PART 10Insolvency
Removing requirements to seek sanction
121Exercise 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.