Section 120 Exercise of powers by liquidator: removal of need for sanction

(1)

The Insolvency Act 1986 is amended as follows.

(2)

In section 165 (voluntary winding up: powers of liquidator), for subsections (2) and (3) substitute—

“(2)
The liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4.”

(3)

In section 167 (winding up by the court: powers of liquidator), for subsection (1) substitute—

“(1)
Where a company is being wound up by the court, the liquidator may exercise any of the powers specified in Parts 1 to 3 of Schedule 4.”

(4)

In section 169 (supplementary powers (Scotland)), omit subsection (1).

(5)

In Part 2 of Schedule 3 (appeals from orders in Scotland: orders which take effect until matter disposed of by Inner House), omit the entry relating to orders under section 167 or 169.

(6)

In Schedule 4 (powers of liquidator in a winding up)—

(a)

in paragraph 3, omit “In the case of a winding up in Scotland,”,

(b)

omit paragraph 6A, and

(c)

omit the headings for each of Parts 1 to 3.