of the Pension Protection Fund

CHAPTER 7: Offences: general

Section A46: Offence of fraud etc during or in anticipation of moratorium
Section A47: Offence of false representation etc to obtain a moratorium
Section A48: Prosecution of delinquent officers of company

Chapter 8: Miscellaneous and general

Section A49: Regulated companies: modifications to this Part
Section A50: Power to modify this Part etc in relation to certain companies
Section A51: Power to make provision in connection with pension schemes
Section A52: Void provisions in floating charge documents
Section A53: Meaning of "pre-moratorium debt" and "moratorium debt"
Section A54: Interpretation of this Part: general
Section A55: Regulations

Part I: Company Voluntary Arrangements

Section 1: Those who may propose an arrangement.
Section 1A: Moratorium.
Section 2: Procedure where nominee is not the liquidator or administrator.
Section 3: Consideration of proposal.
Section 4: Decisions of the company and its creditors.
Section 4A: Approval of arrangement.
Section 5: Effect of approval.
Section 6: Challenge of decisions.
Section 6A: False representations, etc.
Section 7: Implementation of proposal.
Section 7A: Prosecution of delinquent officers of company.
Section 7B: Arrangements coming to an end prematurely.

Part II: Administration

Section 8: Administration

Part II: Administration Orders

Section 9: Application for order.
Section 10: Effect of application.
Section 11: Effect of order.
Section 12: Notification of order.
Section 13: Appointment of administrator.
Section 14: General powers.
Section 15: Power to deal with charged property, etc.
Section 16: Operation of s. 15 in Scotland.
Section 17: General duties.
Section 18: Discharge or variation of administration order.
Section 19: Vacation of office.
Section 20: Release of administrator.
Section 21: Information to be given by administrator.
Section 22: Statement of affairs to be submitted to administrator.
Section 23: Statement of proposals.
Section 24: Consideration of proposals by creditors' meeting.
Section 25: Approval of substantial revisions.
Section 26: Creditors' committee.
Section 27: Protection of interests of creditors and members.

Part III: Receivership

Chapter I: Receivers and Managers (England and Wales)

Section 28: Extent of this Chapter.
Section 29: Definitions.
Section 30: Disqualification of body corporate from acting as receiver.
Section 31: Disqualification of bankrupt or person in respect of whom a debt relief order is made
Section 32: Power for court to appoint official receiver.
Section 33: Time from which appointment is effective.
Section 34: Liability for invalid appointment.
Section 35: Application to court for directions.
Section 36: Court's power to fix remuneration.
Section 37: Liability for contracts, etc.
Section 38: Receivership accounts to be delivered to registrar.
Section 39: Notification that receiver or manager appointed.
Section 40: Payment of debts out of assets subject to floating charge.
Section 41: Enforcement of duty to make returns.
Section 42: General powers.
Section 43: Power to dispose of charged property, etc.
Section 44: Agency and liability for contracts.
Section 45: Vacation of office.
Section 46: Information to be given by administrative receiver.
Section 47: Statement of affairs to be submitted.
Section 48: Report by administrative receiver.
Section 49: Committee of creditors.

Chapter II: Receivers (Scotland)

Section 50: Extent of this Chapter.
Section 51: Power to appoint receiver.
Section 52: Circumstances justifying appointment.
Section 53: Mode of appointment by holder of charge.
Section 54: Appointment by court.
Section 55: Powers of receiver.
Section 56: Precedence among receivers.
Section 57: Agency and liability of receiver for contracts.
Section 58: Remuneration of receiver.
Section 59: Priority of debts.
Section 60: Distribution of moneys.
Section 61: Disposal of interest in property.
Section 62: Cessation of appointment of receiver.
Section 63: Powers of court.
Section 64: Notification that receiver appointed.
Section 65: Information to be given by receiver.
Section 66: Company's statement of affairs.
Section 67: Report by receiver.
Section 68: Committee of creditors
Section 69: Enforcement of receiver's duty to make returns, etc.
Section 70: Interpretation for Chapter II.
Section 71: Prescription of forms, etc.; regulations.

