Insolvency Act 1986

[F1246ZGPower to amend sections 246ZE and 246ZFE+W+S

(1)The Secretary of State may by regulations amend section 246ZE so as to change the definition of—

(a)the minimum number of creditors;

(b)the minimum number of contributories.

(2)The Secretary of State may by regulations amend section 246ZF so as to change the definition of—

(a)the appropriate number of relevant creditors;

(b)the appropriate number of relevant contributories.

(3)Regulations under this section may define the minimum number or the appropriate number by reference to any one or more of—

(a)a proportion in value,

(b)a proportion in number,

(c)an absolute number,

and the definition may include alternative, cumulative or relative requirements.

(4)Regulations under subsection (1) may define the minimum number of creditors or contributories by reference to all creditors or contributories, or by reference to creditors or contributories of a particular description.

(5)Regulations under this section may make provision that will result in section 246ZE or 246ZF having different definitions for different cases, including—

(a)for creditors and for contributories,

(b)for different kinds of decisions.

(6)Regulations under this section may make transitional provision.

(7)The power of the Secretary of State to make regulations under this section is exercisable by statutory instrument.

(8)A statutory instrument containing regulations under this section may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, each House of Parliament.]