India - Situation and prospects of the economy : a medium-term perspective (Vol. 2 of 3) : Main Report

In subsection (2) of section 241 of the Insolvency Act 1986 (which relates to orders under section 238 or 239 and, in paragraphs (a) and (b), protects certain interests and certain persons who received benefits) in each of paragraphs (a) and (b), for the words “in good faith, for value and without notice of the relevant circumstances” there shall be substituted “ in good faith and for value ”.

After that subsection there shall be inserted the following subsection—

For subsection (3) of that section there shall be substituted the following subsections—

In subsection (2) of section 342 of the Insolvency Act 1986 (which relates to orders under section 339 or 340 and, in paragraphs (a) and (b), protects certain interests and certain persons who received benefits) in each of paragraphs (a) and (b), for the words “in good faith, for value and without notice of the relevant circumstances” there shall be substituted “ in good faith and for value ”.

After that subsection there shall be inserted the following subsection—

For subsection (4) of that section there shall be substituted the following subsections—

In paragraph (2) of Article 205 of the Insolvency (Northern Ireland) Order 1989 (which relates to orders under Article 202 or 203 and, in sub-paragraphs (a) and (b), protects certain interests and certain persons who received benefits) in each of sub-paragraphs (a) and (b), for the words “in good faith, for value and without notice of the relevant circumstances” there shall be substituted “ in good faith and for value ”.

After that paragraph there shall be inserted the following paragraph—

For paragraph (3) of that Article there shall be substituted the following paragraphs—

In paragraph (2) of Article 315 of the Insolvency (Northern Ireland) Order 1989 (which relates to orders under Article 312 or 313 and, in sub-paragraphs (a) and (b), protects certain interests and certain persons who received benefits) in each of sub-paragraphs (a) and (b), for the words “in good faith, for value and without notice of the relevant circumstances” there shall be substituted “ in good faith and for value ”.

After that paragraph there shall be inserted the following paragraph—

For paragraph (4) of that Article there shall be substituted the following paragraphs—

The amendments of the Insolvency Act 1986 made by this Act bind the Crown.

The amendments of the Insolvency (Northern Ireland) Order 1989 made by this Act bind the Crown in accordance with Article 378 of that Order.

This Act may be cited as the Insolvency (No. 2) Act 1994.

This Act shall come into force at the end of the period of two months beginning with the day on which it is passed.

This Act has effect in relation to interests acquired and benefits received after this Act comes into force.

Sections 1, 2 and 5(1) above extend to England and Wales only.

Sections 3, 4 and 5(2) above extend to Northern Ireland only.

This section extends to England and Wales and Northern Ireland only.