Chapter III: Receivers' Powers in Great Britain as a Whole

Section 72: Cross-border operation of receivership provisions.

CHAPTER IV: PROHIBITION OF APPOINTMENT OF ADMINISTRATIVE RECEIVER

Section 72A: Floating charge holder not to appoint administrative receiver
Section 72B: First exception: capital market
Section 72C: Second exception: public-private partnership
Section 72D: Third exception: utilities
Section 72DA: Exception in respect of urban regeneration projects
Section 72E: Fourth exception: project finance
Section 72F: Fifth exception: financial market
Section 72G: Sixth exception: social landlords
Section 72GA: Exception in relation to protected railway companies etc.
Section 72H: Sections 72A to 72G: supplementary

Part IV: Winding Up of Companies Registered under the Companies Acts

Chapter I: Preliminary

Section 73: Scheme of this Part
Section 74: Liability as contributories of present and past members.
Section 75: Directors, etc. with unlimited liability.
Section 76: Liability of past directors and shareholders.
Section 77: Limited company formerly unlimited.
Section 78: Unlimited company formerly limited.
Section 79: Meaning of "contributory".
Section 80: Nature of contributory's liability.
Section 81: Contributories in case of death of a member.
Section 82: Effect of contributory's bankruptcy.
Section 83: Companies registered but not formed under the Companies Act 2006

Chapter II: Voluntary Winding Up (Introductory and General)

Section 84: Circumstances in which company may be wound up voluntarily.
Section 85: Notice of resolution to wind up.
Section 86: Commencement of winding up.
Section 87:
Section 88: Avoidance of share transfers, etc. after winding-up resolution.
Section 89: Statutory declaration of solvency.
Section 90: Distinction between "members'" and "creditors'" voluntary winding up.

Chapter III: Members' Voluntary Winding Up

Section 91: Appointment of liquidator.
Section 92: Power to fill vacancy in office of liquidator.
Section 92A: Progress report to company ...
Section 93: General company meeting at each year's end (Scotland)
Section 94: Final account prior to dissolution
Section 95: Effect of company's insolvency.
Section 96: Conversion to creditors' voluntary winding up.

Chapter IV: Creditors' Voluntary Winding Up

Section 97: Application of this Chapter.
Section 98: Meeting of creditors.
Section 99: Directors to lay statement of affairs before creditors.
Section 100: Appointment of liquidator.
Section 101: Appointment of liquidation committee.
Section 102: Creditors' meeting where winding up converted under s. 96.
Section 103: Cesser of directors' powers.
Section 104: Vacancy in office of liquidator.
Section 104A: Progress report to company and creditors ... ...
Section 105: Meetings of company and creditors at each year's end (Scotland).
Section 106: Final account prior to dissolution.

Chapter V: Provisions Applying to both kinds of Voluntary Winding Up

Section 107: Distribution of company's property.
Section 108: Appointment or removal of liquidator by the court.
Section 109: Notice by liquidator of his appointment.
Section 110: Acceptance of shares, etc., as consideration for sale of company property.
Section 111: Dissent from arrangement under s. 110.
Section 112: Reference of questions to court.
Section 113: Court's power to control proceedings (Scotland).
Section 114: No liquidator appointed or nominated by company.
Section 115: Expenses of voluntary winding up.
Section 116: Saving for certain rights.

