SCHEDULES

SCHEDULE 10Trustees in bankruptcy

Insolvency Act 1986 (c. 45)

I13

1

Section 287 (receivership pending appointment of first trustee) is amended as follows.

2

For the heading substitute “ Powers of interim receiver ”.

3

In subsection (1)—

a

for the words from the beginning to “official receiver” substitute “ An interim receiver appointed under section 286 ”;

b

for “bankrupt's estate” substitute “ debtor's property ”.

4

In subsection (2)—

a

for “the official” substitute “ an interim ”;

b

for “bankrupt's estate” substitute “ debtor's property ”;

c

for “the estate” (in both places) substitute “ the property ”.

5

In subsection (3)—

a

for “The official” substitute “ An interim ”;

b

for “of the estate” substitute “ of the debtor's property ”;

c

in paragraph (a), for the words from “any” to the end substitute “ the debtor's property, ”;

d

for paragraph (b), substitute—

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,

e

in paragraph (c) for “bankrupt's” substitute “debtor's”.

6

In subsection (4)—

a

for paragraph (a) substitute—

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

in paragraph (b) for “official receiver” substitute “ interim receiver ”;

c

for “official receiver is” substitute “ interim receiver is ”;

d

for “bankruptcy” substitute “ interim receivership ”.

7

Omit subsection (5).