Insolvency Act · 2022 Revised Edition · Part 8
221. Persons not qualified to act as insolvency practitioners
Official textFrom Attorney General's Chambers, unchanged
A person who is not an individual is not qualified to act as an insolvency practitioner.
insolvency
“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
A person is not qualified to act as an insolvency practitioner at any time unless at that time —
he is authorised so to act by virtue of membership of a professional body recognised under section 222, being permitted so to act by or under its rules; or
he holds an authorisation granted by a competent authority under section 224.
A person is not qualified to act as an insolvency practitioner in relation to another person at any time unless —
there is in force at that time security for the proper performance of his functions; and
that security meets the prescribed requirements with respect to his so acting in relation to that other person.
Insolvency 178
A person is not qualified to act as an insolvency practitioner at any time if at that time —
he has been adjudged bankrupt or sequestration of his estate has been awarded and (in either case) he has not been discharged;
a moratorium period under a debt relief order applies in relation of him;
he lacks capacity to act as an insolvency practitioner.
A person is not qualified to act as an insolvency practitioner while a receiving order is in force in respect of him.
For the purposes of subsection (4)(c), a person lacks capacity in relation to a matter if at the material time he is unable to make a decision for himself in relation to the matter because of an impairment of, or a disturbance in the functioning of, the mind or brain, whether or not such impairment or disturbance is permanent or temporary.
Terms defined in s 3
insolvency
Defined · s 3“insolvency”, in relation to a company, includes the approval of a voluntary arrangement or the appointment of a judicial manager;
security
Defined · s 3“security” means any mortgage, charge, lien or other security interests;