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Small Business, Enterprise and Employment Act 2015

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This is the original version (as it was originally enacted).

Insolvency Act 1986 (c. 45)

This section has no associated Explanatory Notes

3(1)Section 287 (receivership pending appointment of first trustee) is amended as follows.

(2)For the heading substitute “Powers of interim receiver”.

(3)In subsection (1)—

(a)for the words from the beginning to “official receiver” substitute “An interim receiver appointed under section 286”;

(b)for “bankrupt’s estate” substitute “debtor’s property”.

(4)In subsection (2)—

(a)for “the official” substitute “an interim”;

(b)for “bankrupt’s estate” substitute “debtor’s property”;

(c)for “the estate” (in both places) substitute “the property”.

(5)In subsection (3)—

(a)for “The official” substitute “An interim”;

(b)for “of the estate” substitute “of the debtor’s property”;

(c)in paragraph (a), for the words from “any” to the end substitute “the debtor’s property,”;

(d)for paragraph (b), substitute—

(b)is not required to do anything that involves his incurring expenditure, except in pursuance of directions given by—

(i)the Secretary of State, where the official receiver is the interim receiver, or

(ii)the court, in any other case,;

(e)in paragraph (c) for “bankrupt’s” substitute “debtor’s”.

(6)In subsection (4)—

(a)for paragraph (a) substitute—

(a)an interim receiver acting as receiver or manager of the debtor’s property under this section seizes or disposes of any property which is not the debtor’s property, and;

(b)in paragraph (b) for “official receiver” substitute “interim receiver”;

(c)for “official receiver is” substitute “interim receiver is”;

(d)for “bankruptcy” substitute “interim receivership”.

(7)Omit subsection (5).

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