Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 3 · Official Assignee, Official Receiver and Insolvency Practitioners
55. Licensed insolvency practitioner not to act under certain circumstances
Feedback & supportA licensed insolvency practitioner must not act as an insolvency practitioner at any time when the licensee —
licensed insolvency practitioner
“licensed insolvency practitioner” and “licensee” mean the holder of a licence granted under section 51;
has been adjudged a bankrupt and has not been discharged from bankruptcy;
bankrupt
“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;
is subject to a disqualification order made under section 149 of the Companies Act 1967;
is subject to a debt repayment scheme under Part 15;
debt
“debt” means any debt, or any liability to pay money, that is unsecured, present, certain, and of an amount that is fixed or liquidated;
is subject to a voluntary arrangement under Part 14; or
is subject to any procedure, order, scheme or arrangement under the laws of any foreign country similar to those mentioned in paragraphs (a) to (d).