Chapter VI: Winding Up by the Court

Section 117: High Court and county court jurisdiction.
Section 118: Proceedings taken in wrong court.
Section 119: Proceedings in county court; case stated for High Court.
Section 120: Court of Session and sheriff court jurisdiction.
Section 121: Power to remit winding up to Lord Ordinary.
Section 122: Circumstances in which company may be wound up by the court.
Section 123: Definition of inability to pay debts.
Section 124: Application for winding up.
Section 124A: Petition for winding up on grounds of public interest.
Section 124B: Petition for winding up of SE
Section 124C: Petition for winding up of SCE
Section 125: Powers of court on hearing of petition.
Section 126: Power to stay or restrain proceedings against company.
Section 127: Avoidance of property dispositions, etc.
Section 128: Avoidance of attachments, etc.
Section 129: Commencement of winding up by the court.
Section 130: Consequences of winding-up order.
Section 131: Company's statement of affairs.
Section 132: Investigation by official receiver.
Section 133: Public examination of officers
Section 134: Enforcement of s. 133.
Section 135: Appointment and powers of provisional liquidator.
Section 136: Functions of official receiver in relation to office of liquidator.
Section 137: Appointment by Secretary of State.
Section 138: Appointment of liquidator in Scotland.
Section 139: Choice of liquidator by creditors and contributories.
Section 140: Appointment by the court following administration or voluntary arrangement.
Section 141: Liquidation committee (England and Wales).
Section 142: Liquidation committee (Scotland).
Section 143: General functions in winding up by the court.
Section 144: Custody of company's property.
Section 145: Vesting of company property in liquidator.
Section 146: Final account
Section 146A: Official receiver's duty to send statement to registrar about other proceedings
Section 147: Power to stay or sist winding up.
Section 148: Settlement of list of contributories and application of assets.
Section 149: Debts due from contributory to company.
Section 150: Power to make calls.
Section 151: Payment into bank of money due to company.
Section 152: Order on contributory to be conclusive evidence.
Section 153: Power to exclude creditors not proving in time.
Section 154: Adjustment of rights of contributories.
Section 155: Inspection of books by creditors, etc.
Section 156: Payment of expenses of winding up.
Section 157: Attendance at company meetings (Scotland).
Section 158: Power to arrest absconding contributory.
Section 159: Powers of court to be cumulative.
Section 160: Delegation of powers to liquidator (England and Wales).
Section 161: Orders for calls on contributories (Scotland).
Section 162: Appeals from orders in Scotland.

Chapter VII: Liquidators

Section 163: Style and title of liquidators.
Section 164: Corrupt inducement affecting appointment.
Section 165: Voluntary winding up.
Section 166: Creditors' voluntary winding up.
Section 167: Winding up by the court.
Section 168: Supplementary powers (England and Wales).
Section 169: Supplementary powers (Scotland).
Section 170: Enforcement of liquidator's duty to make returns, etc.
Section 171: Removal, etc. (voluntary winding up).
Section 172: Removal, etc. (winding up by the court).
Section 173: Release (voluntary winding up).
Section 174: Release (winding up by the court).

Chapter VIII: Provisions of General Application in Winding Up

Section 174A: Moratorium debts etc: priority
Section 175: Preferential debts (general provision).
Section 176: Preferential charge on goods distrained , etc.
Section 176AZA: Non-preferential debts of financial institutions
Section 176ZA: Payment of expenses of winding up (England and Wales)
Section 176ZB: Application of proceeds of office-holder claims
Section 176A: Share of assets for unsecured creditors
Section 177: Power to appoint special manager.
Section 178: Power to disclaim onerous property.
Section 179: Disclaimer of leaseholds.
Section 180: Land subject to rentcharge.
Section 181: Powers of court (general).
Section 182: Powers of court (leaseholds).
Section 183: Effect of execution or attachment (England and Wales).
Section 184: Duties of officers charged with execution of writs and other processes (England and Wales).
Section 185: Effect of diligence (Scotland)
Section 186: Rescission of contracts by the court.
Section 187: Power to make over assets to employees.
Section 188: Notification that company is in liquidation.
Section 189: Interest on debts.
Section 190: Documents exempt from stamp duty.
Section 191: Company's books to be evidence.
Section 192: Information as to pending liquidations.
Section 193: Unclaimed dividends (Scotland).
Section 194: Resolutions passed at adjourned meetings.
Section 195: Court's powers to ascertain wishes of creditors or contributories.
Section 196: Judicial notice of court documents.
Section 197: Commission for receiving evidence.
Section 198: Court order for examination of persons in Scotland.
Section 199: Costs of application for leave to proceed (Scottish companies).
Section 200: Affidavits etc. in United Kingdom and overseas.

