Small Business, Enterprise and Employment Act 2015

Removing requirements to seek sanction

120 Exercise 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.

121 Exercise of powers by trustee in bankruptcy: removal of need for sanction

(1) The Insolvency Act 1986 is amended as follows.

(2) In section 314 (bankruptcy: powers of trustee)—

(a) for subsection (1) substitute—

“(1) The trustee may exercise any of the powers specified in Parts 1 and 2 of Schedule 5.”,

(b) in subsection (2), omit “With the permission of the creditors’ committee or the court,”, and

(c) omit subsections (3) and (4).

(3) In Schedule 5 (powers of trustee in bankruptcy), omit the headings for each of Parts 1 to 3.