Insolvency Services (Accounting and Investment) Act 1970
| Jurisdiction | UK Non-devolved |
| Citation | 1970 c. 8 |
| Year | 1970 |
Insolvency Services(Accounting and Investment)Act 1970
1970 CHAPTER 8
An Act to amend the law with respect to the Bankruptcy Estates Account and the Companies Liquidation Account and the investment of balances therein, and with respect to the fixing and disposal of fees in bankruptcy and winding-up proceedings; and for purposes connected with those matters.
[26th February 1970]
Be it enacted by the Queen's most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—
1 Establishment of Insolvency Services Investment Account and abolition of Bankruptcy and Companies Winding-up \(Fees) Account.
(1) The National Debt Commissioners shall keep with the Bank of England an account to be known as the Insolvency Services Investment Account (in the following provisions of this Act referred to as the Investment Account).
(2) All such payments out of or into the Bankruptcy Estates Account or the Companies Liquidation Account as were before the commencement of this Act required by section 90 of the Bankruptcy Act 1914 or section 361 of the Companies Act 1948 to be made to or by the Treasury shall be made into or out of the Investment Account; and all sums and securities standing to the credit of the account kept by the Treasury under the said section 90 or the said section 361 shall be transferred to the Investment Account.
(3) The Bankruptcy and Companies Winding-up (Fees) Account established under the Economy (Miscellaneous Provisions) Act 1926 shall be wound up and any balance standing to its credit shall be paid into the Consolidated Fund; and there shall also be paid into the Consolidated Fund all such fees as were before the commencement of this Act required by section 13 or section 16 of the said Act of 1926 to be paid into the first-mentioned Account, that is to say—
(a ) the fees and percentages charged for or in respect of proceedings under the Bankruptcy Act 1914 ;
(b ) the fees (other than fees to be taken in the Supreme Court) to be taken under the Deeds of Arrangement Act 1914 ; and
(c ) the fees in respect of proceedings under the Companies Act 1948 in relation to the winding-up of companies in England and Wales.
(4) Section 14 of the said Act of 1926 (provision as to fixing of fees) shall cease to have effect.
2 Investment of moneys in Investment Account.
2. Any moneys standing to the credit of the Investment Account (including any money received by the National Debt Commissioners by way of interest on or proceeds of any investment under this section) may be invested by the Commissioners, in accordance with such directions as may be given by the Treasury, in any manner for the time being specified in Part II of Schedule 1 to the Trustee Investments Act 1961.
3 Application of income of Investment Account and adjustment of balances.
(1) Where the annual account to be kept by the National Debt Commissioners under section 7 of this Act shows that in the year for which it is made up the gross amount of the interest accrued from the securities standing to the credit of the Investment Account exceeded the aggregate of—
(a ) a sum, to be determined by the Treasury, to provide against the depreciation in the value of the securities; and
(b ) the sums paid into the Companies Liquidation Account in pursuance of section 4 of this Act together with the sums paid in pursuance of that section to the Commissioners of Inland Revenue;
the National Debt Commissioners shall, within three months after the account is laid before Parliament, cause the amount of the excess to be paid out of the Investment Account into the Consolidated Fund in such manner as may from time to time be agreed between the Treasury and the Commissioners.
(2) Where the said annual account shows that in the year for which it is made up the gross amount of interest accrued from the securities standing to the credit of the Investment Account was less than the aggregate mentioned in subsection (1) of this section, an amount equal to the deficiency shall, at such times as the Treasury direct, be paid out of the Consolidated Fund into the Investment Account.
(3) If the Investment Account is insufficient to meet its liabilities the Treasury may, on being informed thereof by the National Debt Commissioners, issue the amount of the deficiency out of the Consolidated Fund and the Treasury shall certify the deficiency to Parliament.
4 Payment of interest under s. 362\(4) of Companies Act 1948.
4. Where under section 362(4) of the Companies Act 1948(investment of surplus balances) a company has become entitled to any sum by way of...
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