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UK Act of Parliament
1986
United Kingdom
Insolvency Act 1986
At a glance
Enforced by
Companies House, FCA, Insolvency Service, Takeover Panel, CIC Regulator
What's here
178 compliance obligations, 7 practical guides across 5 topics · 5 journeys · 2 statutory instruments
Penalty landscape
36 of 178 obligations carry an unlimited fine. 40 carry different penalties and 102 have no criminal penalty — flagged in the list below.
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Director or Officer 72
- Any Person 59
- Trader 14
- Trustee 5
- Landlord 3
- Distributor 3
Plus 22 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Step-by-step journeys using this legislation
Walkthroughs that take you from a real business situation to compliance.
Explore business rescue and insolvency options
- 15 steps
Transfer ownership of your business
- 1 step
Sell your business
- 2 steps
Close your company
- 4 steps
Relevant guidance
Practical guides for businesses affected by this Act, ordered by how closely they engage with it.
Direct — cites this Act
3 guidesOther Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
- Building Societies Act 1986 1986 26 duties
Any Person also bound by 2338 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Trustees also bound by 100 other Acts (top 5 shown)
- The Occupational Pension Schemes (Collective Money Purchase Schemes) Regulations 2022 2022 37 duties
- Charities Act 2011 2011 26 duties
- The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 2013 26 duties
- Insolvency (England and Wales) Rules 2016 2016 21 duties
- The Pensions (Northern Ireland) Order 2005 2005 20 duties
Landlords also bound by 216 other Acts (top 5 shown)
- Renting Homes (Wales) Act 2016 2016 74 duties
- Housing Act 1985 1985 53 duties
- Housing Act 1996 1996 30 duties
- The Service Charges (Consultation Requirements) (England) Regulations 2003 2003 27 duties
- The Service Charges (Consultation Requirements) (Wales) Regulations 2004 2004 26 duties
Distributors also bound by 177 other Acts (top 5 shown)
- The Marketing of Fruit Plant and Propagating Material (England) Regulations 2017 2017 28 duties
- The Marketing of Fruit Plant and Propagating Material (Wales) Regulations 2017 2017 26 duties
- The Marketing of Fruit Plant and Propagating Material Regulations (Northern Ireland) 2017 2017 25 duties
- Electricity Safety, Quality and Continuity Regulations 2002 2002 21 duties
- THE ELECTRICITY SAFETY, QUALITY AND CONTINUITY REGULATIONS (NORTHERN IRELAND) 2012 2012 19 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Part 1 — Company Insolvency; Companies Winding Up
Section-level detail for this Part is not available yet.
Part I — Company Voluntary Arrangements
Procedure where nominee is not the liquidator or administrator.
- Submit arrangement terms and financial statement to your nominee Any Person
Consideration of proposal.
- Nominee must summon meetings and seek creditor approval for a formal proposal Any Person
Decisions of the company and its creditors.
Unlimited fine- Chairman and nominee must report CVA results to the court and parties Any Person
Effect of approval.
- Pay outstanding debts if a Voluntary Arrangement ends successfully Trader
Prosecution of delinquent officers of company.
- Assist the authorities during company insolvency investigations Trader
Browse 7 other sections in this Part — procedural / definitional / commencement
Those who may propose an arrangement.
Moratorium.
Approval of arrangement.
Challenge of decisions.
False representations, etc.
Implementation of proposal.
Arrangements coming to an end prematurely.
Part III — Receivership
Disqualification of body corporate from acting as receiver.
Unlimited fine- Act as receiver when not qualified as a body corporate Any Person
- Unlawfully acting as a receiver through a corporate body Any Person
Receivership accounts to be delivered to registrar.
- Deliver receivership accounts to Companies House Director or Officer
Notification that receiver or manager appointed.
- State that the company is in receivership on all business documents Director or Officer
Vacation of office.
- Administrative receiver must notify Companies House when leaving office Director or Officer
Information to be given by administrative receiver.
Unlimited fine- Administrative receivers must notify the company and creditors of appointment Director or Officer
Statement of affairs to be submitted.
- Submit a statement of affairs when required by an administrative receiver Director or Officer
Report by administrative receiver.
- Administrative receiver must send a report to Companies House and creditors within 3 months Director or Officer
Distribution of moneys.
- Receiver must distribute collected funds in strict priority order Director or Officer
Cessation of appointment of receiver.
- Notify Companies House when a receiver stops acting within 14 days Director or Officer
Company’s statement of affairs.
Unlimited fine- Submit a statement of company affairs to the receiver Trader
Browse 45 other sections in this Part — procedural / definitional / commencement
Extent of this Chapter.
Definitions.
Disqualification of bankrupt or person in respect of whom a debt relief order is made
Power for court to appoint official receiver.
Time from which appointment is effective.
Liability for invalid appointment.
Application to court for directions.
Court’s power to fix remuneration.
Liability for contracts, etc.
Payment of debts out of assets subject to floating charge.
Enforcement of duty to make returns.
General powers.
Power to dispose of charged property, etc.
Agency and liability for contracts.
Committee of creditors.
Extent of this Chapter.
Power to appoint receiver.
Circumstances justifying appointment.
Mode of appointment by holder of charge.
Appointment by court.
Powers of receiver.
Precedence among receivers.
Agency and liability of receiver for contracts.
Remuneration of receiver.
Priority of debts.
Disposal of interest in property.
Powers of court.
Notification that receiver appointed.
Information to be given by receiver.
Report by receiver.
Committee of creditors
Enforcement of receiver’s duty to make returns, etc.
Interpretation for Chapter II.
Prescription of forms, etc.; regulations.
Cross-border operation of receivership provisions.
Floating charge holder not to appoint administrative receiver
First exception: capital market
Second exception: public-private partnership
Third exception: utilities
Exception in respect of urban regeneration projects
Fourth exception: project finance
Fifth exception: financial market
Sixth exception: social landlords
Exception in relation to protected railway companies etc.
Sections 72A to 72G: supplementary
Part IV — Winding Up of Companies Registered under the Companies Acts
Circumstances in which company may be wound up voluntarily.
- Give written notice to floating charge holders before voluntary winding up Trader
Notice of resolution to wind up.
Unlimited fine- Advertise the resolution to wind up the company in the Gazette Director or Officer
(1) In case of a voluntary winding up, the company...
- Cease trading when voluntary winding up begins Trader
Appointment of liquidator.
- Appoint a liquidator and cease director powers Trader
Progress report to company ...
- Produce and distribute regular liquidator progress reports Director or Officer
Final account prior to dissolution
- Prepare and file final accounts for company winding up Director or Officer
Effect of company’s insolvency.
- Liquidator must notify creditors if company cannot pay debts Director or Officer
Directors to lay statement of affairs before creditors.
Unlimited fine- Fail to provide statement of company affairs to creditors Director or Officer
- Fail to send statement of affairs to creditors Director or Officer
Appointment of liquidator.
Amended 5 times- Seek liquidator nominations from creditors Director or Officer
Appointment of liquidation committee.
Amended 7 timesCreditors’ meeting where winding up converted under s. 96.
Amended 1 timeVacancy in office of liquidator.
Amended 2 timesProgress report to company and creditors ... ...
Amended 2 times- Produce and distribute progress reports during liquidation Director or Officer
Meetings of company and creditors at each year’s end (Scotland).
Amended 8 timesFinal account prior to dissolution.
Amended 22 times- Prepare and file final account of company winding up Director or Officer
Distribution of company’s property.
Amended 2 timesNotice by liquidator of his appointment.
Amended 3 times- Liquidator must notify Companies House and the Gazette of appointment Director or Officer
Acceptance of shares, etc., as consideration for sale of company property.
Amended 8 timesDissent from arrangement under s. 110.
Amended 1 timeReference of questions to court.
Amended 5 times- File court orders staying winding-up proceedings with Companies House Trader
Court’s power to control proceedings (Scotland).
Amended 1 timeNo liquidator appointed or nominated by company.
Amended 2 times- Directors must not exercise powers without court sanction during voluntary winding up Director or Officer
Expenses of voluntary winding up.
Amended 1 timeHigh Court and county court jurisdiction.
Amended 15 timesCourt of Session and sheriff court jurisdiction.
Amended 4 timesCircumstances in which company may be wound up by the court.
Amended 12 timesDefinition of inability to pay debts.
Amended 2 timesApplication for winding up.
Amended 20 timesPetition for winding up on grounds of public interest.
Amended 20 timesPetition for winding up of SE
Amended 20 timesPetition for winding up of SCE
Amended 20 timesPowers of court on hearing of petition.
Amended 2 timesPower to stay or restrain proceedings against company.
Amended 4 timesAvoidance of property dispositions, etc.
Amended 10 timesAvoidance of attachments, etc.
Amended 2 timesCommencement of winding up by the court.
Amended 7 timesConsequences of winding-up order.
Amended 8 times- Send winding-up order to Companies House Trader
Company’s statement of affairs.
