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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
108 compliance obligations, 7 practical guides across 5 topics · 5 journeys · 2 statutory instruments
Penalty landscape
20 of 108 obligations carry an unlimited fine. 27 carry different penalties and 61 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 46
- Any Person 29
- Trader 8
- Trustee 5
Plus 20 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
- 9 steps
Transfer ownership of your business
- 1 step
Sell your business
- 2 steps
Close your company
- 2 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 224 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 75 duties
- Companies Act 2006 2006 63 duties
- CCBSA 2014 2014 22 duties
- CAICEA 2004 2004 18 duties
- Economic Crime and Corporate Transparency Act 2023 2023 18 duties
Any Person also bound by 749 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 110 duties
- Licensing Act 2003 2003 105 duties
- Merchant Shipping Act 1995 1995 97 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 86 duties
Traders also bound by 219 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 952 duties
- TULRCA 1992 1992 39 duties
- Companies Act 2006 2006 39 duties
- Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013 2013 39 duties
- The Customs (Import Duty) (EU Exit) Regulations 2018 2018 33 duties
Trustees also bound by 8 other Acts (top 5 shown)
- Charities Act 2011 2011 25 duties
- Insolvency (England and Wales) Rules 2016 2016 11 duties
- Charities (Accounts and Reports) Regulations 2008 2008 10 duties
- Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 2017 3 duties
- Inheritance Tax Act 1984 1984 1 duty
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
No sections of this Part have been ingested 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 4 other sections in this Part — procedural / definitional / commencement
Those who may propose an arrangement.
Moratorium.
Approval of arrangement.
Arrangements coming to an end prematurely.
Part III — Receivership
Disqualification of body corporate from acting as receiver.
Unlimited fine- 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
Information to be given by administrative receiver.
Unlimited fine- Administrative receivers must notify the company and creditors of appointment Director or Officer
Company’s statement of affairs.
Unlimited fine- Submit a statement of company affairs to the receiver Trader
Browse 36 other sections in this Part — procedural / definitional / commencement
Extent of this Chapter.
Definitions.
Time from which appointment is effective.
Liability for invalid appointment.
Application to court for directions.
Court’s power to fix remuneration.
Payment of debts out of assets subject to floating charge.
General powers.
Power to dispose of charged property, etc.
Vacation of office.
Committee of creditors.
Extent of this Chapter.
Circumstances justifying appointment.
Mode of appointment by holder of charge.
Appointment by court.
Precedence among receivers.
Remuneration of receiver.
Priority of debts.
Distribution of moneys.
Disposal of interest in property.
Cessation of appointment of receiver.
Powers of court.
Report by receiver.
Committee of creditors
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
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
Notice of resolution to wind up.
Unlimited fine- Advertise the resolution to wind up the company in the Gazette Director or Officer
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
Appointment of liquidator.
Amended 5 times- Seek liquidator nominations from creditors Director or Officer
Appointment of liquidation committee.
Amended 7 timesVacancy 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
Final account prior to dissolution.
Amended 22 times- Prepare and file final account of company winding up Director or Officer
Notice 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 timeCourt’s power to control proceedings (Scotland).
Amended 1 timeNo liquidator appointed or nominated by company.
Amended 2 timesExpenses of voluntary winding up.
Amended 1 timeHigh Court and county court jurisdiction.
Amended 15 timesCircumstances in which company may be wound up by the court.
Amended 12 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 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
Investigation 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 timesGeneral functions in winding up by the court.
Amended 3 times- Liquidators must collect and distribute assets and assist the Official Receiver Director or Officer
Vesting 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 timesOther duties (1) — Crown / regulator
- Official receiver must notify registrar of other insolvency proceedings Statutory regulator
Power to stay or sist winding up.
Amended 6 timesDebts due from contributory to company.
Amended 2 timesPower to make calls.
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
Payment 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 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 timesRemoval, etc. (voluntary winding up).
Amended 14 timesRemoval, etc. (winding up by the court).
Amended 16 timesRelease (voluntary winding up).
Amended 10 timesMoratorium debts etc: priority
Amended 9 timesPreferential charge on goods distrained , etc.
Amended 6 timesNon-preferential debts of financial institutions
Amended 6 timesApplication of proceeds of office-holder claims
Amended 6 timesPower to appoint special manager.
Amended 4 timesPower 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 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 timesMisconduct in course of winding up.
7 years imprisonment Amended 6 times- Misconduct during company liquidation Director or Officer
Falsification of company’s books.
7 years imprisonment Amended 3 times- Falsify or destroy company records during insolvency Director or Officer
False representations to creditors.
7 years imprisonment Amended 4 times- Make false representations to creditors during insolvency Director or Officer
Summary remedy against delinquent directors, liquidators, etc.
