OpenLegislation

Paragraph 2 I1

Northern Ireland Not yet in force

(1)

Article 260 (receivership pending appointment of trustee) is amended as follows.

(2)

For the heading substitute “Powers of interim receiver”.

(3)

In paragraph (1)—

(a)

for the words from the beginning to “official receiver” substitute “An interim receiver appointed under Article 259”;

(b)

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

(4)

In paragraph (2)—

(a)

for “the official” substitute “an interim”;

(b)

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

(c)

for “the estate”, in both places that it occurs, substitute “the property”.

(5)

In paragraph (3)—

(a)

for “The official” substitute “An interim”;

(b)

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

(c)

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

(d)

for sub-paragraph (b) substitute—

“(b)

is not required to do anything that involves his incurring expenditure, except in pursuance of directions given by—

(i)

the Department, where the official receiver is the interim receiver, or

(ii)

the High Court, in any other case,”;

(e)

in sub-paragraph (c), for “bankrupt’s” substitute “debtor’s”.

(6)

In paragraph (4)—

(a)

for sub-paragraph (a) substitute—

“(a)

an interim receiver acting as receiver or manager of the debtor’s property under this Article seizes or disposes of any property which is not the debtor’s property, and”;

(b)

for “official” (in sub-paragraph (b) and in the words following that sub-paragraph) substitute “interim”;

(c)

for “bankruptcy” substitute “interim receivership”.

(7)

Omit paragraph (5).

Annotations

Commencement

I1

Sch. 2 para. 2 not in operation at Royal Assent, see s. 120(02)