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Part 10 U.K.Insolvency

MoneyU.K.

272 Insolvency Services AccountsU.K.

(1)Section 405 of the Insolvency Act 1986 (operation of Investment Account) shall cease to have effect.

(2)The following shall be substituted for section 408 of that Act (recourse to Consolidated Fund)—

408 Adjustment of balances

(1)The Treasury may direct the payment out of the Consolidated Fund of sums into—

(a)the Insolvency Services Account;

(b)the Investment Account.

(2)The Treasury shall certify to the House of Commons the reason for any payment under subsection (1).

(3)The Secretary of State may pay sums out of the Insolvency Services Account into the Consolidated Fund.

(4)The National Debt Commissioners may pay sums out of the Investment Account into the Consolidated Fund.