Amended 11 timesFraudulent trading.
Amended 5 timesProceedings under ss. 213, 214.
Amended 10 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 17 other sections in this Part — procedural / definitional / commencement
Directors, etc. with unlimited liability.
Liability of past directors and shareholders.
Limited company formerly unlimited.
Meaning of “contributory”.
Contributories in case of death of a member.
Effect of contributory’s bankruptcy.
Circumstances in which company may be wound up voluntarily.
Commencement of winding up.
s.87
Avoidance of share transfers, etc. after winding-up resolution.
Distinction between “members’” and “creditors’” voluntary winding up.
Conversion to creditors’ voluntary winding up.
Meeting of creditors.
Cesser of directors’ powers.
Proceedings taken in wrong court.
Proceedings in county court; case stated for High Court.
Power to remit winding up to Lord Ordinary.
Part V — Winding Up of Unregistered Companies
Winding 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 timeContributories in winding up of unregistered company.
Amended 1 timeProvisions of this Part to be cumulative.
Amended 2 timesBrowse 2 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 timesFurther protection of essential supplies
Amended 31 timesProtection of supplies of goods and services
Amended 31 timesPowers to amend section 233B and Schedule 4ZZA
Amended 31 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 timesTransactions at an undervalue (England and Wales).
Amended 10 timesPreferences (England and Wales).
Amended 9 timesOrders under ss. 238, 239.
Amended 11 timesGratuitous alienations (Scotland).
Amended 14 timesExtortionate credit transactions.
Amended 12 timesAvoidance of certain floating charges.
Amended 15 timesRemote attendance at meetings
Amended 8 times- Ensure effective participation for remote insolvency meetings Any Person
Creditors' ability to opt out of receiving certain notices
Amended 8 timesFraudulent trading: administration
Amended 8 timesWrongful trading: administration
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
Making 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
Making 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 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
7 years imprisonment Amended 17 times- Fraudulently dispose of property related to a Debt Relief Order Any Person
Offences: 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“Opted-out creditor”
Amended 2 times“Member” of a company.
Amended 1 timeExpressions used generally.
Amended 17 timesPart VIII — Individual Voluntary Arrangements
Interim order of court.
Amended 3 timesEffect of application.
Amended 1 timeCases 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
Approval 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
Additional 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.
7 years imprisonment Amended 16 times- Provide false information to creditors regarding a voluntary arrangement Any Person
Arrangements coming to an end prematurely.
Amended 16 timesAvailability
Amended 5 timesDecision
Amended 5 timesResult
Amended 5 timesImplementation
Amended 5 timesPart 9 — Insolvency of Individuals; Bankruptcy
No sections of this Part have been ingested yet.
Part IX — Bankruptcy
Making of bankruptcy order
Amended 5 timesOther duties (1) — Crown / regulator
- Adjudicator must issue and notify parties of a bankruptcy order Tribunal / Court
False 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 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 timesBankrupt’s home ceasing to form part of estate
Amended 6 timesRestrictions on dispositions of property.
Amended 8 timesPower 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
Investigatory 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 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 timesRelease of trustee.
Amended 10 timesVacancy in office as trustee.
Amended 8 timesCreditors’ committee.
Amended 5 timesGeneral control of trustee by the court.
Amended 4 timesAfter-acquired property.
Amended 11 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
Disclaimer (general power).
Amended 2 timesCourt order vesting disclaimed property.
Amended 2 timesMutual credit and set-off.
Amended 1 timeDistribution by means of dividend.
- Distribute bankruptcy dividends to creditors Trustee
Priority of debts.
Amended 16 timesFinal report.
Amended 4 times- Provide final report and notice to creditors at the end of bankruptcy Trustee
Rights 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
Payments 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 timesRecovery of excessive pension contributions.
Amended 8 timesOrders under section 342A: supplementary.
Amended 8 timesRecovery 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.
7 years imprisonment Amended 3 times- Concealment or non-delivery of property by a bankrupt Any Person
False statements.
7 years imprisonment Amended 4 times- Make false statements or hide information during bankruptcy Any Person
Fraudulent disposal of property.
7 years imprisonment- Fraudulently hide or transfer property before bankruptcy Any Person
Absconding.
7 years imprisonment Amended 1 time- Absconding with assets during bankruptcy Any Person
Fraudulent dealing with property obtained on credit.
7 years imprisonment Amended 3 times- Fraudulently dispose of or acquire goods obtained on credit Any Person
Obtaining credit; engaging in business.
7 years imprisonment 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 timesPower to appoint special manager.
Amended 2 timesRe-direction of bankrupt’s letters, etc.
Amended 2 timesBrowse 19 other sections in this Part — procedural / definitional / commencement
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.
