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Link to original content: http://www.legislation.gov.uk/ukpga/1986/45/section/388
Insolvency Act 1986, Section 388 is up to date with all changes known to be in force on or before 30 October 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)A person acts as an insolvency practitioner in relation to a company by acting—
(a)as its liquidator, provisional liquidator, administrator [F1, administrative receiver or monitor], or
[F2(b)where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisor]
(2)A person acts as an insolvency practitioner in relation to an individual by acting—
(a)as his trustee in bankruptcy or interim receiver of his property or as [F3trustee (or interim trustee)] in the sequestration of his estate; or
(b)as trustee under a deed which is F4..., in Scotland, a trust deed for his creditor; or
[F5(c)where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor]
(d)in the case of a deceased individual to the administration of whose estate this section applies by virtue of an order under section 421 (application of provisions of this Act to insolvent estates of deceased persons), as administrator of that estate.
[F6(2A)A person acts as an insolvency practitioner in relation to an insolvent partnership by acting—
(a)as its liquidator, provisional liquidator or administrator, or
(b)as trustee of the partnership under article 11 of the Insolvent Partnerships Order 1994, or
[F7(c)where a voluntary arrangement in relation to the insolvent partnership is proposed or approved under Part I of the Act, as nominee or supervisor.]]
[F8(2B)In relation to a voluntary arrangement proposed under Part I or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.]
(3)References in this section to an individual include, except in so far as the context otherwise requires, references F9. . . to any debtor within the meaning of the Bankruptcy (Scotland) Act [F102016].
(4)In this section—
“administrative receiver” has the meaning given by section 251 in Part VII;
[F11“company” means—
a company registered under the Companies Act 2006 in England and Wales or Scotland, or
a company that may be wound up under Part 5 of this Act (unregistered companies).]
[F12“monitor” has the same meaning as in Part A1 (moratorium);]
[F13“sequestration” means sequestration under the Bankruptcy (Scotland) Act 2016]
[F14(5)Nothing in this section applies to anything done by—
(a)the official receiver; or
(b)the Accountant in Bankruptcy (within the meaning of the Bankruptcy (Scotland) Act [F152016]).]
F16(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 388(1)(a) substituted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 21(2) (with ss. 2(2), 5(2))
F2S. 388(1)(b) substituted (1.1.2003) by 2000 c. 39, s. 4(2)(a); S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)
F3Words in s. 388(2)(a) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 4(6)(a)
F4Words in s. 388(2)(b) omitted (1.10.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 6 para. 2(11)(f) (with Sch. 6 para. 3); S.I. 2015/1732, art. 2(e)(i)
F5S. 388(2)(c) substituted (1.1.2003) by 2000 c. 39, s. 4(2)(b); S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)
F6S. 388(2A) inserted (1.12.1994) by S.I. 1994/2421, arts. 1(2), 15(1)
F7S. 388(2A)(c) substituted (1.1.2003) by S.I. 2002/2708, art. 3 (with art. 11(1)(3))
F8S. 388(2B) inserted (1.1.2003) by 2000 c. 39, s. 4(2)(c); S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)
F9Words in s. 388(3) omitted (1.12.1994) by virtue of S.I. 1994/2421, art. 15(2)
F10Word in s. 388(3) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 4(6)(b)
F11S. 388(4): definition substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009, (S.I. 2009/1941) arts. 2(1), 8, {Sch. 1 para. 78(2)} (with art. 10, Sch. 1 para. 84)
F12Words in s. 388(4) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 21(3) (with ss. 2(2), 5(2))
F13Words in s. 388(4) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 4(6)(c)
F14S. 388(5) substituted (1.4.1993) by 1993 c. 6, s. 11(1) (with s. 12(6)); S.I. 1993/438, art. 3 (with arts. 4, 5)
F15Word in s. 388(5)(b) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 4(6)(d)
F16S. 388(6) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 36 (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)
Modifications etc. (not altering text)
C1Pt. 13 applied (with modifications) (7.4.2017) by Building Societies Act 1986 (1986 c. 53), Sch. 15A (as amended by S.I. 2017/400, regs. 1(2), 2(4))
C2Pt. 13 applied (with modifications) (7.4.2017) by Friendly Societies Act 1992 (1992 c. 40), Sch. 10 (as amended by S.I. 2017/400, regs. 1(2), 3)
C3Pt. 13 applied (with modifications) (7.4.2017) by Building Societies Act 1986 (1986 c. 53), Sch. 15 (as amended by S.I. 2017/400, regs. 1(2), 2(3))
C4S. 388 applied (with modifications) by S.I. 1986/1999, art. 3, Sch. 1 Pt. II
S. 388 applied (7.2.1994) by 1993 c. 48, s. 119(8) (with s. 6(8)); S.I. 1994/86, art. 2
S. 388 applied (31.10.1994) by 1994 c. 21, s. 36(7) (with s. 40(7)); S.I. 1994/2553, art. 2
S. 388 applied (with modifications) (3.2.1995) by 1994 c. 37, ss. 35(4), 69(2) (with s. 66(2))
S. 388 applied (with modifications) (1.4.1996) by 1995 c. 43, ss. 44, 50(2), Sch. 2 para. 5(3)
S. 388 applied (with modifications) (E.W.) (13.6.2001 for certain purposes and 1.9.2001 otherwise) by 2001 c. 17, s. 38, Sch. 6 para. 11(6) (with ss. 27(3), 39, 78); S.I. 2001/2161, arts. 2, 3 (as amended by S.I. 2001/2304, art. 2)
S. 388 applied (with modifications) (S.) (10.12.2001) by 2001 asp 13, s. 20, Sch. 6 para. 11(6) (with s. 29); S.S.I. 2001/456, art. 2
S. 388 applied (with modifications) (24.3.2003) by 2002 c. 29, ss. 433(4), 458(1)(3); S.I. 2003/333, art. 2, Sch. (subject to arts. 3-13 (as amended by S.I. 2003/531, arts. 3, 4))
S. 388 applied (with modifications) (6.4.2005) by Pensions Act 2004 (c. 35), ss. 121(9)(11), 322(1) (with s. 313); S.I. 2005/275, art. 2(7), Sch. Pt. 7 (subject to art. 2(12))
C5S. 388 applied (with modifications) (temp. for a period of 12 months beginning with 22.3.1990: S.I. 1990/675; and for a further period of 12 months beginning with 22.3.1991: S.I. 1991/549, 779) by Prevention of Terrorism (Temporary Provisions) Act 1989 (c. 4, SIF 39:2), s. 13(8), Sch. 4 para. 33(4)(a)
C6S. 388 excluded (4.4.2006) by The Cross-Border Insolvency Regulations 2006 (S.I. 2006/1030), reg. 8
C7S. 388 applied (with modifications) (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), Pt. 3 reg. 1, Sch. 2 paras. 3, 5 Table (with reg. 24)
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