Amendment of section 51 of the Insolvency Act 1986
2. In section 51 of the Insolvency Act 1986(1)—
(a)in subsection (1), for the words from “which” where it second occurs to the end substitute—
“(a)which the Court of Session has jurisdiction to wind up; or
(b)where paragraph (a) does not apply, in respect of which a court of a member state other than the United Kingdom has under the EU Regulation jurisdiction to open insolvency proceedings,
to appoint a receiver of such part of the property of the company as is subject to the charge.”;
(b)after subsection (2) insert—
“(2ZA) But, in relation to a company mentioned in subsection (1)(b), a receiver may be appointed under subsection (1) or (2) only in respect of property situated in Scotland.”; and
(c)in subsection (6)(2) at the end insert—
““the EU Regulation” is the Regulation of the Council of the European Union published as Council Regulation (EC) No. 1346/2000 on insolvency proceedings(3);
“court” is to be construed in accordance with Article 2(d) of the EU Regulation;
“insolvency proceedings” is to be construed in accordance with Article 2(a) of the EU Regulation.”.
Section 51(6) was amended by the Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), section 3(4).
O.J. L 160, 30.6.2000, p.1.