Section 40A Prohibition on disposal of assets.F1C1
United Kingdom
If on the application of the F2Treasury it appears to the court that any of the grounds set out in section 37(3) above are established in relation to a UK company, the court may grant an injunction restraining, or in Scotland an interdict prohibiting, the company from disposing of or otherwise dealing with any of its assets to the value of its EC liabilities.
Where a court makes an order under subsection (1) above, it may by subsequent orders make provision for such incidental, consequential and supplementary matters as are necessary to enable the Treasury to perform F3their functions under this Act.
The jurisdiction conferred by this section shall be exercisable by the High Court and the Court of Session.
In this section “EC liabilities” has the same meaning as in section 39 above.
Annotations
Textual amendments
- F1
S. 40A inserted (1.7.1994) by S.I. 1994/1696, reg. 22
- F2
Word in s. 40A substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 25(a) (with art. 7)
- F3
Words in s. 40A substituted (5.1.1998) by S.I. 1997/2781, art. 8(1), Sch. Pt. I para. 25(b) (with art. 7)
Modifications
- C1
S. 40A: power to contract out functions conferred (18.11.1998) by S.I. 1998/2842, arts. 2, 3, Sch. Pt. I para. 27
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) Order 2001 (S.I. 2001/3649), arts. 1, 3(1)(b)
Notes on Part II
Modifications
- C1
Pt. II (ss. 15-71) restricted (1.1.1993) by S.I. 1992/3218, reg65
Pt. II (ss. 15-71) extended (24.12.1996) by S.I. 1996/3011, reg. 3(1)(b), 10(1)