Amended 10 timesInvestigation by official receiver.
Other duties (1) — Crown / regulator
- Official receiver must investigate the causes of company failure Statutory regulator
Public examination of officers
Unlimited fine Amended 4 times- Attend and provide evidence at a public examination if ordered by the court Director or Officer
Appointment and powers of provisional liquidator.
Amended 5 timesFunctions of official receiver in relation to office of liquidator.
Amended 5 timesAppointment by Secretary of State.
Amended 4 timesAppointment of liquidator in Scotland.
Amended 5 times- Interim liquidator must seek nominations for a permanent liquidator Director or Officer
Choice of liquidator by creditors and contributories.
Amended 2 timesAppointment by the court following administration or voluntary arrangement.
Amended 4 timesLiquidation committee (England and Wales).
Amended 3 timesLiquidation committee (Scotland).
Amended 7 times- Liquidator must seek decision on establishing liquidation committee if creditors request it (Scotland) Director or Officer
General functions in winding up by the court.
Amended 3 times- Liquidators must collect and distribute assets and assist the Official Receiver Director or Officer
Custody of company’s property.
Amended 1 timeVesting of company property in liquidator.
Amended 1 timeFinal account
Amended 9 times- Prepare and distribute final account of company winding up Director or Officer
Official receiver’s duty to send statement to registrar about other proceedings
Amended 9 timesPower to stay or sist winding up.
Amended 6 times- Forward court order staying or sisting winding up to Companies House Trader
Settlement of list of contributories and application of assets.
Amended 2 timesDebts due from contributory to company.
Amended 2 timesPower to make calls.
Amended 1 timePayment into bank of money due to company.
Amended 1 timeOrder on contributory to be conclusive evidence.
Amended 1 timePower to exclude creditors not proving in time.
Amended 1 timeAdjustment of rights of contributories.
Amended 1 timeOther duties (1) — Crown / regulator
- Court must adjust rights of contributories and distribute surplus funds Tribunal / Court
Inspection of books by creditors, etc.
Amended 3 timesPayment of expenses of winding up.
Amended 2 timesAttendance at company meetings (Scotland).
Amended 1 timePower to arrest absconding contributory.
Amended 1 timePowers of court to be cumulative.
Amended 2 timesDelegation of powers to liquidator (England and Wales).
Amended 4 timesOrders for calls on contributories (Scotland).
Amended 1 timeAppeals from orders in Scotland.
Amended 4 timesStyle and title of liquidators.
Amended 1 time- Use correct legal titles when acting as a liquidator Director or Officer
Voluntary winding up.
Amended 7 timesCreditors’ voluntary winding up.
Amended 7 timesWinding up by the court.
Amended 6 timesSupplementary powers (England and Wales).
Amended 13 times- Liquidators must seek creditor decisions if requested by 10% in value Director or Officer
Supplementary powers (Scotland).
Amended 5 timesEnforcement of liquidator’s duty to make returns, etc.
Amended 5 timesRemoval, etc. (voluntary winding up).
Amended 14 timesRemoval, etc. (winding up by the court).
Amended 16 timesRelease (voluntary winding up).
Amended 10 timesRelease (winding up by the court).
Amended 9 timesMoratorium debts etc: priority
Amended 9 timesPreferential debts (general provision).
Amended 21 timesPreferential charge on goods distrained , etc.
Amended 6 timesShare of assets for unsecured creditors
Amended 6 timesNon-preferential debts of financial institutions
Amended 6 timesPayment of expenses of winding up (England and Wales)
Amended 6 timesApplication of proceeds of office-holder claims
Amended 6 timesPower to appoint special manager.
Amended 4 timesOther duties (1) — Crown / regulator
- Court may appoint a special manager to run the business during liquidation Tribunal / Court
Power to disclaim onerous property.
Amended 11 timesDisclaimer of leaseholds.
Amended 4 timesLand subject to rentcharge.
Amended 4 timesPowers of court (general).
Amended 4 timesPowers of court (leaseholds).
Amended 4 timesEffect of execution or attachment (England and Wales).
Amended 6 timesDuties of officers charged with execution of writs and other processes (England and Wales).
Amended 8 timesEffect of diligence (Scotland)
Amended 13 timesRescission of contracts by the court.
Amended 4 timesPower to make over assets to employees.
Amended 8 timesNotification that company is in liquidation.
Amended 5 times- State that the company is in liquidation on all business documents Director or Officer
Interest on debts.
Amended 3 timesDocuments exempt from stamp duty.
Amended 1 timeCompany’s books to be evidence.
Amended 2 timesInformation as to pending liquidations.
Amended 3 timesUnclaimed dividends (Scotland).
Amended 7 times- Deposit unclaimed dividends with the Accountant of Court (Scotland) Director or Officer
Resolutions passed at adjourned meetings.
Amended 6 timesCourt's powers to ascertain wishes of creditors or contributories.
Amended 4 timesJudicial notice of court documents.
Amended 7 timesOther duties (1) — Crown / regulator
- Courts must accept official insolvency and company documents as authentic Tribunal / Court
Commission for receiving evidence.
Amended 5 timesCourt order for examination of persons in Scotland.
Amended 3 timesCosts of application for leave to proceed (Scottish companies).
Amended 5 timesAffidavits etc. in United Kingdom and overseas.
Amended 3 timesDissolution (voluntary winding up).
Amended 22 timesEarly dissolution (England and Wales).
Amended 22 timesConsequence of notice under s. 202.
Amended 2 timesEarly dissolution (Scotland).
Unlimited fine Amended 2 times- Register court order for early dissolution (Scotland) Director or Officer
Dissolution otherwise than under ss. 202-204.
Amended 21 timesFraud, etc. in anticipation of winding up.
Amended 6 timesTransactions in fraud of creditors.
Amended 5 timesMisconduct in course of winding up.
Unlimited fine Amended 6 times- Fail to cooperate with liquidator during company winding up Director or Officer
- Misconduct during company liquidation Director or Officer
Falsification of company’s books.
Unlimited fine Amended 3 times- Falsify company books or records during winding up Director or Officer
- Falsify or destroy company records during insolvency Director or Officer
Material omissions from statement relating to company’s affairs.
Amended 6 timesFalse representations to creditors.
Unlimited fine Amended 4 times- Make false representations to creditors during winding up Director or Officer
Summary remedy against delinquent directors, liquidators, etc.
Amended 11 timesFraudulent trading.
Amended 5 timesWrongful trading.
Amended 18 timesProceedings under ss. 213, 214.
Amended 10 timesRestriction on re-use of company names.
Amended 3 timesPersonal liability for debts, following contravention of s. 216.
Amended 3 timesProsecution of delinquent officers and members of company.
7 years imprisonment Amended 21 times- Criminal misconduct by company officers identified during insolvency Director or Officer
Obligations arising under s. 218.
Amended 10 times- Assist authorities during insolvency-related criminal investigations Director or Officer
Browse 28 other sections in this Part — procedural / definitional / commencement
Scheme of this Part
Liability as contributories of present and past members.
Directors, etc. with unlimited liability.
Liability of past directors and shareholders.
Limited company formerly unlimited.
Unlimited company formerly limited.
Meaning of “contributory”.
Nature of contributory’s liability.
Contributories in case of death of a member.
Effect of contributory’s bankruptcy.
Companies registered but not formed under the Companies Act 2006
Commencement of winding up.
Avoidance of share transfers, etc. after winding-up resolution.
Statutory declaration of solvency.
Distinction between “members’” and “creditors’” voluntary winding up.
Power to fill vacancy in office of liquidator.
General company meeting at each year’s end (Scotland)
Conversion to creditors’ voluntary winding up.
Application of this Chapter.
Meeting of creditors.
Cesser of directors’ powers.
Appointment or removal of liquidator by the court.
Saving for certain rights.
Proceedings taken in wrong court.
Proceedings in county court; case stated for High Court.
Power to remit winding up to Lord Ordinary.
Enforcement of s. 133.
Corrupt inducement affecting appointment.
Part V — Winding Up of Unregistered Companies
Meaning of “unregistered company”.
Amended 2 timesWinding up of unregistered companies.
Amended 10 timesInability to pay debts: debt remaining unsatisfed after action brought.
Amended 1 timeInability to pay debts: other cases.
Amended 1 timeCompany incorporated outside Great Britain may be wound up though dissolved.
Amended 5 timesContributories in winding up of unregistered company.
Amended 1 timeProvisions of this Part to be cumulative.
Amended 2 timesBrowse 3 other sections in this Part — procedural / definitional / commencement
Part VI — Miscellaneous Provisions Applying to Companies Which are Insolvent or in Liquidation
Holders of office to be qualified insolvency practitioners.
Amended 2 times- Appoint a qualified insolvency practitioner for formal company procedures Director or Officer
Appointment to office of two or more persons.
Amended 5 timesValidity of office-holder’s acts.
Amended 2 timesSupplies of gas, water, electricity, etc.
