Paragraph 21 Sections 172 and 298: Removal etc.of responsible insolvency practitioner or of provisional liquidatorI1

Sections 172 and 298 are modified so as to read as follows—

“172

(1)

This section applies with respect to the removal from office and vacation of office of—

(a)

the responsible insolvency practitioner of an insolvent partnership which is being wound up by virtue of article 8 of the Insolvent Partnerships Order 1994 and of its insolvent member or members against whom insolvency orders have been made, or

(b)

a provisional liquidator of an insolvent partnership, and of any corporate member of that partnership, against which a winding-up petition is presented by virtue of that article,

and, subject to subsections (6) and (7) below, any removal from or vacation of office under this section relates to all offices held in the proceedings relating to the partnership.

(2)

Subject as follows, the responsible insolvency practitioner or provisional liquidator may be removed from office only by an order of the court.

(3)

If appointed by the Secretary of State, the responsible insolvency practitioner may be removed from office by a direction of the Secretary of State.

(4)

A responsible insolvency practitioner or provisional liquidator, not being the official receiver, shall vacate office if he ceases to be a person who is qualified to act as an insolvency practitioner in relation to the insolvent partnership or any insolvent member of it against whom an insolvency order has been made.

(5)

The responsible insolvency practitioner may, with the leave of the court (or, if appointed by the Secretary of State, with the leave of the court or the Secretary of State), resign his office by giving notice of his resignation to the court.

F1(6)

A responsible insolvency practitioner who has produced an account of the winding up or administration under section 146 must vacate office immediately upon complying with the requirements of section 146(3).

(7)

The responsible insolvency practitioner shall vacate office as trustee of the estate of an individual member if the insolvency order against that member is annulled.”.