# Companies Act 1948, Section 367: Disqualification of undischarged bankrupt from acting as receiver or manager.


(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.

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Source: https://www.legislation.gov.uk/ukpga/Geo6/11-12/38/section/367 (the official version)
Page: https://openlegislation.uk/companies-act-1948/section-367
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.