The Insolvency Act 1986 (Amendment) (No. 2) Regulations 2002

• Citation: S.I. 2002/1240
• Sections: 18

Section 1 Citation and commencement

These Regulations may be cited as the Insolvency Act 1986 (Amendment) (No. 2) Regulations 2002 and shall come into force on 31st May 2002.

Section 2 Interpretation

In these Regulations “ the Act ” means the Insolvency Act 1986 .

Section 3 Amendments to the Insolvency Act 1986

The Act is amended as provided for in these Regulations.

Section 4 Amendment to section 1

After section 1(3) (Persons who may propose a voluntary arrangement) insert—

(4) In this Part a reference to a company includes a reference to a company in relation to which a proposal for a voluntary arrangement may be made by virtue of Article 3 of the EC Regulation .

Section 5 Amendment to section 8

After section 8(6) (Power of court to make administration order) insert—

(7) In this Part a reference to a company includes a reference to a company in relation to which an administration order may be made by virtue of Article 3 of the EC Regulation.

Section 6 Amendment to section 117

After section 117(6) (Winding up jurisdiction in England and Wales) insert—

(7) This section is subject to Article 3 of the EC Regulation (jurisdiction under EC Regulation).

Section 7 Amendment to section 120

After section 120(5) (Winding up jurisdiction in Scotland) insert—

(6) This section is subject to Article 3 of the EC Regulation (jurisdiction under EC Regulation).

Section 8 Amendment to section 124

In section 124(1) (Application for winding up) after “contributory or contributories” insert—

, or by a liquidator (within the meaning of Article 2(b) of the EC Regulation) appointed in proceedings by virtue of Article 3(1) of the EC Regulation or a temporary administrator (within the meaning of Article 38 of the EC Regulation)

Section 9 Amendment to section 221

In section 221(4) (Winding up of unregistered companies) at the end insert—

, except in accordance with the EC Regulation

Section 10 Amendment to section 225

In section 225 (Winding up of dissolved overseas company) (which becomes subsection (1)) at end insert—

(2) This section is subject to the EC Regulation.

Section 11 Amendment to section 240

(1) In section 240(3) (Relevant time for purpose of transaction at undervalue or preference) after paragraph (a) (and before the word “and”) insert—

(aa) in a case where section 238 or 239 applies by reason of a company going into liquidation following conversion of administration into winding up by virtue of Article 37 of the EC Regulation, the date of the presentation of the petition on which the administration order was made,

Section 12 Amendment to section 247

After section 247(2) (Meaning of “goes into liquidation”) insert—

(3) The reference to a resolution for voluntary winding up in subsection (2) includes a resolution deemed to occur by virtue of an order made following conversion of a voluntary arrangement or administration into winding up under Article 37 of the EC Regulation.

Section 13 Amendment to section 264

After section 264(1)(b) (Who may present a bankruptcy petition) insert—

(ba) by a temporary administrator (within the meaning of Article 38 of the EC Regulation),

(bb) by a liquidator (within the meaning of Article 2(b) of the EC Regulation) appointed in proceedings by virtue of Article 3(1) of the EC Regulation,

Section 14 Amendment to section 265

After section 265(2) (Conditions to be satisfied in respect of debtor) insert—

(3) This section is subject to Article 3 of the EC Regulation.

Section 15 Amendment to section 330

After section 330(5) (Final distribution) insert—

(6) Subsection (5) is subject to Article 35 of the EC Regulation (surplus in secondary proceedings to be transferred to main proceedings).

Section 16 Amendments to section 387

In section 387(3) (Relevant date in relation to preferential debts)—

(a) after paragraph (a) insert—

(aa) if the winding up is by the court and the winding-up order was made following conversion of administration into winding up by virtue of Article 37 of the EC Regulation, the relevant date is the date of the making of the administration order;

(ab) if the company is deemed to have passed a resolution for voluntary winding up by virtue of an order following conversion of administration into winding up under Article 37 of the EC Regulation, the relevant date is the date of the making of the administration order;

(b) in paragraph (b) after “paragraph (a)” insert “, (aa) or (ab)”, and

(c) in paragraph (c) for “either paragraph (a) or (b)” substitute—

paragraph (a), (aa), (ab) or (b)

Section 17 Amendment to section 388

After section 388(5) (Acting as an insolvency practitioner) insert—

(6) Nothing in this section applies to anything done (whether in the United Kingdom or elsewhere) in relation to insolvency proceedings under the EC Regulation in a member State other than the United Kingdom.

Section 18 Modified definition of property

After section 436 (Expressions used generally) insert—

modified definition of property

(436A) In the application of this Act to proceedings by virtue of Article 3 of the EC Regulation, a reference to property is a reference to property which may be dealt with in the proceedings.