Insolvency Act 1985

124 Petition for default in connection with voluntary .arrangement

(1) The court shall not make a bankruptcy order on a petition under section 119(1)(c) above unless it is satisfied—

(a) that the debtor has failed to comply with his obligations under the composition or scheme in question ;

(b) that information which was false or misleading in any material particular or which contained material omissions—

(i) was contained in any statement of affairs or other document supplied by the debtor under Chapter I of this Part to any person ; or

(ii) was otherwise made available by the debtor to his creditors at or in connection with a meeting summoned under that Chapter ; or

(c) that the debtor has failed to do all such things as may for the purposes of the composition or scheme have been reasonably required of him by the supervisor of the composition or scheme.

(2) Where a bankruptcy order is made on a petition under section 119(1)(c) above, any expenses properly incurred as expenses of the administration of the composition or scheme in question shall be a first charge on the bankrupt's estate.