Chapter IX: Dissolution of Companies After Winding Up

Section 201: Dissolution (voluntary winding up).
Section 202: Early dissolution (England and Wales).
Section 203: Consequence of notice under s. 202.
Section 204: Early dissolution (Scotland).
Section 205: Dissolution otherwise than under ss. 202-204.

Chapter X: Malpractice before and during Liquidation; Penalisation of Companies and Company Officers; Investigations and Prosecutions

Section 206: Fraud, etc. in anticipation of winding up.
Section 207: Transactions in fraud of creditors.
Section 208: Misconduct in course of winding up.
Section 209: Falsification of company's books.
Section 210: Material omissions from statement relating to company's affairs.
Section 211: False representations to creditors.
Section 212: Summary remedy against delinquent directors, liquidators, etc.
Section 213: Fraudulent trading.
Section 214: Wrongful trading.
Section 215: Proceedings under ss. 213, 214.
Section 216: Restriction on re-use of company names.
Section 217: Personal liability for debts, following contravention of s. 216.
Section 218: Prosecution of delinquent officers and members of company.
Section 219: Obligations arising under s. 218.

Part V: Winding Up of Unregistered Companies

Section 220: Meaning of "unregistered company".
Section 221: Winding up of unregistered companies.
Section 222: Inability to pay debts: unpaid creditor for £750 or more.
Section 223: Inability to pay debts: debt remaining unsatisfed after action brought.
Section 224: Inability to pay debts: other cases.
Section 225: Company incorporated outside Great Britain may be wound up though dissolved.
Section 226: Contributories in winding up of unregistered company.
Section 227: Power of court to stay, sist or restrain proceedings.
Section 228: Actions stayed on winding-up order.
Section 229: Provisions of this Part to be cumulative.

Part VI: Miscellaneous Provisions Applying to Companies Which are Insolvent or in Liquidation

:

Section 246A: Remote attendance at meetings
Section 246B: Use of websites
Section 246C: Creditors' ability to opt out of receiving certain notices
Section 230: Holders of office to be qualified insolvency practitioners.
Section 231: Appointment to office of two or more persons.
Section 232: Validity of office-holder's acts.
Section 233: Supplies of gas, water, electricity, etc.
Section 233A: Further protection of essential supplies
Section 233B: Protection of supplies of goods and services
Section 233C: Powers to amend section 233B and Schedule 4ZZA
Section 234: Getting in the company's property.
Section 235: Duty to co-operate with office-holder.
Section 236: Inquiry into company's dealings, etc.
Section 237: Court's enforcement powers under s. 236.
Section 238: Transactions at an undervalue (England and Wales).
Section 239: Preferences (England and Wales).
Section 240: "Relevant time" under ss. 238, 239.
Section 241: Orders under ss. 238, 239.
Section 242: Gratuitous alienations (Scotland).
Section 243: Unfair preferences (Scotland).
Section 244: Extortionate credit transactions.
Section 245: Avoidance of certain floating charges.
Section 246: Unenforceability of liens on books, etc.
Section 246ZA: Fraudulent trading: administration
Section 246ZB: Wrongful trading: administration
Section 246ZC: Proceedings under section 246ZA or 246ZB
Section 246ZD: Power to assign
Section 246ZE: Decisions by creditors and contributories: general
Section 246ZF: Deemed consent procedure
Section 246ZG: Power to amend sections 246ZE and 246ZF

Part VII: Interpretation for First Group of Parts

Section 247: "Insolvency" and "go into liquidation".
Section 248: "Secured creditor", etc.
Section 248A: "Opted-out creditor"
Section 249: "Connected" with a company.
Section 250: "Member" of a company.

