Insolvency Act 1986

Insolvency Act 1986



Insolvency Act 1986

Introduction

The Insolvency Act 1986 provides the procedures of corporate rescue in case of insolvency of the company. The office holder is the person who acts as an insolvency practitioner. In case of the insolvency he takes the charge of the company affairs and acts accordingly. The law provides guidelines and the right to the office holder in the provisions of the Insolvency Act 1986. The provisions of the Insolvency Act 1986 which are relevant in this context are discussed below.

Section 47

The section 47 entitles the power to the office holder to receive the statement ...