Amended 31 times- Do not demand pre-insolvency utility charges as a condition of continued supply Distributor
Further protection of essential supplies
Amended 31 timesProtection of supplies of goods and services
Amended 31 times- Do not terminate supply contracts or demand pre-insolvency payment when a customer enters insolvency Distributor
Powers to amend section 233B and Schedule 4ZZA
Amended 31 timesGetting in the company’s property.
Amended 10 timesDuty to co-operate with office-holder.
Unlimited fine Amended 9 times- Co-operate with and provide information to the insolvency office-holder Any Person
Inquiry into company’s dealings, etc.
Amended 7 timesCourt’s enforcement powers under s. 236.
Amended 4 timesTransactions at an undervalue (England and Wales).
Amended 10 timesPreferences (England and Wales).
Amended 9 times“Relevant time” under ss. 238, 239.
Amended 12 timesOrders under ss. 238, 239.
Amended 11 timesGratuitous alienations (Scotland).
Amended 14 timesUnfair preferences (Scotland).
Amended 12 timesExtortionate credit transactions.
Amended 12 timesAvoidance of certain floating charges.
Amended 15 timesUnenforceability of liens on books, etc.
Amended 8 timesRemote attendance at meetings
Amended 8 times- Ensure effective participation for remote insolvency meetings Any Person
Use of websites
Amended 8 timesCreditors' ability to opt out of receiving certain notices
Amended 8 timesFraudulent trading: administration
Amended 8 timesWrongful trading: administration
Amended 8 timesProceedings under section 246ZA or 246ZB
Amended 8 timesPower to assign
Amended 8 timesDecisions by creditors and contributories: general
Amended 8 timesDeemed consent procedure
Amended 8 times- Use deemed consent for creditor decisions Any Person
Power to amend sections 246ZE and 246ZF
Amended 8 timesPart 7A — Debt relief orders
Debt relief orders
Amended 17 timesMaking of application
Amended 17 timesDuty of official receiver to consider and determine application
Amended 17 timesOther duties (1) — Crown / regulator
- Official receiver must determine debt relief order applications Statutory regulator
Presumptions applicable to the determination of an application
Amended 17 timesMaking of debt relief orders
Amended 17 timesEffect of debt relief order on other debt management arrangements
Amended 17 timesMoratorium from qualifying debts
Amended 17 timesThe moratorium period
Amended 17 timesDischarge from qualifying debts
Amended 17 timesProviding assistance to official receiver
Amended 17 timesObjections and investigations
Amended 17 timesPower of official receiver to revoke or amend a debt relief order
Amended 17 timesPowers of court in relation to debt relief orders
Amended 17 timesInquiry into debtor's dealings and property
Amended 17 timesFalse representations and omissions
Amended 17 timesConcealment or falsification of documents
7 years imprisonment Amended 17 times- Conceal or falsify business and financial records during a Debt Relief Order Any Person
Fraudulent disposal of property
Amended 17 times- Fraudulently dispose of property while subject to debt relief order Any Person
Fraudulent dealing with property obtained on credit
Amended 17 timesObtaining credit or engaging in business
Amended 17 timesOffences: supplementary
7 years imprisonment Amended 17 times- Commit fraud or document offences during debt relief proceedings Any Person
Approved intermediaries
Amended 17 timesDebt relief restrictions orders and undertakings
Amended 17 timesRegister of debt relief orders etc
Amended 17 timesOther duties (1) — Crown / regulator
- Secretary of State must maintain a register of debt relief matters Crown / Minister / Government department
Interpretation
Amended 17 timesPart VII — Interpretation for First Group of Parts
“Insolvency” and “go into liquidation”.
Amended 8 times“Secured creditor”, etc.
Amended 2 times“Opted-out creditor”
Amended 2 times“Connected” with a company.
Amended 16 times“Member” of a company.
Amended 1 timeExpressions used generally.
Amended 17 timesPart VIII — Individual Voluntary Arrangements
Interim order of court.
Amended 3 timesApplication for interim order.
Amended 6 timesEffect of application.
Amended 1 time- Do not forfeit a debtor's lease by peaceful re-entry without court leave Landlord
Cases in which interim order can be made.
Amended 4 timesNominee’s report on debtor’s proposal.
Amended 9 times- Submit arrangement terms and financial statement to your nominee Trader
Debtor’s proposal and nominee’s report.
Amended 9 timesConsideration of debtor's proposal by creditors
Amended 4 timesApproval of debtor's proposal
Amended 19 timesReport of decisions to court.
Amended 4 times- Nominee must report the creditors' decision on a voluntary arrangement Any Person
Effect of approval.
Amended 7 timesAdditional effect on undischarged bankrupt
Amended 3 times- Apply to annul your bankruptcy after a voluntary arrangement is approved Any Person
Challenge of creditors' decision.
Amended 16 timesFalse representations etc.
Unlimited fine Amended 16 times- Make false statement to gain creditor approval of voluntary arrangement Any Person
- Provide false information to creditors regarding a voluntary arrangement Any Person
Prosecution of delinquent debtors.
Amended 16 timesArrangements coming to an end prematurely.
Amended 16 timesImplementation and supervision of approved voluntary arrangement.
Amended 5 timesAvailability
Amended 5 timesDecision
Amended 5 timesResult
Amended 5 timesApproval of voluntary arrangement
Amended 5 timesImplementation
Amended 5 timesRevocation
Amended 5 timesOffences
Amended 5 timesPart 9 — Insolvency of Individuals; Bankruptcy
Section-level detail for this Part is not available yet.
Part IX — Bankruptcy
Bankruptcy applications to an adjudicator
Amended 5 timesDebtors against whom an adjudicator may make a bankruptcy order
Amended 5 timesConditions applying to bankruptcy application
Amended 5 timesDetermination of bankruptcy application
Amended 5 timesAdjudicator's requests for further information
Amended 5 timesMaking of bankruptcy order
Amended 5 timesOther duties (1) — Crown / regulator
- Adjudicator must issue and notify parties of a bankruptcy order Tribunal / Court
Refusal to make a bankruptcy order: review and appeal etc.
Amended 5 timesFalse representations and omissions
7 years imprisonment Amended 5 times- Provide false information in a bankruptcy application Any Person
Who may present a bankruptcy petition.
Amended 17 timesCreditor's petition: debtors against whom the court may make a bankruptcy order.
Amended 12 timesOther preliminary conditions.
Amended 4 timesGrounds of creditor’s petition.
Amended 3 timesDefinition of “inability to pay”, etc.; the statutory demand.
Amended 2 timesProceedings on creditor’s petition.
Amended 4 timesGrounds of debtor’s petition.
Amended 3 timesSummary administration.
Amended 1 timeDefault in connection with voluntary arrangement.
Amended 1 timePetition based on criminal bankruptcy order.
Amended 2 timesCommencement and continuance.
Amended 1 timeDuration
Amended 4 timesDischarge by order of the court.
Amended 3 timesEffect of discharge.
Amended 9 timesPost-discharge restrictions
Amended 9 timesCourt’s power to annul bankruptcy order.
Amended 7 timesDefinition of bankrupt’s estate.
Amended 6 timesBankrupt’s home ceasing to form part of estate
Amended 6 timesRestrictions on dispositions of property.
Amended 8 timesRestriction on proceedings and remedies.
Amended 3 times- Do not enforce debts or take legal action against a bankrupt without court permission Trader
Power to appoint interim receiver.
Amended 4 timesPowers of interim receiver.
Amended 17 timesOther duties (1) — Crown / regulator
- Interim receiver must protect debtor property and may sell perishable goods Statutory regulator
Statement of affairs.
Amended 8 timesInvestigatory duties of official receiver
Amended 1 timePublic examination of bankrupt.
Unlimited fine Amended 1 time- Attend and answer questions at a public examination if bankrupt Any Person
Duties of bankrupt in relation to official receiver.
Unlimited fine Amended 1 time- Provide information and attend meetings with the Official Receiver Any Person
First trustee in bankruptcy
Amended 1 time- Trustee in bankruptcy must notify creditors of their appointment Trustee
Appointment of trustees: general provision
Amended 5 timesSummoning of meeting to appoint first trustee.
Amended 4 timesPower of creditors to requisition meeting.
Amended 2 timesFailure of meeting to appoint trustee.
Amended 2 timesAppointment of trustee by Secretary of State.
Amended 4 timesSpecial cases.
Amended 7 timesRemoval of trustee; vacation of office.
Amended 18 timesRelease of trustee.
Amended 10 timesVacancy in office as trustee.
Amended 8 timesCreditors’ committee.
Amended 5 timesExercise by Secretary of State of functions of creditors’ committee.
Amended 1 timeGeneral control of trustee by the court.
Amended 4 timesLiability of trustee.
Amended 1 timeGeneral functions of trustee.
Amended 1 timeAfter-acquired property.
Amended 11 timesIncome payments orders.
Amended 14 timesIncome payments agreement
Amended 14 timesAcquisition by trustee of control.
