Section 182: Powers of court in relation to certain proceedings begun before commencement., Companies Act 1989

For the purposes of this section "insolvency proceedings" means proceedings under Part II, IV, V or IX of the Insolvency Act 1986 (administration, winding up and bankruptcy) or under the Bankruptcy (Scotland) Act 2016; and references in this section to the beginning of such proceedings are to—

the making of a bankruptcy application on which a bankruptcy order is made,

the presentation of a petition on which an administration order, winding-up order, bankruptcy order or award of sequestration is made, or

the passing of a resolution for voluntary winding up.

The court may on an application made, within three months after the commencement of this section, by—

a recognised investment exchange or recognised clearing house, or

a person in whose favour a market charge has been granted,

make such order as it thinks fit for achieving, except so far as assets of the relevant person have been distributed before the making of the application, the same result as if the provisions of Schedule 22 had come into force on 22nd December 1988.

The provisions of that Schedule ("the relevant provisions") reproduce the effect of certain provisions of this Part as they appeared in the Bill for this Act as introduced into the House of Lords and published on that date.

The court may in particular—

require the relevant person or a relevant office-holder—

to return property provided as cover for margin or which was subject to a market charge, or to pay to the applicant or any other person the proceeds of realisation of such property, or

to pay to the applicant or any other person such amount as the court estimates would have been payable to that person if the relevant provisions had come into force on 22nd December 1988 and market contracts had been settled in accordance with the rules of the recognised investment exchange or recognised clearing house, or a proportion of that amount if the property of the relevant person or relevant office-holder is not sufficient to meet the amount in full;

provide that contracts, rules and dispositions shall be treated as not having been void;

modify the functions of a relevant office-holder, or the duties of the applicant or any other person, in relation to the insolvency proceedings, or indemnify any such person in respect of acts or omissions which would have been proper if the relevant provisions had been in force;

provide that conduct which constituted an offence be treated as not having done so;

dismiss proceedings which could not have been brought if the relevant provisions had come into force on 22nd December 1988, and reverse the effect of any order of a court which could not, or would not, have been made if those provisions had come into force on that date.

An order under this section shall not be made against a relevant office-holder if the effect would be that his remuneration, costs and expenses could not be met.

Section 182: Powers of court in relation to certain proceedings begun before commencement.

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