OpenLegislation

Section 367 Disqualification of undischarged bankrupt from acting as receiver or manager.

Original text. Later amendments are not shown.

(1)

If any person being an undischarged bankrupt acts as receiver or manager of the property of a company on behalf of debenture holders, he shall, subject to the following subsection, be liable on conviction on indictment to imprisonment for a .term not exceeding two years, or on summary conviction to imprisonment for a term not exceeding six months or to a fine not exceeding five hundred pounds or to both.

(2)

The foregoing subsection shall not apply to a receiver or manager where—

(a)

the appointment under which he acts and the bankruptcy were both before the commencement of this Act; or

(b)

he acts under an appointment made by order of a court.