Regulation 44 Challenge by reorganisation controller to conduct of insolvency practitioner

United Kingdom

(1)

The reorganisation controller may apply to the court claiming that a relevant officer is acting, has acted, or proposes to act in a way that fails to comply with a requirement of Part 4 of the principal Regulations.

(2)

The reorganisation controller must send a copy of an application under paragraph (1) to the relevant officer in respect of whom the application is made.

(3)

In the case of a relevant officer who is acting in respect of a member or former member subject to the jurisdiction of a Scottish court, the application must be made to the Court of Session.

(4)

The court may—

(a)

dismiss the application;

(b)

make an interim order;

(c)

make any other order it thinks appropriate.

(5)

In particular, an order under this regulation may—

(a)

regulate the relevant officer's exercise of his functions;

(b)

require that officer to do or not do a specified thing;

(c)

make consequential provision.

(6)

An order may not be made under this regulation if it would impede or prevent the implementation of—

(a)

a voluntary arrangement approved under Part 1 of the 1986 Act or Part 2 of the 1989 Order before the date when the Lloyd's market reorganisation order was made;

(b)

an individual voluntary arrangement approved under Part 8 of that Act or Part 8 of that Order before the date when the Lloyd's market reorganisation order was made; or

F1(c)

a compromise or arrangement sanctioned by the court before the date when the Lloyd’s market reorganisation order was made which is—

(F2i)

which is a compromise or arrangement under section 899 or section 901F,

(ii)

a compromise or arrangement sanctioned under section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act), or

(iii)

a compromise or arrangement sanctioned under Article 418 of the Companies (Northern Ireland) Order 1986 (excluding a compromise or arrangement falling within Article 420 or 420A of that Order).

(7)

In this regulation “relevant officer” means—

(a)

a liquidator,

(b)

a provisional liquidator,

(c)

an administrator

(d)

the official receiver or a trustee in bankruptcy, or

(e)

in Scotland, an interim or permanent trustee or a trustee for creditors,

who is appointed in relation to a member or former member.

Annotations

Textual amendments

F1: Reg. 44(6)(c) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 27(12)
F2: Reg. 44(6)(c)(i) substituted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 16(8)