Commentary on Sections Removing requirements to seek sanction Section 121: Exercise of powers by trustee in bankruptcy: removal of need for sanction
718.This section amends Part 9 and Schedule 5 to the Insolvency Act 1986. The amendment gives trustees in bankruptcy the ability to exercise any of the powers contained within Schedule 5 and section 314(2)) without the need to obtain sanction (approval) of either the court or a creditors’ committee (or where there is none, the Secretary of State).
719.These amendments mirror, for bankruptcy, the amendments made to the liquidation regime by section 120 (see above).