Schedule 21, paragraph 1

The following shall be substituted for section 31 of the Insolvency Act 1986 (c. 45) (receiver and manager: disqualification)— A person commits an offence if he acts as receiver or manager of the property of a company on behalf of debenture holders while— he is an undischarged bankrupt, or a bankruptcy restrictions order is in force in respect of him. A person guilty of an offence under subsection (1) shall be liable to imprisonment, a fine or both. This section does not apply to a receiver or manager acting under an appointment made by the court.

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Source: legislation.gov.uk · retrieved 2026-09-04