Part 7A: Debt relief orders

Section 251A: Debt relief orders
Section 251B: Making of application
Section 251C: Duty of official receiver to consider and determine application
Section 251D: Presumptions applicable to the determination of an application
Section 251E: Making of debt relief orders
Section 251F: Effect of debt relief order on other debt management arrangements
Section 251G: Moratorium from qualifying debts
Section 251H: The moratorium period
Section 251I: Discharge from qualifying debts
Section 251J: Providing assistance to official receiver etc
Section 251K: Objections and investigations
Section 251L: Power of official receiver to revoke or amend a debt relief order
Section 251M: Powers of court in relation to debt relief orders
Section 251N: Inquiry into debtor's dealings and property
Section 251O: False representations and omissions
Section 251P: Concealment or falsification of documents
Section 251Q: Fraudulent disposal of property
Section 251R: Fraudulent dealing with property obtained on credit
Section 251S: Obtaining credit or engaging in business
Section 251T: Offences: supplementary
Section 251U: Approved intermediaries
Section 251V: Debt relief restrictions orders and undertakings
Section 251W: Register of debt relief orders etc
Section 251X: Interpretation

Part VIII: Individual Voluntary Arrangements

Section 252: Interim order of court.
Section 253: Application for interim order.
Section 254: Effect of application.
Section 255: Cases in which interim order can be made.
Section 256: Nominee's report on debtor's proposal.
Section 256A: Debtor's proposal and nominee's report.
Section 257: Consideration of debtor's proposal by creditors
Section 258: Approval of debtor's proposal
Section 259: Report of decisions to court.
Section 260: Effect of approval.
Section 261: Additional effect on undischarged bankrupt
Section 262: Challenge of creditors' decision.
Section 262A: False representations etc.
Section 262B: Prosecution of delinquent debtors.
Section 262C: Arrangements coming to an end prematurely.
Section 263: Implementation and supervision of approved voluntary arrangement.
Section 263A: Availability
Section 263B: Decision
Section 263C: Result
Section 263D: Approval of voluntary arrangement
Section 263E: Implementation
Section 263F: Revocation
Section 263G: Offences

Part IX: Bankruptcy

CHAPTER A1: Adjudicators: bankruptcy applications by debtors and bankruptcy orders

Section 263H: Bankruptcy applications to an adjudicator
Section 263I: Debtors against whom an adjudicator may make a bankruptcy order
Section 263J: Conditions applying to bankruptcy application
Section 263K: Determination of bankruptcy application
Section 263L: Adjudicator's requests for further information
Section 263M: Making of bankruptcy order
Section 263N: Refusal to make a bankruptcy order: review and appeal etc.
Section 263O: False representations and omissions

Chapter I: The court: bankruptcy petitions and bankruptcy orders

Section 264: Who may present a bankruptcy petition.
Section 265: Creditor's petition: debtors against whom the court may make a bankruptcy order.
Section 266: Other preliminary conditions.
Section 267: Grounds of creditor's petition.
Section 268: Definition of "inability to pay", etc.; the statutory demand.
Section 269: Creditor with security.
Section 270: Expedited petition.
Section 271: Proceedings on creditor's petition.
Section 272: Grounds of debtor's petition.
Section 273: Appointment of insolvency practitioner by the court.
Section 274: Action on report of insolvency practitioner.
Section 274A: Debtor who meets conditions for a debt relief order
Section 275: Summary administration.
Section 276: Default in connection with voluntary arrangement.
Section 277: Petition based on criminal bankruptcy order.

Chapter IA: Commencement and duration of bankruptcy

Section 278: Commencement and continuance.
Section 279: Duration
Section 280: Discharge by order of the court.
Section 281: Effect of discharge.
Section 281A: Post-discharge restrictions
Section 282: Court's power to annul bankruptcy order.

