In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 25 · Saving and Transitional Provisions

527. Other saving and transitional provisions

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(1)

Despite anything in this Act, a person who is a qualified person may undertake the relevant work corresponding to the person’s qualification —

(a)

for a period of 6 months after 30 July 2020; and

(b)

if, within the period in paragraph (a), the person applies for a licence under section 51, until the earlier of the following:

(i)

the date on which the licensing officer grants the licence to the person;

(ii)

the date on which the application is finally refused or withdrawn.

(2)

For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such additional provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.

(3)

In this section —

“qualified person” means —

(a)

a person (each called in this subsection an approved liquidator) —

(i)

belonging to a class of persons declared, under section 9(1) of the Companies Act 1967 as in force immediately before 30 July 2020, to be approved liquidators; or

(ii)

who is approved as a liquidator under section 9(2) of the Companies Act 1967 as in force immediately before that date;

(b)

a public accountant; or

(c)

a solicitor;

“relevant work” means —

(a)

in relation to a qualified person who is an approved liquidator, acting as a liquidator or provisional liquidator, or as a receiver or manager, under this Act;

(b)

in relation to a qualified person who is a public accountant, acting as a judicial manager or interim judicial manager, a trustee of a bankrupt’s estate or a nominee under a voluntary arrangement, under this Act; or

(c)

in relation to a qualified person who is a solicitor, acting as a trustee of a bankrupt’s estate or a nominee under a voluntary arrangement, under this Act.

Terms defined in this Act

bankrupt
Defined · s 2
“bankrupt” means —(a)an individual debtor who has been adjudged bankrupt by a bankruptcy order; or(b)where a bankruptcy order has been made against a firm, each of the partners in the firm;
Open s 2
judicial manager
Defined · s 88
“judicial manager”, in relation to a company, means a person appointed under this Part to manage the company and its affairs, business and property, but does not, unless a contrary intention appears, include an interim judicial manager;
Open s 88
liquidator
Defined · s 2
“liquidator” includes the Official Receiver when acting as the liquidator of a corporation;
Open s 2
Minister
Defined · s 2
“Minister” means —(a)except as provided in paragraph (b), the Minister charged with the responsibility for administration of affairs of insolvent persons and insolvent companies; and(b)for the purposes of sections 124(1)(g) and (2)(c), 125(5), 127(3) and 198, the Minister charged with the responsibility for registration of companies;
Open s 2
nominee
Defined · s 273
“nominee” means the person appointed by virtue of a debtor’s proposal for a voluntary arrangement under Part 14 to act as trustee or otherwise to supervise the implementation of the voluntary arrangement and includes —(a)any replacement of such person pursuant to a direction under section 280(3)(a) or an order under section 286(5); and(b)any person upon whom the functions of the nominee have been conferred by a creditors’ meeting pursuant to section 282(3);
Open s 273
officer
Defined · s 61
“officer”, in relation to a corporation, includes —(a)a director or secretary of the corporation, or a person employed in an executive capacity by the corporation;(b)a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and(c)a liquidator of a company appointed in a voluntary winding up,but does not include —(d)a receiver who is not also a manager;(e)a receiver and manager appointed by the Court;(f)a liquidator appointed by the Court or by the creditors; or(g)a judicial manager appointed under Part 7;
Open s 61
public accountant
Defined · s 2
“public accountant” means a person who is registered or deemed to be registered in accordance with the Accountants Act 2004 as a public accountant;
Open s 2
regulations
Defined · s 2
“regulations” means regulations made under section 449;
Open s 2
solicitor
Defined · s 2
“solicitor” means an advocate and solicitor of the Supreme Court;
Open s 2
trustee
Defined · s 2
“trustee”, in relation to a bankruptcy and a bankrupt, means the trustee of the bankrupt’s estate and includes the Official Assignee when acting as trustee of the bankrupt’s estate;
Open s 2

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