- Trustee in bankruptcy must take control of assets and records Trustee
Obligation to surrender control to trustee.
Unlimited fine- Surrender all business records and property to the bankruptcy trustee Any Person
Charge on bankrupt’s home.
Amended 6 timesLow value home: application for sale, possession or charge
Amended 6 timesPowers of trustee.
Amended 7 timesDisclaimer (general power).
Amended 2 timesCourt order vesting disclaimed property.
Amended 2 timesOrder under s. 320 in respect of leaseholds.
Amended 1 timeMutual credit and set-off.
Amended 1 timeDistribution by means of dividend.
- Distribute bankruptcy dividends to creditors Trustee
Priority of debts.
Amended 16 timesDebts to spouse.
Amended 3 timesFinal distribution.
Amended 6 timesFinal report.
Amended 4 times- Provide final report and notice to creditors at the end of bankruptcy Trustee
Saving for bankrupt’s home.
Amended 2 timesStay of distribution in case of second bankruptcy.
Amended 1 timeRights of occupation etc. of bankrupt’s spouse or civil partner.
Amended 13 timesOther duties (1) — Crown / regulator
- Courts must balance creditor and family interests in bankruptcy property orders Tribunal / Court
Rights of occupation of bankrupt.
Amended 9 timesPayments in respect of premises occupied by bankrupt.
Amended 1 timeTransactions at an undervalue.
Amended 9 timesPreferences.
Amended 4 times“Relevant time” under ss. 339, 340.
Amended 3 timesOrders under ss. 339, 340.
Amended 8 timesRecovery of excessive pension contributions.
Amended 8 timesOrders under section 342A.
Amended 8 timesOrders under section 342A: supplementary.
Amended 8 times- Provide pension arrangement information to bankruptcy trustee on request Any Person
Recovery of excessive contributions in pension-sharing cases.
Amended 8 timesOrders under section 339 or 340 in respect of pension-sharing transactions.
Amended 8 timesOther duties (1) — Crown / regulator
- Courts may order pension providers to repay funds in bankruptcy cases Tribunal / Court
Orders under section 339 or 340 in pension-sharing cases: supplementary.
Amended 8 times- Provide pension information to a trustee in bankruptcy Any Person
Extortionate credit transactions.
Amended 3 timesAvoidance of general assignment of book debts.
Amended 2 timesContracts to which bankrupt is a party.
Amended 2 timesEnforcement procedures.
Amended 12 timesDistress, etc.
Amended 20 timesApprenticeships, etc.
Amended 1 timeUnenforceability of liens on books, etc.
Amended 1 timeArbitration agreements to which bankrupt is party.
Amended 1 timeScheme of this Chapter.
7 years imprisonment Amended 2 times- Criminal conduct during or leading up to bankruptcy Any Person
Definitions.
Amended 2 timesConcealment of property.
Amended 3 times- Concealment or non-delivery of property by a bankrupt Any Person
- Conceal property or fail to deliver it up during bankruptcy Any Person
Concealment of books and papers; falsification.
Amended 4 timesFalse statements.
Amended 4 times- Make false statements in bankruptcy Any Person
- Make false statements or hide information during bankruptcy Any Person
Fraudulent disposal of property.
Unlimited fine- Fraudulently give away or hide property before bankruptcy Any Person
- Fraudulently hide or transfer property before bankruptcy Any Person
Absconding.
Amended 1 time- Absconding with assets during bankruptcy Any Person
- Abscond with property during bankruptcy Any Person
Fraudulent dealing with property obtained on credit.
Amended 3 times- Fraudulently dispose of or acquire goods obtained on credit Any Person
- Fraudulently dispose of property obtained on credit while bankrupt Any Person
Obtaining credit; engaging in business.
Amended 3 times- Obtain credit or trade under a different name while bankrupt Any Person
Failure to keep proper accounts of business.
Amended 1 timeGambling.
Amended 1 timePower of arrest.
Amended 2 timesInquiry into bankrupt’s dealings and property.
Amended 3 timesPower to appoint special manager.
Amended 2 times- Provide security and keep accounts if appointed as special manager Any Person
Re-direction of bankrupt’s letters, etc.
Amended 2 timesBrowse 32 other sections in this Part — procedural / definitional / commencement
Creditor with security.
Expedited petition.
Appointment of insolvency practitioner by the court.
Action on report of insolvency practitioner.
Debtor who meets conditions for a debt relief order
Vesting of bankrupt’s estate in trustee.
Property subject to restraint order
Property released from detention
Property in respect of which receivership or administration order made
Property in respect of which realisation order made
Property subject to certain orders where confiscation order discharged or quashed
Vesting in trustee of certain items of excess value.
Vesting in trustee of certain tenancies.
Time-limit for notice under s. 307 or 308.
Notice requiring trustee’s decision.
Disclaimer of leaseholds.
Disclaimer of dwelling house.
Disclaimer of land subject to rentcharge.
Proof of debts.
Claims by unsatisfied creditors.
Distribution of property in specie.
Distribution in criminal bankruptcy.
Duties of bankrupt in relation to trustee.
Adjustment between earlier and later bankruptcy estates.
Rights under trusts of land.
Defence of innocent intention.
Non-disclosure.
General control of court.
Seizure of bankrupt’s property.
Court’s enforcement powers under s. 366.
Provision corresponding to s. 366, where interim receiver appointed.
Order for production of documents by inland revenue.
Part X — Individual Insolvency: General Provisions
Supplies of gas, water, electricity, etc.
Amended 15 times- Do not demand payment of pre-bankruptcy arrears as condition of continued utility supply Distributor
Further protection of essential supplies
Amended 15 timesJurisdiction in relation to insolvent individuals.
Amended 6 timesInsolvency districts.
Amended 4 timesAppeals etc. from courts exercising insolvency jurisdiction.
Amended 3 timesTime-limits.
Amended 1 timeExemption from stamp duty.
- Claim stamp duty exemption for bankruptcy-related property transfers Trustee
Annual report.
Amended 1 timeOther duties (1) — Crown / regulator
- Secretary of State must produce an annual report on insolvency law Crown / Minister / Government department
Remote attendance at meetings
Amended 1 timeUse of websites
Amended 1 timeCreditors' ability to opt out of receiving certain notices
Amended 1 timeCreditors' decisions: general
Amended 1 timeDeemed consent procedure
Amended 1 time- Use deemed consent for creditor decisions where appropriate Any Person
Power to amend sections 379ZA and 379ZB
Amended 1 timeBrowse 1 other section in this Part — procedural / definitional / commencement
Formal defects.
Part XI — Interpretation for Second Group of Parts
“Bankrupt” and associated terminology.
Amended 3 times“Bankruptcy debt, “liability” ”
Amended 2 times“Creditor”, “security”, etc.
Amended 2 times“Opted-out creditor”
Amended 2 times“Prescribed” and “the rules”.
Amended 6 timesMiscellaneous definitions.
Amended 10 timesBrowse 1 other section in this Part — procedural / definitional / commencement
Introductory.
Part XII — Preferential and non-preferential debts in Company and Individual Insolvency
Categories of preferential debts.
Amended 20 times“The relevant date”.
Amended 31 timesFinancial institutions and their non-preferential debts
Amended 31 timesPart XIII — Insolvency Practitioners and their Qualification
Meaning of “act as insolvency practitioner”
Amended 25 timesActing without qualification an offence.
Amended 7 timesAuthorisation of nominees and supervisors.
Amended 7 timesOfficial receiver as nominee or supervisor
Amended 7 timesPersons not qualified to act as insolvency practitioners.
Amended 23 timesAuthorisation
Amended 23 timesPartial authorisation: acting in relation to partnerships
Amended 23 times- Act as an insolvency practitioner while partially authorised only Any Person
Recognised professional bodies
Amended 8 timesApplication for recognition as recognised professional body
Amended 8 timesApplication of regulatory objectives
Amended 8 timesOther duties (1) — Crown / regulator
- Recognised professional bodies must follow regulatory objectives Statutory regulator
Meaning of “regulatory functions” and “regulatory objectives”
Amended 8 timesDirections
Amended 8 timesDirections: procedure
Amended 8 timesFinancial penalty
Amended 8 timesFinancial penalty: procedure
Amended 8 timesAppeal against financial penalty
Amended 8 timesRecovery of financial penalties
Amended 8 timesReprimand
Amended 8 timesReprimand: procedure
Amended 8 timesRevocation of recognition at instigation of Secretary of State
Amended 8 timesOrders under section 391L: procedure
Amended 8 timesOther duties (1) — Crown / regulator
- Secretary of State must follow specific procedures before revoking recognition Crown / Minister / Government department
Revocation of recognition at request of body
Amended 8 timesDirect sanctions orders
Amended 8 timesOther duties (1) — Crown / regulator
- Professional bodies must implement court orders against insolvency practitioners Statutory regulator
Application for, and power to make, direct sanctions order
Amended 8 timesDirect sanctions order: conditions
Amended 8 timesDirect sanctions direction instead of order
Amended 8 timesOther duties (1) — Crown / regulator
- Secretary of State may issue a direct sanctions direction to an IP Crown / Minister / Government department
Power for Secretary of State to obtain information
Amended 8 timesCompliance orders
Amended 8 timesAuthorisation by competent authority.