Chapter II: Protection of Bankrupt's Estate and Investigation of His Affairs

Section 283: Definition of bankrupt's estate.
Section 283A: Bankrupt's home ceasing to form part of estate
Section 284: Restrictions on dispositions of property.
Section 285: Restriction on proceedings and remedies.
Section 286: Power to appoint interim receiver.
Section 287: Powers of interim receiver.
Section 288: Statement of affairs.
Section 289: Investigatory duties of official receiver
Section 290: Public examination of bankrupt.
Section 291: Duties of bankrupt in relation to official receiver.

Chapter III: Trustees in Bankruptcy

Section 291A: First trustee in bankruptcy
Section 292: Appointment of trustees: general provision
Section 293: Summoning of meeting to appoint first trustee.
Section 294: Power of creditors to requisition meeting.
Section 295: Failure of meeting to appoint trustee.
Section 296: Appointment of trustee by Secretary of State.
Section 297: Special cases.
Section 298: Removal of trustee; vacation of office.
Section 299: Release of trustee.
Section 300: Vacancy in office as trustee.
Section 301: Creditors' committee.
Section 302: Exercise by Secretary of State of functions of creditors' committee.
Section 303: General control of trustee by the court.
Section 304: Liability of trustee.

Chapter IV: Administration by Trustee

Section 305: General functions of trustee.
Section 306: Vesting of bankrupt's estate in trustee.
Section 306A: Property subject to restraint order
Section 306AA: Property released from detention
Section 306B: Property in respect of which receivership or administration order made
Section 306BA: Property in respect of which realisation order made
Section 306C: Property subject to certain orders where confiscation order discharged or quashed
Section 307: After-acquired property.
Section 308: Vesting in trustee of certain items of excess value.
Section 308A: Vesting in trustee of certain tenancies.
Section 309: Time-limit for notice under s. 307 or 308.
Section 310: Income payments orders.
Section 310A: Income payments agreement
Section 311: Acquisition by trustee of control.
Section 312: Obligation to surrender control to trustee.
Section 313: Charge on bankrupt's home.
Section 313A: Low value home: application for sale, possession or charge
Section 314: Powers of trustee.
Section 315: Disclaimer (general power).
Section 316: Notice requiring trustee's decision.
Section 317: Disclaimer of leaseholds.
Section 318: Disclaimer of dwelling house.
Section 319: Disclaimer of land subject to rentcharge.
Section 320: Court order vesting disclaimed property.
Section 321: Order under s. 320 in respect of leaseholds.
Section 322: Proof of debts.
Section 323: Mutual credit and set-off.
Section 324: Distribution by means of dividend.
Section 325: Claims by unsatisfied creditors.
Section 326: Distribution of property in specie.
Section 327: Distribution in criminal bankruptcy.
Section 328: Priority of debts.
Section 329: Debts to spouse.
Section 330: Final distribution.
Section 331: Final report.
Section 332: Saving for bankrupt's home.
Section 333: Duties of bankrupt in relation to trustee.
Section 334: Stay of distribution in case of second bankruptcy.
Section 335: Adjustment between earlier and later bankruptcy estates.

Chapter V: Effect of Bankruptcy on Certain Rights Transacttions, Etc.

Section 335A: Rights under trusts of land.
Section 336: Rights of occupation etc. of bankrupt's spouse or civil partner.
Section 337: Rights of occupation of bankrupt.
Section 338: Payments in respect of premises occupied by bankrupt.
Section 339: Transactions at an undervalue.
Section 340: Preferences.
Section 341: "Relevant time" under ss. 339, 340.
Section 342: Orders under ss. 339, 340.
Section 342A: Recovery of excessive pension contributions.
Section 342B: Orders under section 342A.
Section 342C: Orders under section 342A: supplementary.
Section 342D: Recovery of excessive contributions in pension-sharing cases.
Section 342E: Orders under section 339 or 340 in respect of pension-sharing transactions.
Section 342F: Orders under section 339 or 340 in pension-sharing cases: supplementary.
Section 343: Extortionate credit transactions.
Section 344: Avoidance of general assignment of book debts.
Section 345: Contracts to which bankrupt is a party.
Section 346: Enforcement procedures.
Section 347: Distress, etc.
Section 348: Apprenticeships, etc.
Section 349: Unenforceability of liens on books, etc.
Section 349A: Arbitration agreements to which bankrupt is party.

