81SR. Non‑application of certain provisions in bankruptcy and company liquidation law
Feedback & supportLast amended by an amending law of 2014.
Where by virtue of the provisions of any written law in relation to bankruptcy or company liquidation it is provided that —
company
“company” has the meaning given by section 4(1) of the Companies Act 1967;
any disposition of the property of a company after commencement of a winding up is void, unless the Court orders otherwise; or
property
“property” includes property, right and power of every description;
any disposition of the property of a person who is adjudged bankruptcy after the making of an application for a bankruptcy order and before vesting of the bankrupt’s estate in a trustee is void unless done with the consent or ratification of the Court,those provisions do not apply to any disposition of book‑entry securities; but where a Court is satisfied that a party to the disposition, being a party other than the Depository, had notice that an application has been made for the winding up or bankruptcy of the other party to the disposition, it may award damages against that party on such terms as it thinks equitable or make such other order as the Court thinks fit, including an order for the transfer of book‑entry securities by that party but not an order for the rectification of the Depository Register.