Page 777 - IOM Law Society Rules Book

c.13 Proceeds of Crime Act 2008 399

(b) so as to prevent the payment out of any property of
expenses (including the remuneration of the receiver)
properly incurred in the exercise of the receiver’s
functions in respect of the property.

(6) But nothing in the Companies Acts 1931 to 2004 or the
Companies Act 2006 must be taken to restrict (or enable the restriction
of) the exercise of the powers referred to in subsection (4).

207. In sections 204, 205 and 206 “company” includes a limited Winding up:
liability company within the meaning of the Limited Liability limited
liability
Companies Act 1996 (which may be wound up under the companies
Companies Act 1931 by virtue of section 31 of the Limited P2002/29/431
Liability Companies Act 1996).
[c.19]
[XIII p.235]
Insolvency practitioners

208. (1) Subsections (2) and (3) apply if a person acting as an Insolvency
insolvency practitioner seizes or disposes of any property in practitioners
relation to which that person’s functions are not exercisable P2002/29/432
because —

(a) it is for the time being subject to a restraint order made
under section 97; or

(b) it is for the time being subject to a property freezing
order made under section 6 or an interim receiving order
made under section 13, and at the time of the seizure or
disposal the insolvency practitioner believes on
reasonable grounds that the insolvency practitioner is
entitled (whether in pursuance of an order of a court or
otherwise) to seize or dispose of the property.

(2) The insolvency practitioner 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 the
negligence of the insolvency practitioner.

(3) The insolvency practitioner has a lien on the property
or the proceeds of its sale —

(a) for such of the insolvency practitioner’s expenses as
were incurred in connection with the liquidation,
bankruptcy, sequestration or other proceedings in
relation to which the insolvency practitioner purported
to make the seizure or disposal; and

(b) for so much of the insolvency practitioner’s
remuneration as may reasonably be assigned to the