Chapter VI: Bankruptcy Offences

Section 350: Scheme of this Chapter.
Section 351: Definitions.
Section 352: Defence of innocent intention.
Section 353: Non-disclosure.
Section 354: Concealment of property.
Section 355: Concealment of books and papers; falsification.
Section 356: False statements.
Section 357: Fraudulent disposal of property.
Section 359: Fraudulent dealing with property obtained on credit.
Section 360: Obtaining credit; engaging in business.
Section 361: Failure to keep proper accounts of business.
Section 362: Gambling.

Chapter VII: Powers of Court In Bankruptcy

Section 363: General control of court.
Section 364: Power of arrest.
Section 365: Seizure of bankrupt's property.
Section 366: Inquiry into bankrupt's dealings and property.
Section 367: Court's enforcement powers under s. 366.
Section 368: Provision corresponding to s. 366, where interim receiver appointed.
Section 369: Order for production of documents by inland revenue.
Section 370: Power to appoint special manager.
Section 371: Re-direction of bankrupt's letters, etc.

Part X: Individual Insolvency: General Provisions

:

Section 379A: Remote attendance at meetings
Section 379B: Use of websites
Section 379C: Creditors' ability to opt out of receiving certain notices
Section 372: Supplies of gas, water, electricity, etc.
Section 372A: Further protection of essential supplies
Section 373: Jurisdiction in relation to insolvent individuals.
Section 374: Insolvency districts.
Section 375: Appeals etc. from courts exercising insolvency jurisdiction.
Section 376: Time-limits.
Section 377: Formal defects.
Section 378: Exemption from stamp duty.
Section 379: Annual report.
Section 379ZA: Creditors' decisions: general
Section 379ZB: Deemed consent procedure
Section 379ZC: Power to amend sections 379ZA and 379ZB

Part XI: Interpretation for Second Group of Parts

Section 380: Introductory.
Section 381: "Bankrupt" and associated terminology.
Section 382: "Bankruptcy debt" , "liability"
Section 383: "Creditor", "security", etc.
Section 383A: "Opted-out creditor"
Section 384: "Prescribed" and "the rules".
Section 385: Miscellaneous definitions.

Part XII: Preferential and non-preferential debts in Company and Individual Insolvency

Section 386: Categories of preferential debts.
Section 387: "The relevant date".
Section 387A: Financial institutions and their non-preferential debts

Part XIII: Insolvency Practitioners and their Qualification

Section 388: Meaning of "act as insolvency practitioner"
Section 389: Acting without qualification an offence.
Section 389A: Authorisation of nominees and supervisors.
Section 389B: Official receiver as nominee or supervisor
Section 390: Persons not qualified to act as insolvency practitioners.
Section 390A: Authorisation
Section 390B: Partial authorisation: acting in relation to partnerships
Section 391: Recognised professional bodies
Section 391A: Application for recognition as recognised professional body
Section 391B: Application of regulatory objectives
Section 391C: Meaning of "regulatory functions" and "regulatory objectives"
Section 391D: Directions
Section 391E: Directions: procedure
Section 391F: Financial penalty
Section 391G: Financial penalty: procedure
Section 391H: Appeal against financial penalty
Section 391I: Recovery of financial penalties
Section 391J: Reprimand
Section 391K: Reprimand: procedure
Section 391L: Revocation of recognition at instigation of Secretary of State
Section 391M: Orders under section 391L: procedure
Section 391N: Revocation of recognition at request of body
Section 391O: Direct sanctions orders
Section 391P: Application for, and power to make, direct sanctions order
Section 391Q: Direct sanctions order: conditions
Section 391R: Direct sanctions direction instead of order
Section 391S: Power for Secretary of State to obtain information
Section 391T: Compliance orders
Section 392: Authorisation by competent authority.
Section 393: Grant, refusal and withdrawal of authorisation.
Section 394: Notices.
Section 395: Right to make representations.
Section 396: Reference to Tribunal.
Section 397: Action of Tribunal on reference.
Section 398: Refusal or withdrawal without reference to Tribunal.

