Insolvency Act 1986

Changes over time for: Section 287

Alternative versions:

Status:

Point in time view as at 13/03/2018.

Changes to legislation:

Insolvency Act 1986, Section 287 is up to date with all changes known to be in force on or before 28 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

Changes to Legislation

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287[F1Powers of interim receiver].E+W

(1)[F2An interim receiver appointed under section 286] is the receiver and (subject to section 370 (special manager)) the manager of the [F3debtor's property] and is under a duty to act as such.

(2)The function of [F4an interim] receiver while acting as receiver or manager of the [F5debtor's property] under this section is to protect [F6the property]; and for this purpose—

(a)he has the same powers as if he were a receiver or manager appointed by the High Court, and

(b)he is entitled to sell or otherwise dispose of any perishable goods comprised in [F6the property] and any other goods so comprised the value of which is likely to diminish if they are not disposed of.

(3)[F7An interim] receiver while acting as receiver or manager [F8of the debtor's property] under this section—

(a)shall take all such steps as he thinks fit for protecting [F9the debtor's property,]

[F10(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,]

(c)may, if he thinks fit (and shall, if so directed by the court) at any time [F11seek a decision on a matter from] the [F12debtor's] creditors.

(4)Where—

[F13(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)at the time of the seizure or disposal the [F14interim receiver] believes, and has reasonable grounds for believing, that he is entitled (whether in pursuance of an order of the court or otherwise) to seize or dispose of that property,

the [F15interim receiver is] not to be liable to any person in respect of any loss or damage resulting from the seizure or disposal except in so far as that loss or damage is caused by his negligence; and he has a lien on the property, or the proceeds of its sale, for such of the expenses of the [F16interim receivership] as were incurred in connection with the seizure or disposal.

F17(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1S. 287 heading substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(2); S.I. 2016/1020, reg. 4(f)

F2Words in s. 287(1) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(3)(a); S.I. 2016/1020, reg. 4(f)

F3Words in s. 287(1) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(3)(b); S.I. 2016/1020, reg. 4(f)

F4Words in s. 287(2) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(4)(a); S.I. 2016/1020, reg. 4(f)

F5Words in s. 287(2) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(4)(b); S.I. 2016/1020, reg. 4(f)

F6Words in s. 287(2) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(4)(c); S.I. 2016/1020, reg. 4(f)

F7Words in s. 287(3) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(5)(a); S.I. 2016/1020, reg. 4(f)

F8Words in s. 287(3) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(5)(b); S.I. 2016/1020, reg. 4(f)

F9Words in s. 287(3)(a) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(5)(c); S.I. 2016/1020, reg. 4(f)

F10S. 287(3)(b) substituted (6.4.2017 for E.W.) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 10 para. 3(5)(d); S.I. 2016/1020, reg. 4(f)