Amended 1 timeGrant, refusal and withdrawal of authorisation.
Amended 4 timesBrowse 5 other sections in this Part — procedural / definitional / commencement
Part XIV — Public Administration (England and Wales)
Appointment, etc. of official receivers.
Amended 9 timesFunctions and status of official receivers.
Other duties (1) — Crown / regulator
- Official receivers must perform duties directed by the Secretary of State Statutory regulator
Insolvency Services Account.
Other duties (1) — Crown / regulator
- Secretary of State must manage and invest insolvency funds Crown / Minister / Government department
Application of income in Investment Account; adjustment of balances.
Amended 1 timeInterest on money received by liquidators or trustees in bankruptcy and invested.
Amended 1 timeOther duties (1) — Crown / regulator
- Secretary of State must certify interest and tax on insolvency accounts Crown / Minister / Government department
Adjustment of balances
Amended 1 timeBrowse 7 other sections in this Part — procedural / definitional / commencement
Appointment etc of adjudicators and assistants
Deputy official receivers and staff.
Official Petitioner.
Investment Account.
Unclaimed dividends and undistributed balances.
Annual financial statement and audit.
Extent of this Part.
Part 15 — Miscellaneous Matters Bearing on Both Company and Individual Insolvency; General Interpretation; Final Provisions
Section-level detail for this Part is not available yet.
Part XV — Subordinate Legislation
Company insolvency rules.
Amended 49 timesIndividual insolvency rules (England and Wales).
Amended 10 timesInsolvency Rules Committee.
Amended 15 timesOther duties (1) — Crown / regulator
- Lord Chancellor must consult the Insolvency Rules Committee before making rules Crown / Minister / Government department
Fees orders (company insolvency proceedings).
Amended 13 timesFees orders (individual insolvency proceedings in England and Wales).
Amended 6 timesFees orders (general)
Amended 6 timesMonetary limits (company moratorium)
Amended 6 timesMonetary limits (companies winding up).
Amended 4 timesMonetary limits (bankruptcy).
Amended 3 timesRegulations for purposes of Part XIII.
Amended 3 timesInsolvent partnerships.
Amended 9 timesInsolvent estates of deceased persons.
Amended 9 timesInsolvent estates: joint tenancies.
Amended 9 timesFormerly authorised banks.
Amended 9 timesMeaning of “relevant offence”
Amended 9 timesBrowse 2 other sections in this Part — procedural / definitional / commencement
Money sum in s. 222.
Money sums (company moratorium).
Part XVI — Provisions Against Debt Avoidance (England and Wales only)
Part 17A — SUPPLEMENTARY PROVISIONS
Introductory
Amended 3 timesRepresentation of corporations in decision procedures and at meetings
Amended 3 timesLegal professional privilege
Amended 3 timesEnforcement of company's filing obligations
Amended 3 timesApplication of filing obligations to overseas companies
Amended 3 times- Overseas companies must follow UK insolvency filing rules Trader
Part XVII — Miscellaneous and General
Co-operation between courts exercising jurisdiction in relation to insolvency.
Amended 12 timesDisqualification from Parliament (England and Wales and Northern Ireland)
Amended 12 timesDevolution
Amended 12 timesOther duties (1) — Crown / regulator
- Courts and Government must notify devolved bodies of member insolvency Tribunal / Court
Irrelevance of privilege
Amended 12 timesDisqualification from Parliament (Scotland ...)
Amended 19 timesExemptions from Restrictive Trade Practices Act.
Amended 1 timeDisabilities on revocation of administration order against an individual.
Unlimited fine Amended 5 times- Fail to disclose credit restrictions after court order revocation Any Person
- Obtain credit or trade without disclosing administration order revocation Any Person
Provision introducing Schedule of punishments.
Amended 8 timesSummary proceedings.
Amended 20 timesOffences by bodies corporate.
Amended 6 times- Personal liability of officers for corporate insolvency offences Director or Officer
Admissibility in evidence of statements of affairs, etc.
Amended 9 timesCrown application.
Amended 3 timesPart XVIII — Interpretation
Meaning of “associate”.
Amended 16 timesExpressions used generally.
Amended 19 timesProceedings under EU Regulations : modified definition of property
Amended 19 timesReferences to things in writing
Amended 19 timesPart XIX — Final Provisions
Transitional provisions, and savings.
Amended 1 timeExtent (Scotland).
Amended 2 timesExtent (Northern Ireland).
Amended 1 timeBrowse 5 other sections in this Part — procedural / definitional / commencement
Repeals.
Amendment of enactments.
Extent (other territories).
Commencement.
Citation.
Schedules
Registration
Other duties (1) — Crown / regulator
- Secretary of State must maintain a register of bankruptcy restrictions Crown / Minister / Government department
In Scotland, the administrator in making any payment in accordance...
- Pay administrator expenses and creditors in the correct priority order Director or Officer
Notice of appointment
- Make a false statement in administrator appointment declaration Any Person
A person who appoints an administrator under paragraph 14—
Unlimited fine- Fail to notify administrator after appointment Any Person
(1) A person who gives notice of intention to appoint...
- Make false statement in statutory declaration for administrator appointment Any Person
(1) An appointment may not be made under paragraph 22...
- Comply with notice and timing rules before appointing an administrator Any Person
Notice of appointment
- Make false statement in administrator appointment declaration Any Person
A person who appoints an administrator under paragraph 22—
- Fail to notify administrator after appointment Any Person
Application where company in liquidation
- Holder of qualifying floating charge may apply to court to switch liquidation to administration Trader
(1) The liquidator of a company may make an administration...
Other duties (1) — Crown / regulator
- Court must discharge winding-up order and specify administrator's powers on granting administration order Tribunal / Court
Dismissal of administrative or other receiver
- Receivers must vacate office when company enters administration Director or Officer
Moratorium on other legal process
- Do not enforce claims against a company in administration without consent Landlord
Publicity
Unlimited fine- Fail to show administrator's name on business documents Director or Officer
Announcement of administrator’s appointment
- Fail to comply with administrator's notification duties Any Person
(1) A person required to submit a statement of affairs...
Unlimited fine- Fail to submit a statement of affairs (administration) Any Person
Administrator’s proposals
- Prepare and send statement of proposals within 8 weeks of administration Director or Officer
Consideration of administrator's proposals by creditors
Unlimited fine- Fail to obtain creditor approval of administration proposals Any Person
Creditors' decision
- Fail to report creditors' decision on administrator's proposals Any Person
Revision of administrator’s proposals
Unlimited fine- Fail to report creditors' decision on administrator's proposals Any Person
Further creditors’ decisions
Unlimited fine- Fail to seek creditor decision when required Any Person
(1) Subject to sub-paragraph (2), the administrator of a company...
- Manage company’s affairs according to approved proposals and court directions Director or Officer
Charged property: non-floating charge
- Fail to send administration court order to registrar of companies Any Person
Hire-purchase property
- Fail to send court order to Companies House Any Person
(1) An order of the court under paragraph 76—
- Fail to notify Companies House of court order ending administration Any Person
(1) In paragraph 76(2)(b) “ consent ” means consent of—...
Unlimited fine- Fail to notify extension of administration Any Person
Court ending administration on application of administrator
- Administrator must apply to court to end administration in certain circumstances Director or Officer
Termination of administration where objective achieved
- Fail to notify creditors after ending administration Any Person
Moving from administration to dissolution
- Fail to send notice and notify creditors after administration ends Any Person
Notice to Companies Registrar where administration ends
Unlimited fine- Fail to notify Companies House that administration has ended Any Person
Administrator ceasing to be qualified
- Fail to notify ceasing to be qualified as administrator Any Person
Browse 494 other Schedules — structural / supplementary
Powers of Administrator or Administrative Receiver
Orders in Course of Winding Up Pronounced in Vacation (Scotland)
Powers of Liquidator in a Winding Up
Powers of Trustee in Bankruptcy
The Categories of Preferential Debts
Insolvency Practitioners Tribunal
Transitional Provisions and Savings
Enactments Repealed
Consequential Amendments of Companies Act 1985
Power to take possession of, collect and get in the...
Power to draw, accept, make and endorse any bill of...
Power to appoint any agent to do any business which...
Power to do all such things (including the carrying out...
Power to make any payment which is necessary or incidental...
Power to carry on the business of the company.
Power to establish subsidiaries of the company.
Power to transfer to subsidiaries of the company the whole...
Power to grant or accept a surrender of a lease...
Power to make any arrangement or compromise on behalf of...
Power to call up any uncalled capital of the company....
