Part XIII Insolvency Practitioners and their Qualification (ss 388-398)
Part XIII Insolvency Practitioners and their Qualification (ss 388-398)

388 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 or administrative receiver, or

[(b)     where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisor].

(2)     A person acts as an insolvency practitioner in relation to an individual by acting—

(a)     as his trustee in bankruptcy or interim receiver of his property or as [trustee (or interim trustee)] in the sequestration of his estate; or

(b)     as trustee under a deed which is . . ., in Scotland, a trust deed for his creditors; or

[(c)     where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor]

(d)     in the case of a deceased individual to the administration of whose estate this section applies by virtue of an order under section 421 (application of provisions of this Act to insolvent estates of deceased persons), as administrator of that estate.

[(2A)     A person acts as an insolvency practitioner in relation to an insolvent partnership by acting—

(a)     as its liquidator, provisional liquidator or administrator, or

(b)     as trustee of the partnership under article 11 of the Insolvent Partnerships Order 1994, or

[(c)     where a voluntary arrangement in relation to the insolvent partnership is proposed or approved under Part I of the Act, as nominee or supervisor].]

392 . . .
393 . . .
394 . . .
395 . . .
396 . . .
397 . . .
398 . . .

Popular documents