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Insolvency Act 1986

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This is the original version (as it was originally enacted).

314Powers of trustee

(1)The trustee may—

(a)with the permission of the creditors' committee or the court, exercise any of the powers specified in Part I of Schedule 5 to this Act, and

(b)without that permission, exercise any of the general powers specified in Part II of that Schedule.

(2)With the permission of the creditors' committee or the court, the trustee may appoint the bankrupt—

(a)to superintend the management of his estate or any part of it,

(b)to carry on his business (if any) for the benefit of his creditors, or

(c)in any other respect to assist in administering the estate in such manner and on such terms as the trustee may direct.

(3)A permission given for the purposes of subsection (1)(a) or (2) shall not be a general permission but shall relate to a particular proposed exercise of the power in question; and a person dealing with the trustee in good faith and for value is not to be concerned to enquire whether any permission required in either case has been given.

(4)Where the trustee has done anything without the permission required by subsection (1)(a) or (2), the court or the creditors' committee may, for the purpose of enabling him to meet his expenses out of the bankrupt's estate, ratify what the trustee has done. But the committee shall not do so unless it is satisfied that the trustee has acted in a case of urgency and has sought its ratification without undue delay.

(5)Part III of Schedule 5 to this Act has effect with respect to the things which the trustee is able to do for the purposes of, or in connection with, the exercise of any of his powers under any of this Group of Parts.

(6)Where the trustee (not being the official receiver) in exercise of the powers conferred on him by any provision in this Group of Parts—

(a)disposes of any property comprised in the bankrupt's estate to an associate of the bankrupt, or

(b)employs a solicitor, he shall, if there is for the time being a creditors' committee, give notice to the committee of that exercise of his powers.

(7)Without prejudice to the generality of subsection (5) and Part III of Schedule 5, the trustee may, if he thinks fit, at any time summon a general meeting of the bankrupt's creditors. Subject to the preceding provisions in this Group of Parts, he shall summon such a meeting if he is requested to do so by a creditor of the bankrupt and the request is made with the concurrence of not less than one-tenth, in value, of the bankrupt's creditors (including the creditor making the request).

(8)Nothing in this Act is to be construed as restricting the capacity of the trustee to exercise any of his powers outside England and Wales.

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