113.These paragraphs allow for cases where a person subject to a forfeiture order is declared bankrupt. Under sub-paragraph (3) of paragraph 47, the forfeiture order is set aside; but under paragraph 48, the Secretary of State is taken to be a creditor, and has to be paid after the debts of all other creditors. If the bankruptcy order is annulled then under paragraph 49 the forfeiture order comes back into effect. Paragraphs 50–51 provide limited protection from liability for insolvency practitioners in respect of the exercise of their duties.
Schedule 4: Forfeiture Orders Paragraphs 45–53: Insolvency: UK Provisions