432 Insolvency practitioners
Proceeds of Crime Act 2002 (2002 c 29) | Legislation

Insolvency practitioners

432  Insolvency practitioners

(1)     Subsections (2) and (3) apply if a person acting as an insolvency practitioner seizes or disposes of any property in relation to which his functions are not exercisable because—

(a)     it is for the time being subject to a restraint order made under section 41, 120 or 190, or

(b)     it is for the time being subject to [a property freezing order made under section 245A, an interim receiving order made under section 246, a prohibitory property order made under section 255A] or an interim administration order made under section 256,

and at the time of the seizure or disposal he believes on reasonable grounds that he is entitled (whether in pursuance of an order of a court or otherwise) to seize or dispose of the property.

(2)     He is not liable to any person in respect of any loss or damage resulting from the seizure or disposal, except so far as the loss or damage is caused by his negligence.

(3)     He has a lien on the property or the proceeds of its sale—

(a)     for such of his expenses as were

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