PART 10Insolvency
Removing requirements to seek sanction
120Exercise of powers by liquidator: removal of need for sanction
1
The Insolvency Act 1986 is amended as follows.
2
In section 165 (voluntary winding up: powers of liquidator), for subsections (2) and (3) substitute—
2
The liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4.
3
In section 167 (winding up by the court: powers of liquidator), for subsection (1) substitute—
1
Where a company is being wound up by the court, the liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4.
4
In section 169 (supplementary powers (Scotland)), omit subsection (1).
5
In Part 2 of Schedule 3 (appeals from orders in Scotland: orders which take effect until matter disposed of by Inner House), omit the entry relating to orders under section 167 or 169.
6
In Schedule 4 (powers of liquidator in a winding up)—
a
in paragraph 3, omit “In the case of a winding up in Scotland,”,
b
omit paragraph 6A, and
c
omit the headings for each of Parts 1 to 3.