Power to sell or otherwise dispose of the property of...
Power to rank and claim in the bankruptcy, insolvency, sequestration...
Power to present or defend a petition for the winding...
Power to change the situation of the company’s registered office....
Power to do all other things incidental to the exercise...
Power to raise or borrow money and grant security therefor...
Power to appoint a solicitor or accountant or other professionally...
Power to bring or defend any action or other legal...
Power to refer to arbitration any question affecting the company....
Power to effect and maintain insurances in respect of the...
Power to use the company’s seal.
Power to do all acts and to execute in the...
Powers of a Scottish Receiver (Additional to Those Conferred on him by the Instrument of Charge)
Power to take possession of, collect and get in the...
Power to to draw, accept, make and endorse any bill...
Power to to appoint any agent to do any business...
Power to do all such things (including the carrying out...
Power to make any payment which is necessary or incidental...
Power to carry on the business of the company or...
Power to grant or accept a surrender of a lease...
Power to make any arrangement or compromise on behalf of...
Power to call up any uncalled capital of the company....
Power to to establish subsidiaries of the company.
Power to to transfer to subsidiaries of the company the...
Power to sell, feu, hire out or otherwise dispose of...
Power to rank and claim in the bankruptcy, insolvency, sequestration...
Power to present or defend a petition for the winding...
Power to change the situation of the company’s registered office....
Power to do all other things incidental to the exercise...
Power to raise or borrow money and grant security therefor...
Power to appoint a solicitor or accountant or other professionally...
Power to bring or defend any action or other legal...
Power to refer to arbitration all questions affecting the company....
Power to effect and maintain insurances in respect of the...
Power to use the company’s seal.
Power to do all acts and to execute in the...
EXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS
Capital market arrangement
Regulated business
“Person”
Capital market investment
(1) An investment is also a capital market investment for...
“Agreement”
Debt
Step-in rights
Project company
“Resources”
“Public body”
Power to pay any class of creditors in full.
Power to raise on the security of the assets of...
Power to take out in his official name letters of...
Power to appoint an agent to do any business which...
Power to do all such other things as may be...
Power to make any compromise or arrangement with creditors or...
Power to bring legal proceedings under section 213, 214, 238,...
Power to bring or defend any action or other legal...
Power to carry on the business of the company so...
Power to sell any of the company’s property by public...
In the case of a winding up in England and...
Power to do all acts and execute, in the name...
Power to prove, rank and claim in the bankruptcy, insolvency...
Power to draw, accept, make and indorse any bill of...
Bankruptcy restrictions order
Bankruptcy restrictions order
Effect of annulment of bankruptcy order
Where a bankruptcy order is annulled under section 261 ......
Grounds for making order
Timing of application for order
Duration of order
Interim bankruptcy restrictions order
(1) This paragraph applies to a case in which both...
Bankruptcy restrictions undertaking
A reference in an enactment to a person in respect...
(1) A bankruptcy restrictions undertaking— (a) shall come into force...
Conditions for making a debt relief order
(1) The debtor— (a) is domiciled in England and Wales...
(1) The debtor has not given a preference to any...
The debtor is not, on the determination date—
A bankruptcy application under Part 9— (a) has not been...
A creditor's petition for the debtor's bankruptcy under Part 9—...
A debt relief order has not been made in relation...
(1) The total amount of the debtor's debts on the...
(1) The debtor's monthly surplus income (if any) on the...
(1) The total value of the debtor's property on the...
(1) The debtor has not entered into a transaction with...
Debt relief restrictions orders and undertakings
(1) A debt relief restrictions order may be made by...
Unless the court directs otherwise, the revocation at any time...
(1) The court shall grant an application for a debt...
An application for a debt relief restrictions order in respect...
(1) A debt relief restrictions order— (a) comes into force...
(1) This paragraph applies at any time between—
(1) This paragraph applies to a case in which both...
(1) A debtor may offer a debt relief restrictions undertaking...
A reference in an enactment to a person in respect...
(1) A debt relief restrictions undertaking— (a) comes into force...
Essential supplies
Securitisation companies
Overseas activities
Introductory
Financial contracts
Securities financing transactions
Derivatives
Spot contracts
Capital market investments
Contracts forming part of a public-private partnership
Financial markets and insolvency
Introductory
Set-off and netting
Aircraft equipment
Insurers
Banks
Electronic money institutions
Investment banks and investment firms
Payment institutions
Operators of payment systems, infrastructure providers etc
Recognised investment exchanges etc
Power to carry on any business of the bankrupt so...
Power to give receipts for any money received by him,...
Power to prove, rank, claim and draw a dividend in...
Power to exercise in relation to any property comprised in...
Power to deal with any property comprised in the estate...
For the purposes of, or in connection with, the exercise...
Power to bring, institute or defend any action or legal...
Power to bring legal proceedings under section 339, 340 or...
Power to accept as the consideration for the sale of...
Power to mortgage or pledge any part of the property...
Power, where any right, option or other power forms part...
Power to refer to arbitration, or compromise on such terms...
Power to make such compromise or other arrangement as may...
Power to make such compromise or other arrangement as ay...
Power to sell any part of the property for the...
Power to refer to arbitration, or compromise on such terms...
Power to make such compromise or other arrangement as may...
Sums due at the relevant date from the debtor on...
An amount owed by way of accrued holiday remuneration, in...
So much of any sum owed in respect of money...
So much of any amount owed at the relevant date...
So much of any amount which— (a) is ordered (whether...
An amount owed at the relevant date by the debtor...
(1) For the purposes of paragraphs 9 to 12, a...
(1) This paragraph relates to a case in which a...
Without prejudice to paragraphs 13 and 14—
Any sums due at the relevant date from the debtor...
Any debt owed by the debtor to the scheme manager...
So much of any amount owed at the relevant date...
(A1) In paragraph 15AA “the scheme manager” has the meaning...
(1) Any amount owed at the relevant date by the...
An order under paragraph 9 or 12—
Sums due to the relevant date from the debtor in...
Any value added tax which is referable to the period...
Any insurance premium tax which is referable to the period...
Any landfill tax which is referable to the period of...
Any climate change levy which is referable to the period...
Any aggregates levy which is referable to the period of...
The amount of any car tax which is due at...
Any amount which is due— (a) by way of general...
The amount of any excise duty on beer which is...
Any amount which is due by way of lottery duty...
Any amount which is due by way of air passenger...
All sums which on the relevant date are due from...
All sums which on the relevant date have been assessed...
Any sum which is owed by the debtor and is...
So much of any amount which— (a) is owed by...
(1) The Secretary of State shall draw up and from...
The Secretary of State may out of money provided by...
(1) For the purposes of carrying out their functions in...
(1) Any investigation by the Tribunal shall be so conducted...
Provisions Capable of Inclusion in Company Insolvency Rules
Provision for supplementing, in relation to the insolvency or winding...
(1) Provision as to the establishment, functions, membership and proceedings...
Provision as to the manner in which any requirement that...
Provision as to the debts that may be proved in...
Provision with respect to the manner of the distribution of...
Provision for a creditor who has not proved a small...
Provision which, with or without modifications, applies in relation to...
Provision about the application of section 176A of this Act...
Administration
Provision as to the amount, or manner of determining the...
Provision with respect to the manner in which moneys received...
Provision enabling the Secretary of State to set the rate...
Provision as to the fees, costs, charges and other expenses...
Provision as to the fees, costs, charges and other expenses...
Provision as to the fees, costs, charges and other expenses...
(1) Provision for regulating the practice and procedure of any...
Provision requiring registrars and other officers of courts having jurisdiction...
Provision requiring a creditor, member or contributory, or such a...
Provision as to the manner in which public examinations under...
Provision imposing requirements with respect to— (a) the preparation and...
Provision requiring the person who is the supervisor of a...
Provision as to the manner in which the liquidator of...
Provision imposing requirements in connection with the carrying out of...
Provision conferring power on the Secretary of State or the...
Provision conferring a discretion on the court.
Provision conferring power on the court to make orders for...
Provision requiring notice of any proceedings in connection with or...
Provision making non-compliance with any of the rules a criminal...
Provision making different provision for different cases or descriptions of...
Provision with respect to the form, manner of serving, contents...
Provision specifying the persons to whom any notice is to...
Provision for enabling a creditor of a company to elect...
Provision for the registration of voluntary arrangements approved under Part...
Provision as to the manner in which a provisional liquidator...
Provision with respect to the certification of any person as,...
(1) Provision about the making of decisions by creditors and...
The following provision with respect to meetings of a company’s...
Provision about how a company's creditors may nominate a person...
Provisions Capable of Inclusion in Individual Insolvency Rules
Provision with respect to the arrangement and disposition of the...
Provision as to the manner in which the official receiver...
Provision with respect to the certification of the appointment of...
(1) Provision about the making of decisions by creditors, including...
The following provision with respect to meetings of creditors—
Provision about how a bankrupt's creditors may appoint a person...
