SCHEDULES

SCHEDULE 4 Forfeiture Orders

Part IV Insolvency: United Kingdom Provisions

Insolvency practitioners in the Islands and designated countries

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1

An order may be made under this paragraph to secure that an Islands or external insolvency practitioner has the same rights under this Part of this Schedule in relation to—

a

property situated in England and Wales,

b

property situated in Scotland, or

c

property situated in Northern Ireland,

as he would have if he were an insolvency practitioner in that part of the United Kingdom.

2

The Secretary of State may make an order—

a

under sub-paragraph (1)(a) with the concurrence of the Lord Chancellor;

b

under sub-paragraph (1)(b).

3

An order under sub-paragraph (1)(c)—

a

may be made by the Department of Enterprise, Trade and Investment in Northern Ireland,

b

shall be a statutory rule for the purposes of the M1Statutory Rules (Northern Ireland) Order 1979, and

c

shall be subject to negative resolution within the meaning of section 41(6) of the M2Interpretation (Northern Ireland) Act 1954.

4

An order under this paragraph may, in particular, include—

a

provision which modifies the rights under this Part of this Schedule which are to be conferred under the order;

b

provision as to the manner in which the rights conferred under the order are to be exercised;

c

provision as to the conditions subject to which those rights are to be exercised, including the obtaining of leave from a court;

d

provision for empowering a court granting such leave to impose such conditions as it thinks fit.

5

An order under this paragraph may make different provision for different purposes.

6

In this paragraph—

  • “Islands or external insolvency practitioner” means a person exercising under the insolvency law of a relevant country or territory functions corresponding to those exercised by insolvency practitioners under the insolvency law of any part of the United Kingdom,

  • “insolvency law” has the same meaning as in section 426(10) of the M3Insolvency Act 1986, except that the reference to a relevant country or territory shall be construed in accordance with this paragraph, and

  • “relevant country or territory” means—

    1. a

      any of the Channel Islands,

    2. b

      the Isle of Man, or

    3. c

      any country or territory designated as mentioned in paragraph 14, 28 or 44.