Part XIV: Public Administration (England and Wales)

Section 398A: Appointment etc of adjudicators and assistants
Section 399: Appointment, etc. of official receivers.
Section 400: Functions and status of official receivers.
Section 401: Deputy official receivers and staff.
Section 402: Official Petitioner.
Section 403: Insolvency Services Account.
Section 404: Investment Account.
Section 405: Application of income in Investment Account; adjustment of balances.
Section 406: Interest on money received by liquidators or trustees in bankruptcy and invested.
Section 407: Unclaimed dividends and undistributed balances.
Section 408: Adjustment of balances
Section 409: Annual financial statement and audit.
Section 410: Extent of this Part.

Part XV: Subordinate Legislation

Section 411: Company insolvency rules.
Section 412: Individual insolvency rules (England and Wales).
Section 413: Insolvency Rules Committee.
Section 414: Fees orders (company insolvency proceedings).
Section 415: Fees orders (individual insolvency proceedings in England and Wales).
Section 415A: Fees orders (general)
Section 415B: Monetary limits (company moratorium)
Section 416: Monetary limits (companies winding up).
Section 417: Money sum in s. 222.
Section 417A: Money sums (company moratorium).
Section 418: Monetary limits (bankruptcy).
Section 419: Regulations for purposes of Part XIII.
Section 420: Insolvent partnerships.
Section 421: Insolvent estates of deceased persons.
Section 421A: Insolvent estates: joint tenancies.
Section 422: Formerly authorised banks.
Section 422A: Meaning of "relevant offence"

Part XVI: Provisions Against Debt Avoidance (England and Wales only)

Section 423: Transactions defrauding creditors.
Section 424: Those who may apply for an order under s. 423.
Section 425: Provision which may be made by order under s. 423.

Part XVII: Miscellaneous and General

Section 426: Co-operation between courts exercising jurisdiction in relation to insolvency.
Section 426A: Disqualification from Parliament (England and Wales and Northern Ireland)
Section 426B: Devolution
Section 426C: Irrelevance of privilege
Section 427: Disqualification from Parliament (Scotland ...)
Section 428: Exemptions from Restrictive Trade Practices Act.
Section 429: Disabilities on revocation of administration order against an individual.
Section 430: Provision introducing Schedule of punishments.
Section 431: Summary proceedings.
Section 432: Offences by bodies corporate.
Section 433: Admissibility in evidence of statements of affairs, etc.
Section 434: Crown application.

Part 17A: SUPPLEMENTARY PROVISIONS

Section 434A: Introductory
Section 434B: Representation of corporations in decision procedures and at meetings
Section 434C: Legal professional privilege
Section 434D: Enforcement of company's filing obligations
Section 434E: Application of filing obligations to overseas companies

Part XVIII: Interpretation

Section 435: Meaning of "associate".
Section 436: Expressions used generally.
Section 436A: Proceedings under EU Regulations: modified definition of property
Section 436B: References to things in writing

Part XIX: Final Provisions

Section 437: Transitional provisions, and savings.
Section 438: Repeals.
Section 439: Amendment of enactments.
Section 440: Extent (Scotland).
Section 441: Extent (Northern Ireland).
Section 442: Extent (other territories).
Section 443: Commencement.
Section 444: Citation.

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About this text

This legislation text comes from legislation.gov.uk. Contains public sector information licensed under the Open Government Licence v3.0.

Reuse reviewed 21 August 2026 under Open Government Licence v3.0.