Section 121 Exercise of powers by trustee in bankruptcy: removal of need for sanction

(1)

The Insolvency Act 1986 is amended as follows.

(2)

In section 314 (bankruptcy: powers of trustee)—

(a)

for subsection (1) substitute—

“(1)
The trustee may exercise any of the powers specified in Parts 1 and 2 of Schedule 5.”,

(b)

in subsection (2), omit “With the permission of the creditors' committee or the court,”, and

(c)

omit subsections (3) and (4).

(3)

In Schedule 5 (powers of trustee in bankruptcy), omit the headings for each of Parts 1 to 3.