Rule 4.031 Security

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rule 4.031 applied by Bank Insolvency 2009 rule 23
rules 11.01-11.13 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 6(10)-CP(3) substituted by Insolvency 2000 rule 5
rule 4.056-CVL(2) words inserted by Insolvency 2006 Sch. 1 para. 22
rule 4.228A-4.228E inserted by Insolvency 2008 rule 5
rule 4.031(2)(b) text amended by Insolvency 2008 rule 6(1)
rules 2.028-2.110 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.114-2.115 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.119-2.130 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.027-4.029 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.031-4.034 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.197-4.204 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.05-7.07 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.09-7.14 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.19-7.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.24-7.30 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.34-7.42 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.50-7.54 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 12.01-12.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 4.031 applied by Bank Insolvency 2009 rule 23
rule 7. 13B(2) word omitted by Insolvency 2023 rule 37(1)

(1)

Paragraph (2) and Rules 4.032 to 4.034 apply where an insolvency practitioner is appointed to be provisional liquidator under Article 115.

(2)

The cost of providing the security required under the Order shall be paid in the first instance by the provisional liquidator; but—

(a)

if a winding-up order is not made, the person so appointed is entitled to be reimbursed out of the property of the company, and the court may make an order on the company accordingly, and

(b)

if a winding-up order is made, he is entitled to be reimbursed out of the assets in the prescribed order of priority.

[E.R.4.28]