INS9814 - Legislation
Enterprise Act: Personal Insolvency
Part 10 of the Enterprise Act 2002 (EA) relates to insolvency. It received the Royal Assent on 7 November 2002. The Personal Insolvency provisions became operative on 1 April 2004.
| Enterprise Act | |
| S256 | Duration of Bankruptcy. In future bankrupts will obtain their discharge within one year (in most cases within three to six months). The transitional provisions are set out in Sch 19 EA. |
| S257 | Post-discharge Restriction. Introduces Bankruptcy Restriction Orders (BRO) and Bankruptcy Restriction Undertakings (BRU). New S281A and Sch4A IA 86 in Sch 20 EA. The effect of a BRO or BRU is set out in Sch 21 EA. This section also amends various Statutory provisions including S 11 CDDA 86 |
| S258 | Investigation by Official Receiver. |
| S259 | Income Payment Order. |
| S260 | Income Payment Agreement |
| S261 | Bankrupt’s home. Introduces new S 283A IA 86 (Bankrupt’s home ceases to form part of the Bankruptcy estate if no application is made within three years) and S313A IA 86 (Bankrupt’s homes of low value). |
| S262 | Powers of trustee in bankruptcy. Trustee requires sanction before using certain types of clawback proceedings |
| S263 | Repeal of certain bankruptcy offences. |
| SS265 to 268 | Individual Voluntary Arrangement. New S263A to 263G and S 389 IA 86 set out in Sch22 EA introduces fast-track IVAs in which the Official Receiver acts as nominee or supervisor. |
| S269 | Minor and consequential amendments. Sch23 EA outlines a number of amendments. |
| SS270 to 272 | Modernises the financial regime by which the DTI Insolvency Service operates. |