Provision as to the establishment, functions, membership and proceedings of...
Provision as to the manner in which any requirement that...
Provision as to the manner in which any requirement imposed...
Provision as to the terms and conditions that may be...
Provision as to the debts that may be proved in...
Provision with respect to the manner of the distribution of...
Provision for a creditor who has not proved a small...
Provision modifying the application of Parts VIII to XI of...
Provision for enabling an insolvency and companies court judge ......
Provision as to the amount, or manner of determining the...
Provision with respect to the manner in which moneys received...
Provision enabling the Secretary of State to set the rate...
Provision as to the fees, costs, charges and other expenses...
Provision as to the fees, costs, charges and other expenses...
Provision requiring registrars and other officers of courts having jurisdiction...
Provision requiring adjudicators— (a) to keep files and other records...
Provision requiring an adjudicator to make returns to the Secretary...
Provision requiring official receivers— (a) to keep files and other...
Provision requiring a person to whom notice is given under...
Provision requiring a creditor or a committee established under section...
Provision as to the manner in which public examinations under...
Provision imposing requirements with respect to— (a) the preparation and...
Provision requiring the person who is the supervisor of a...
Provision as to the manner in which the trustee of...
Bankruptcy restrictions orders and undertakings
Provision for regulating the practice and procedure of any court...
Provision conferring power on the Secretary of State to make...
Provision conferring a discretion on the court.
Provision making non-compliance with any of the rule a criminal...
Provision making different provision for different cases including different provision...
Provision conferring rights of audience, in courts exercising jurisdiction for...
Provision for regulating the practice and procedure of adjudicators in...
Provision about the form and content of a bankruptcy application...
Provision about the making and determining of appeals to the...
Provision requiring notice of any proceedings under Parts 7A to...
Provision with respect to the form, manner of serving, contents...
Provision specifying the persons to whom any notice under Parts...
Provision as to the manner in which the official receiver...
Provision for enabling a creditor of an individual to elect...
Provision as to the manner in which any requirement that...
Provision modifying the application of Part 7A in relation to...
Provision about debt relief restrictions orders, interim orders and undertakings,...
Provision about the register required to be maintained by section...
Provision for the registration of voluntary arrangements approved under Part...
Official receiver acting on voluntary arrangement
Provision as to the manner in which an interim receiver...
Punishment of Offences under this Act
Note:. . . . . . . . . ....
(1) Where any right to appoint an administrative receiver of...
(1) Subject to the following provisions of this Part of...
(1) In relation to any such case as is mentioned...
Transactions entered into before the appointed day have effect on...
(1) Where a person— (a) was adjudged bankrupt before the...
(1) This paragraph applies as regards the trustee in the...
(1) Where a person who is adjudged bankrupt on a...
(1) Sections 334 and 335 of this Act apply with...
(1) A performance given, assignment made or other transaction entered...
(1) Where a bankruptcy order is made under this Act...
(1) The preceding provisions of this Part of this Schedule...
(1) In relation to any receiver or manager of a...
(1) A transaction entered into before the appointed day shall...
Where an individual began to act as an insolvency practitioner...
In this Part of this Schedule, “the former enactments” means...
So far as anything done or treated as done under...
Where any period of time specified in a provision of...
Where in any provision of this Act there is a...
(1) Offences committed before the appointed day under any provision...
(1) A reference in any enactment, instrument or document (whether...
The Secretary of State may by order in a statutory...
Nothing in this Schedule is to be taken as prejudicing...
(1) In relation to any receiver appointed under section 467...
(1) In relation to any winding up which has commenced,...
(1) Where a winding up by the court in England...
(1) This paragraph applies as regards the liquidator in the...
The repeals in Part II of Schedule 10 the Insolvency...
(1) Paragraphs 4 to 7 are without prejudice to the...
(1) Where a provision in Part VI of this Act...
Consequential Amendments of other Enactments
In Part XXVI of the Companies Act, after section 735,...
In this Schedule— “ the beginning of the moratorium ”...
(1) When a moratorium comes into force, the nominee shall,...
(1) When a moratorium comes to an end, the nominee...
(1) During the period for which a moratorium is in...
(1) This paragraph applies where there is an uncrystallised floating...
Security granted by a company at a time when a...
(1) Paragraphs 16 to 23 apply in relation to a...
(1) Every invoice, order for goods or services, business letter...
(1) The company may not obtain credit to the extent...
(1) Subject to sub-paragraph (2), the company may only dispose...
(1) Subject to sub-paragraph (2), the company may only make...
(1) A company is eligible for a moratorium if it...
(1) This paragraph applies where— (a) any property of the...
(1) Where property is disposed of under paragraph 20 in...
(1) If the company— (a) without any consent or leave...
(1) If the company enters into any transaction to which...
(1) During a moratorium, the nominee shall monitor the company’s...
(1) The nominee may only withdraw his consent to act...
(1) If any creditor, director or member of the company,...
(1) Where there are reasonable grounds for believing that—
(1) The court may— (a) on an application made by...
(1) Where a moratorium is in force, the nominee shall—...
(1) A company meets the requirements of this paragraph if...
(1) Subject to the provisions of paragraphs 31 to 35,...
(1) This paragraph applies where under paragraph 29—
(1) Subject to sub-paragraph (2), a company meeting summoned under...
(1) The conditions which may be imposed when a moratorium...
(1) If a decision to extend, or further extend, the...
(1) This paragraph applies where in accordance with paragraph 32...
(1) Sub-paragraph (2) applies to references to one of the...
(1) This paragraph applies where a decision approving a voluntary...
(1) Subject to the following provisions of this paragraph, any...
(1) This paragraph applies where a voluntary arrangement has taken...
(1) A company is excluded from being eligible for a...
(1) This paragraph applies in relation to acts or omissions...
(1) This paragraph applies where a moratorium has been obtained...
(1) If, for the purpose of obtaining a moratorium, or...
(1) A provision in an instrument creating a floating charge...
(1) This Schedule has effect in relation to a moratorium...
(1) Regulations or an order made by the Secretary of...
Capital market arrangement
Public private partnership
Liability under an arrangement
Interpretation of capital market arrangement
Capital market investment
(1) For the purposes of paragraphs 4A and 4D an...
Debt
Interpretation of project company
Public-private partnership project
Step-in rights
“Person”
The Secretary of State may by regulations modify the qualifications...
(1) Where the directors of a company wish to obtain...
(1) To obtain a moratorium the directors of a company...
(1) A moratorium comes into force when the documents for...
(1) When a moratorium comes into force, the directors shall...
Administration
Administration order
Joint and concurrent administrators
(1) This paragraph applies where two or more persons are...
(1) This paragraph applies where two or more persons are...
(1) Where a company is in administration, a person may...
Presumption of validity
Majority decision of directors
Penalties
Extension of time limit
(1) A period specified in paragraph 49(5) ... or 51(2)...
Where a period is extended under paragraph 107 or 108,...
Conditions for making order
Amendment of provision about time
Interpretation
Non-UK companies
Scotland
Where property in Scotland is disposed of under paragraph 70...
In Scotland, where goods in the possession of a company...
(1) In Scotland, the administrator of a company may make,...
Administration application
Powers of court
Power to appoint
Restrictions on power to appoint
An administrator may not be appointed under paragraph 14 while...
An administrator of a company may not be appointed under...
Commencement of appointment
A person may be appointed as administrator of a company—...
Invalid appointment: indemnity
Power to appoint
Restrictions on power to appoint
An administrator of a company may not be appointed under...
(1) Paragraph 25(a) does not prevent the appointment of an...
Notice of intention to appoint
Purpose of administration
In a case in which no person is entitled to...
Commencement of appointment
If before the requirements of paragraph 29 are satisfied the...
Invalid appointment: indemnity
Application by holder of floating charge
Intervention by holder of floating charge
Effect of administrative receivership
The administrator of a company must perform his functions as...
Dismissal of pending winding-up petition
Moratorium on insolvency proceedings
Interim moratorium
Statement of company’s affairs
Status of administrator
(1) Paragraph 51(1) shall not apply where the statement of...
Failure to obtain approval of administrator’s proposals
Creditors’ committee
General powers
General restrictions
(1) The administrator of a company has the powers specified...
(1) The Secretary of State may by regulations make provision...
The administrator of a company— (a) may remove a director...
The administrator of a company may— (a) call a meeting...
The administrator of a company may apply to the court...
(1) A company in administration or an officer of a...
Distribution
(1) If the assets of a company are sufficient to...
If the debts and other liabilities payable under paragraph 64A...
General duties
Administrator as agent of company
A person may not be appointed as administrator of a...
Charged property: floating charge
Protection for priority creditor
Challenge to administrator’s conduct of company
Misfeasance
Automatic end of administration
(1) A person may not be appointed as administrator of...
Court ending administration on application of creditor
Public interest winding-up
Moving from administration to creditors’ voluntary liquidation
Discharge of administration order where administration ends
Resignation of administrator
Removal of administrator from office
(1) A person may not be appointed as administrator of...
