If you are a creditor of an insolvent company or a bankruptcy, Oliver Elliot can help you address your concerns arising from the insolvency and how Section 365 of the Insolvency Act 1986 can help.
How can a Trustee In Bankruptcy use Section 365 of the Insolvency Act 1986 to investigate a bankrupt’s financial affairs?
Section 365 of the Insolvency Act 1986 is an enforcement section that enables an Insolvency Practitioner to obtain information and property in bankruptcy cases. Sections 311, 312, 333 and 366 of the Insolvency Act 1986 are all interlinked.
Section 365 of the Insolvency Act 1986 can be used to obtain information from anyone having information relevant to the Bankrupt’s financial affairs. It cannot however be used by the Insolvency Practitioner oppressively. It is used to enable a Trustee in Bankruptcy to reconstitute and reconstruct knowledge and or investigate the Bankrupt’s former financial affairs and dealings.
Seizure of bankrupt’s property.
(1) At any time after a bankruptcy order has been made, the court may, on the application of the official receiver or the trustee of the bankrupt’s estate, issue a warrant authorising the person to whom it is directed to seize any property comprised in the bankrupt’s estate which is, or any books, papers or records relating to the bankrupt’s estate or affairs which are, in the possession or under the control of the bankrupt or any other person who is required to deliver the property, books, papers or records to the official receiver or trustee.
(2) Any person executing a warrant under this section may, for the purpose of seizing any property comprised in the bankrupt’s estate or any books, papers or records relating to the bankrupt’s estate or affairs, break open any premises where the bankrupt or anything that may be seized under the warrant is or is believed to be and any receptacle of the bankrupt which contains or is believed to contain anything that may be so seized.
(3) If, after a bankruptcy order has been made, the court is satisfied that any property comprised in the bankrupt’s estate is, or any books, papers or records relating to the bankrupt’s estate or affairs are, concealed in any premises not belonging to him, it may issue a warrant authorising any constable or prescribed officer of the court to search those premises for the property, books, papers or records.
(4) A warrant under subsection (3) shall not be executed except in the prescribed manner and in accordance with its terms.
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