Insolvency Act 1986

Sections 165, 167.

SCHEDULE 4E+W+S Powers of Liquidator in a Winding Up

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Modifications etc. (not altering text)

C1Sch. 4 applied (with modifications) (1.12.1994) by S.I. 1994/2421, arts. 7(3), 8(3)(9), Sch. 3 Pt. II, Sch. 4 Pt. II

Sch. 4 applied (with modifications) (S.) (6.4.2001) by S.S.I. 2001/128, reg. 4(1), Sch. 2

C2Sch. 4 excluded (1.12.2001) by 2000 c. 8, s. 376(12); S.I. 2001/3538, art. 2

C3Sch. 4 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 103, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 2

Part IE+W+S Powers Exercisable with Sanction

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Modifications etc. (not altering text)

C4Sch. 4, Pt. I (paras. 1–3), Pt. II (paras. 4, 5), Pt. III (paras. 6–13) extended by S.I. 1990/1338, art. 2, Sch. 1 para. 2(7)

1Power to pay any class of creditors in full.E+W+S

2Power to make any compromise or arrangement with creditors or persons claiming to be creditors, or having or alleging themselves to have any claim (present or future, certain or contingent, ascertained or sounding only in damages) against the company, or whereby the company may be rendered liable.E+W+S

3[F1In the case of a winding up in Scotland,] power to compromise, on such terms as may be agreed—E+W+S

(a)all calls and liabilities to calls, all debts and liabilities capable of resulting in debts, and all claims (present or future, certain or contingent, ascertained or sounding only in damages) subsisting or supposed to subsist between the company and a contributory or alleged contributory or other debtor or person apprehending liability to the company, and

(b)all questions in any way relating to or affecting the assets or the winding up of the company,

and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect of it.

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Amendments (Textual)

[F23APower to bring legal proceedings under section 213, 214, 238, 239, 242, 243 or 423.]E+W+S

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Amendments (Textual)

F2Sch. 4 Pt. I para. 3A inserted (15.9.2003) by 2002 c. 40, ss. 253, 279 (with s. 249(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))

Part II E+W+S Powers Exercisable without Sanction in Voluntary Winding Up, with Sanction in Winding Up by the Court

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Modifications etc. (not altering text)

C5Sch. 4, Pt. I(paras. 1–3), Pt. II (paras. 4, 5), Pt. III (paras. 6–13) extended by S.I. 1990/1338, art. 2, Sch. 1 para. 2(7)

4Power to bring or defend any action or other legal proceeding in the name annd on behalf of the company.E+W+S

5Power to carry on the business of the company so far as may be necessary for its beneficial winding up.E+W+S

Part IIIE+W+S Powers Exercisable Without Sanction in any Winding Up

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Modifications etc. (not altering text)

C6Sch. 4, Pt. I(paras. 1–3), Pt. II (paras. 4, 5), Pt. III (paras. 6–13) extended by S.I. 1990/1338, art. 2, Sch. 1 para. 2(7)

6Power to sell any of the company’s property by public auction or private contract with power to transfer the whole of it to any person or to sell the same in parcels.E+W+S

[F36AIn the case of a winding up in England and Wales, power to compromise, on such terms as may be agreed—E+W+S

(a)all calls and liabilities to calls, all debts and liabilities capable of resulting in debts, and all claims (present or future, certain or contingent, ascertained or sounding only in damages) subsisting or supposed to subsist between the company and a contributory or alleged contributory or other debtor or person apprehending liability to the company, and

(b)subject to paragraph 2 in Part 1 of this Schedule, all questions in any way relating to or affecting the assets or the winding up of the company,

and take any security for the discharge of any such call, debt, liability or claim and give a complete discharge in respect of it.]

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Amendments (Textual)

7Power to do all acts and execute, in the name and on behalf of the company, all deeds, receipts and other documents and for that purpose to use, when necessary, the company’s seal.E+W+S

8Power to prove, rank and claim in the bankruptcy, insolvency or sequestration of any contributory for any balance against his estate, and to receive dividends in the bankruptcy, insolvency or sequestration in respect of that balance, as a separate debt due from the bankrupt or insolvent, and rateably with the other separate creditors.E+W+S

9Power to draw, accept, make and indorse any bill of exchange or promissory note in the name and on behalf of the company, with the same effect with respect to the company’s liability as if the bill or note had been drawn, accepted, made or indorsed by or on behalf of the company in the course of its business.E+W+S

10Power to raise on the security of the assets of the company any money requisite.E+W+S

11Power to take out in his official name letters of administration to any deceased contributory, and to do in his official name any other act necessary for obtaining payment of any money due from a contributory or his estate which cannot conveniently be done in the name of the company.E+W+S

In all such cases the money due is deemed, for the purpose of enabling the liquidator to take out the letters of administration or recover the money, to be due to the liquidator himself.

12Power to appoint an agent to do any business which the liquidator is unable to do himself.E+W+S

13Power to do all such other things as may be necessary for winding up the company’s affairs and distributing its assets.E+W+S

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Modifications etc. (not altering text)

C7Sch. 4 para. 13 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 145, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3