Supplying vacancy in office of administrator
(1) Where the administrator was appointed by administration order, the...
Where the administrator was appointed under paragraph 14 the holder...
(1) Where the administrator was appointed under paragraph 22(1) by...
(1) Where the administrator was appointed under paragraph 22(2) the...
The court may replace an administrator on the application of...
Substitution of administrator: competing floating charge-holder
Substitution of administrator appointed by company or directors: creditors’ decision
Vacation of office: discharge from liability
Vacation of office: charges and liabilities
Eligible companies
Operators of payment systems, infrastructure providers etc
Recognised investment exchanges, clearing houses and CSDs
Securitisation companies
Parties to capital market arrangements
(1) For the purposes of paragraph 13 an investment is...
Public-private partnership project companies
(1) For the purposes of paragraph 15 “public-private partnership project”...
(1) For the purposes of paragraph 15 a project has...
Overseas companies with corresponding functions
Interpretation of Schedule
Companies subject to, or recently subject to, moratorium or an insolvency procedure
Powers to amend Schedule
(1) The Welsh Ministers may by regulations amend this Schedule—...
(1) The Scottish Ministers may by regulations amend this Schedule—...
Private registered providers of social housing
Registered social landlord under Part 2 of the Housing (Scotland) Act 2010
Insurance companies
Banks
Electronic money institutions
Investment banks and investment firms
Companies that are party to market contracts or subject to market charges, etc
Participants in designated systems
Payment institutions
Introductory
Contracts secured by certain charges or arrangements
Default arrangements and transfer orders
Card-based payment transactions
Power to amend Schedule
Financial contracts
Securities financing transactions
Derivatives
Spot contracts
Capital market investments
Contracts forming part of a public-private partnership
Market contracts
Qualifying collateral arrangements and qualifying property transfers
Other sections — not classified into a Part
These sections sit outside the numbered Parts — usually provisions added or moved by later amendments.
Operation of s. 15 in Scotland.
- Transfer ownership and clear security on Scottish property during administration Director or Officer
General duties.
- Secure company property and manage affairs during administration Director or Officer
Information to be given by administrator.
Unlimited fine- Administrators must notify creditors and authorities of an administration order Director or Officer
Statement of affairs to be submitted to administrator.
Unlimited fine- Submit a sworn statement of company affairs to the administrator Trader
Statement of proposals.
Unlimited fine- Submit and circulate administration proposals Director or Officer
Approval of substantial revisions.
- Seek creditor approval for substantial revisions to administration proposals Director or Officer
Restrictions on enforcement and legal proceedings
- Creditors must not enforce against a company during a moratorium Landlord
Obligations to notify change in end of moratorium
Unlimited fine- Fail to notify monitor of moratorium changes Director or Officer
- Fail to notify monitor of moratorium extension or expiry Director or Officer
Publicity about moratorium
Unlimited fine- Fail to display or state moratorium publicity Director or Officer
- Fail to publicise that the company is in a moratorium Director or Officer
Duty of directors to notify monitor of insolvency proceedings etc
2 years imprisonment- Fail to notify monitor of insolvency proceedings during a moratorium Director or Officer
Restrictions on obtaining credit
2 years imprisonment- Obtain credit without disclosing moratorium status Director or Officer
Restrictions on grant of security etc
2 years imprisonment- Granting unauthorized security over company assets during a moratorium Director or Officer
- Grant security without monitor consent during moratorium Director or Officer
Prohibition on entering into market contracts etc
2 years imprisonment- Enter into prohibited financial contracts during moratorium Director or Officer
Restrictions on payment of certain pre-moratorium debts
2 years imprisonment- Make or authorise unauthorised pre-moratorium payments Director or Officer
- Make unauthorized payments while in a moratorium Director or Officer
Restrictions on disposal of property
2 years imprisonment- Dispose of property during moratorium without authorisation Director or Officer
- Unauthorised disposal of property during a moratorium Director or Officer
Disposal of charged property free from charge
Unlimited fine- Fail to comply with court order or disposal rules during moratorium Director or Officer
- Fail to properly manage or register the sale of secured company property Director or Officer
Disposal of hire-purchase property
- Send court order permitting hire-purchase disposal to Companies House within 14 days Director or Officer
Provision of information to monitor
- Provide information to the monitor during a moratorium Director or Officer
Replacement of monitor or appointment of additional monitor
Unlimited fine- Monitor failure to notify change in appointment Any Person
Offence of false representation etc to obtain a moratorium
2 years imprisonment- Falsely represent or act fraudulently to get a moratorium Director or Officer
- Making false representations to obtain a company moratorium Director or Officer
Regulated companies: modifications to this Part
Unlimited fine- Directors fail to notify regulator of creditor decision procedure Director or Officer
- Fail to notify financial regulators of creditor meetings Director or Officer
Obligations to notify where moratorium comes into force
2 years imprisonment- Fail to notify monitor that moratorium has come into force Director or Officer
- Fail to notify relevant parties when a moratorium starts Director or Officer
Browse 57 other sections
Administration
Application for order.
Effect of application.
Effect of order.
Notification of order.
Appointment of administrator.
General powers.
Power to deal with charged property, etc.
Discharge or variation of administration order.
Vacation of office.
Release of administrator.
Consideration of proposals by creditors’ meeting.
Creditors’ committee.
Protection of interests of creditors and members.
ADMINISTRATION
Application by monitor for directions
Beginning of moratorium and appointment of monitor
Challenge brought by Board of the Pension Protection Fund
Challenges to monitor remuneration in insolvency proceedings
Challenge to monitor’s actions
Company enters into insolvency procedure etc
Contravention of certain requirements imposed under this Chapter
Eligible companies
Enforcement of security granted during moratorium
Extension by court on application of directors
Extension by directors with creditor consent
Extension by directors without creditor consent
Extension while proposal for CVA pending
Floating charges
Interpretation of this Part: general
Meaning of “pre-moratorium debt” and “moratorium debt”
Moratorium: contract or other instrument involving financial services
Moratorium: Eligible companies
Moratorium where directors propose voluntary arrangement
Obtaining a moratorium for other overseas companies
Overview
Overview and construction of references to payment holidays
Power to make provision in connection with pension schemes
Presumption of validity
Regulations
Restrictions on insolvency proceedings etc
Creditor consent for the purposes of section A11
Extension by court in the course of other proceedings
Obtaining a moratorium by filing or lodging documents at court
Restrictions on disposal of hire-purchase property
Status of monitor
Monitoring
Termination of moratorium by monitor
Obtaining a moratorium for company subject to winding-up petition
Application of Part where two or more persons act as monitor
Challenge to directors’ actions
Offence of fraud etc during or in anticipation of moratorium
Prosecution of delinquent officers of company
Power to modify this Part etc in relation to certain companies
Void provisions in floating charge documents
End of the moratorium
The relevant documents
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Annex 2 - IVA Protocol 2021: Regulatory framework (opens in a new tab) from Insolvency Service Detailed Guidance
- Annex 2 - IVA Protocol 2025: Regulatory framework (opens in a new tab) from Insolvency Service Detailed Guidance
- The functions of a trustee or liquidator (opens in a new tab) from Insolvency Service Detailed Guidance
- Making a complaint about an insolvency practitioner's Recognised Professional Body (RPB) (opens in a new tab) from Insolvency Service Detailed Guidance
- Debt Relief Orders: Guidance for debt advisers (opens in a new tab) from Insolvency Service Detailed Guidance
- Director information hub: Director duties upon insolvency (opens in a new tab) from Insolvency Service Detailed Guidance
- Claim money back from a bankrupt person or company in compulsory liquidation: detailed guidance for creditors (opens in a new tab) from Insolvency Service Detailed Guidance
- LCCP Information requirements - Key events (operator status) (opens in a new tab) from Gambling Commission Detailed Guidance
- Money laundering supervision for accountancy service providers (opens in a new tab) Detailed Guidance
- The Insolvency Service (opens in a new tab) Detailed Guidance
- ... and 11 more
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Companies House
PrimaryRegistration and regulation of UK companies. Maintains the public register of companies, enforces filing requirements for annual accounts and confirmation statements. Gateway …
Financial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
The Insolvency Service
Administers compulsory company liquidations and personal bankruptcies. Investigates director misconduct and can seek disqualification orders. Manages redundancy payments from the National Insurance …
Panel on Takeovers and Mergers
Regulates takeovers and mergers involving public companies and some private companies in the UK. Issues the Takeover Code. Ensures shareholders are treated …
Office of the Regulator of Community Interest Companies
Regulates Community Interest Companies, a special type of limited company for social enterprises that use profits for community benefit. Approves CIC registration …
Connected legislation
2 statutory instruments
These instruments amend, apply, or refer to this Act. They may not all create direct business obligations.
Secondary legislation (2)
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Browse legislation
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Regulators
Learn more about the bodies that enforce this legislation.