Section 4 Qualification or authorisation of nominees and supervisors.

England, Wales and Scotland

(1)

Part XIII of the M1Insolvency Act 1986 (insolvency practitioners and their qualification) is amended as follows.

(2)

In section 388 (meaning of “act as insolvency practitioner”)—

(a)

for subsection (1)(b) there is substituted—

“(b)
where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisor”,

(b)

for subsection (2)(c) there is substituted—

“(c)
where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor”,

and

(c)

after subsection (2A) there is inserted—

“(2B)
In relation to a voluntary arrangement proposed under Part I or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.”

F1(3)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2(4)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: S. 4(3) omitted (1.10.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 6 para. 20(3); S.I. 2015/1732, art. 2(e)(vi)
F2: S. 4(4) omitted (1.10.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 6 para. 20(3); S.I. 2015/1732, art. 2(e)(vi)

Marginal citations

M1: 1986 c. 45.