Notice requiring trustee’s decision.
Disclaimer of leaseholds.
Proof of debts.
Distribution of property in specie.
Distribution in criminal bankruptcy.
Duties of bankrupt in relation to trustee.
Defence of innocent intention.
General control of court.
Seizure of bankrupt’s property.
Order for production of documents by inland revenue.
Part X — Individual Insolvency: General Provisions
Further protection of essential supplies
Amended 15 timesJurisdiction in relation to insolvent individuals.
Amended 6 timesInsolvency districts.
Amended 4 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
Part XI — Interpretation for Second Group of Parts
Part XII — Preferential and non-preferential debts in Company and Individual Insolvency
“The relevant date”.
Amended 31 timesFinancial institutions and their non-preferential debts
Amended 31 timesPart XIII — Insolvency Practitioners and their Qualification
Acting 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
2 years imprisonment 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 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
Compliance orders
Amended 8 timesAuthorisation by competent authority.
Amended 1 timeGrant, refusal and withdrawal of authorisation.
Amended 4 timesBrowse 3 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
Browse 5 other sections in this Part — procedural / definitional / commencement
Part 15 — Miscellaneous Matters Bearing on Both Company and Individual Insolvency; General Interpretation; Final Provisions
No sections of this Part have been ingested 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 timesRegulations for purposes of Part XIII.
Amended 3 timesInsolvent partnerships.
Amended 9 timesInsolvent estates of deceased persons.
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 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 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 timesDisabilities on revocation of administration order against an individual.
2 years imprisonment Amended 5 times- Fail to disclose credit restrictions after court order revocation Any Person
Provision introducing Schedule of punishments.
Amended 8 timesSummary proceedings.
Amended 20 timesOffences by bodies corporate.
2 years imprisonment 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
Browse 4 other sections in this Part — procedural / definitional / commencement
Schedules
Browse 18 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
Powers of a Scottish Receiver (Additional to Those Conferred on him by the Instrument of Charge)
EXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS
Bankruptcy restrictions order
Conditions for making a debt relief order
Debt relief restrictions orders and undertakings
Provisions Capable of Inclusion in Company Insolvency Rules
Provisions Capable of Inclusion in Individual Insolvency Rules
Punishment of Offences under this Act
Consequential Amendments of other Enactments
Other sections — not classified into a Part
These sections exist in the Act but the contents-of-Parts walker did not place them under a Part. Likely amendments or sections inserted out of the original Part structure.
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
Disposal of charged property free from charge
Unlimited fine- Fail to properly manage or register the sale of secured company property 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
Obligations to notify change in end of moratorium
Unlimited fine- Fail to notify monitor of moratorium extension or expiry Director or Officer
Obligations to notify where moratorium comes into force
2 years imprisonment- Fail to notify relevant parties when a moratorium starts Director or Officer
Offence of false representation etc to obtain a moratorium
2 years imprisonment- Making false representations to obtain a company moratorium Director or Officer
Prohibition on entering into market contracts etc
2 years imprisonment- Enter prohibited financial contracts during a moratorium Director or Officer
Provision of information to monitor
- Provide information to the monitor during a moratorium Director or Officer
Publicity about moratorium
Unlimited fine- Fail to publicise that the company is in a moratorium Director or Officer
Regulated companies: modifications to this Part
Unlimited fine- Fail to notify financial regulators of creditor meetings Director or Officer
Replacement of monitor or appointment of additional monitor
Unlimited fine- Monitor failure to notify change in appointment Any Person
Restrictions on disposal of property
2 years imprisonment- Unauthorised disposal of property during a moratorium Director or Officer
Restrictions on grant of security etc
2 years imprisonment- Granting unauthorized security over company assets during a moratorium Director or Officer
Restrictions on obtaining credit
2 years imprisonment- Obtain credit without disclosing moratorium status Director or Officer
Restrictions on payment of certain pre-moratorium debts
2 years imprisonment- Make unauthorized payments while in a moratorium Director or Officer
Browse 40 other unclassified sections
Administration
Application for order.
Effect of application.
Appointment of administrator.
General powers.
Power to deal with charged property, etc.
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 enforcement and legal proceedings
Restrictions on insolvency proceedings etc
The relevant documents
Official guidance
Authoritative sources published by regulators or government explaining this legislation.
- Redundancy in Northern Ireland (nidirect) (opens in a new tab) Detailed Guidance
- Collective consultation requirements (opens in a new tab) Detailed Guidance
- Capital distributions on dissolution (HMRC) (opens in a new tab) Detailed Guidance
- Accountant in Bankruptcy (aib.gov.uk) (opens in a new tab) Detailed Guidance
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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Regulators
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