21. Insolvency Services Account.

All money received by the Secretary of State1 in respect of proceedings under the Insolvency Act 1986 as it applies to England and Wales must be paid into the Insolvency Services Account kept by the Secretary of State with the Bank of England; and all payments out of money standing to the credit of the Secretary of State in that account must be made by the Bank of England in such manner as he may direct2.

Whenever the cash balance standing to the credit of the Insolvency Services Account is in excess of the amount which, in the opinion of