Ch 29: Sanction (March 2011)

CHAPTER 29

March 2011

SANCTION

29.1  Introduction

This chapter gives information and guidance to assist official receivers in deciding whether an act he/she wishes to carry out as trustee or liquidator requires the sanction of the Secretary of State, acting as the liquidation committee or the creditor’s committee, and, if so, how that sanction may be obtained.

Except where specifically stated otherwise (for example paragraph 29.4), the chapter does not cover matters relating to the seeking of sanction by insolvency practitioner office holders, or cover those matters relating to insolvency procedures not dealt with by the official receiver – though, inevitably, much of the guidance will be common.

 

The chapter contains the following parts:

Part 1 – Sanction – general points and applying for sanction (paragraphs 29.2 to 29.13)

Part 2 – Matters for which sanction is required – liquidation (paragraphs 29.14 to 29.25)

Part 3 – Matters for which sanction is required – bankruptcy (paragraphs 29.30 to 29.46)

 

The chapter contains the following annexes:

Annex 1 – Application for sanction

Annex 2 – Sanction document

Annex 3 – schedule 4 of the Act prior to 6 April 2010

Annex 4 – schedule 5 of the Act prior to 6 April 2010

 

The following abbreviation is used in the chapter:

IPU – Insolvency Practitioner Unit

 

[Onto Part 1 – Sanction – general points and applying for sanction]