The Provincial Insolvency (Gujarat Amendment) Act, 1986

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Corporate19862 sections

This Act amends the Provincial Insolvency Act of 1920 specifically for the state of Gujarat. It modifies section 66 to give the court greater power to recover assets from insolvent individuals. The new rules allow the court to issue warrants for the seizure of property, even if it is hidden in places not owned by the debtor. This includes the authority to break open doors or buildings to locate and secure assets, ensuring that creditors can recover what is owed from debtors who are attempting to hide their wealth.

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1. Short title
2. Amendment of section 66 of Act V of 1920

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