Chapter 40

February 2006

This chapter is divided into 11 parts as follows;

Part 1 - Introduction and definition of debt/liability (paragraphs 40.1 - 40.27).

Part 2 - Creditors, petitions and proofs of debt (paragraphs 40.28 - 40.37B).

Part 3 - Set off (paragraphs 40.38 - 40.44).

Part 4 - Secured creditors (paragraphs 40.45 - 40.75).

Part 5 - Preferential creditors (paragraphs 40.76 -40.96).

Part 6 - Unsecured creditors (paragraphs 40.97 - 40.121).

Part 7 - Contingent liabilities (paragraphs 40.122 - 40.129).

Part 8 - Contributories (paragraphs 40.130 - 40.133).

Part 9 - Foreign debts (paragraphs 40.134 - 40.146).

Part 10 - Interest (paragraphs 40.147- 40.159).

Part 11 - Creditors’ rights (paragraphs 40.160 - 40.175).

Annex A – The Insolvency (Amendment) Rules 2010 - Transitional Provisions

The following abbreviations are used in this chapter:

EA2002 - The Enterprise Act 2002

IPO - The Insolvent Partnerships Order 1994

BIS – Department for Business, Innovation and Skills 

[Onto Part 1 - Introduction and definition of debt/liability]