SCHEDULES
SCHEDULE 21

Effect of bankruptcy restrictions order and undertaking
Section 257

Disqualification for acting as receiver or manager
1
The following shall be substituted for section 31 of the Insolvency Act 1986 (c. 45) (receiver and manager: disqualification)—

Disqualification of bankrupt
31
1
A person commits an offence if he acts as receiver or manager of the property of a company on behalf of debenture holders while—
a
he is an undischarged bankrupt, or
b
a bankruptcy restrictions order is in force in respect of him.
2
A person guilty of an offence under subsection (1) shall be liable to imprisonment, a fine or both.
3
This section does not apply to a receiver or manager acting under an appointment made by the court.

Bankruptcy offences after discharge
2
After section 350(3) of the Insolvency Act 1986 (c. 45) (bankruptcy offences: general: no liability after discharge) there shall be inserted—
3A
Subsection (3) is without prejudice to any provision of this Chapter which applies to a person in respect of whom a bankruptcy restrictions order is in force.
3
At the end of section 360 of that Act (obtaining credit and doing business) there shall be inserted—
5
This section applies to the bankrupt after discharge while a bankruptcy restrictions order is in force in respect of him.
6
For the purposes of subsection (1)(a) as it applies by virtue of subsection (5), the relevant information about the status of the person in question is the information that a bankruptcy restrictions order is in force in respect of him.

Disqualification for acting as insolvency practitioner
4
At the end of section 390 of that Act (disqualification for insolvency practitioner) there shall be added—
5
A person is not qualified to act as an insolvency practitioner while a bankruptcy restrictions order is in force in respect of him.

Prohibition against involvement in company
5
The following shall be substituted for section 11(1) of the Company Directors Disqualification Act 1986 (c. 46) (bankrupt)—
1
It is an offence for a person to act as director of a company or directly or indirectly to take part in or be concerned in the promotion, formation or management of a company, without the leave of the court, at a time when—
a
he is an undischarged bankrupt, or
b
a bankruptcy restrictions order is in force in respect of him.