The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002

Supplementary powers of the court: winding up of an insolvent partnership

15.—(1) The repeal of subsection (5C) of section 168 of the Insolvency Act 1986 (supplementary powers (England and Wales))(1) by article 306 of the Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001(2) is treated as if it had not been made, and instead that subsection is amended in accordance with paragraph (2).

(2) For subsection (5C) substitute—

“(5C) Where the court makes an order for the winding up of an insolvent partnership under—

(a) section 72(1)(a) of the Financial Services Act 1986;

(b) section 92(1)(a) of the Banking Act 1987; or

(c) section 367(3)(a) of the Financial Services and Markets Act 2000,

the court may make an order as to the future conduct of the winding up proceedings, and any such order may apply any provisions of the Insolvent Partnerships Order 1994 with any necessary modifications.”.

(1)

Subsection (5C) was inserted, together with subsections (5A) and (5B), by S.I. 1994/2421, article 14(1).

(2)

S.I. 2001/3649.