Article 4 Amendment of article 3 (insolvency practitioners)

Article 3 (insolvency practitioners) is amended as follows.

After paragraph (6), insert—

“(6A)

Paragraph (7) also applies if—

(a)

property is detained under or by virtue of article 11A, 17I, 17J, 60A, 65I or 65J;

(b)

a person acting as an insolvency practitioner incurs expenses which are not ones in respect of the detained property; and

(c)

the expenses are ones which (but for the effect of the detention of the property) might have been met by taking possession of and realising the property.”.

For paragraph (7) substitute—

“(7)

Whether or not the insolvency practitioner has seized or disposed of any property, the insolvency practitioner is entitled to payment of the expenses under—

(a)

article 33(2), 34(3) or 48D(2) if the restraint order was made under article 8 or the property was detained under or by virtue of article 11A, 17I or 17J;

(b)

article 77(2), 78(3) or 86D(2) if the restraint order was made under article 58 or the property was detained under or by virtue of article 60A, 65I or 65J.”.