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Insolvency Act 1986
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Changes over time for: Section 167
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Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act amendment to earlier affecting provision S.I. 1986/1999, art. 3, Sch. 1 Pt. 2 by S.I. 2017/1119 Sch. 3 para. 1
- Act extended (N.I.) for specified purposes (except for ss. 13-15) by 2024 c. 3 Sch. 13 para. 4(3)
- Act savings and transitional provisions for amendments by S.I. 2022/1166 by S.I. 2022/1172 Regulations
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 21(5) inserted by 2024 c. 3 Sch. 13 para. 2(12)(b)
- s. 22(2B) inserted by 2024 c. 3 Sch. 13 para. 2(13)
- s. 22H(1)(a) words inserted by 2024 c. 3 Sch. 13 para. 2(14)(a)
- s. 22H(1)(aa) inserted by 2024 c. 3 Sch. 13 para. 2(14)(b)
- s. 22H(4)(j) words inserted by 2024 c. 3 Sch. 13 para. 2(14)(c)
- s. 22H(4)(k) inserted by 2024 c. 3 Sch. 13 para. 2(14)(d)
- s. 41HB(2) words substituted by 2018 c. 14 s. 1(3)(b)
167 Winding up by the court.E+W+S
[F1(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.]
(2)Where the liquidator (not being the official receiver), in exercise of the powers conferred on him by this Act—
(a)disposes of any property of the company to a person who is connected with the company (within the meaning of section 249 in Part VII) or
(b)employs a solicitor to assist him in the carrying out of his functions,
he shall, if there is for the time being a liquidation committee, give notice to the committee of that exercise of his powers.
(3)The exercise by the liquidator in a winding up by the court of the powers conferred by this section is subject to the control of the court, and any creditor or contributory may apply to the court with respect to any exercise or proposed exercise of any of those powers.
Textual Amendments
F1S. 167(1) substituted (26.5.2015) by Small Business, Enterprise and Employment Act 2015 (c. 26), ss. 120(3), 164(3)(i)(i)
Modifications etc. (not altering text)
C1Pts. 1-4 applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 1 para. 3 (with reg. 5) (as amended (4.1.2024) by S.I. 2023/1399, regs. 1(2), 4)
C2S. 167 excluded (1.12.2001) by 2000 c. 8, s. 376(12); S.I. 2001/3538, art. 2(1)
S. 167 applied (with modifications) (S.) (6.4.2001) by S.S.I. 2001/128, reg. 4(1), Sch. 2
C3S. 167 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 103, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 2
C4S. 167 applied (with modifications) (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), Pt. 3 reg. 1, Sch. 2 paras. 3, 5 Table (with reg. 24)
C5S. 167 applied (with modifications) (E.W.S.) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), regs. 2, 37 (with reg. 5) (as amended (4.1.2024) by S.I. 2023/1399, regs. 1(2), 4, 11)
C6Ss. 163-167 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1 para. 3 (as amended by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 20)
C7S. 167(1) modified (6.4.2017) by The Insolvent Partnerships Order 1994 (S.I. 1994/2421), Sch. 3 para. 8A(2) (as inserted by S.I. 2017/540, reg. 1, Sch. 2 para. 7(2) (with reg. 4))
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