1The following shall be substituted for section 31 of the Insolvency Act 1986 (c. 45) (receiver and manager: disqualification)—
(1)A person commits an offence if he acts as receiver or manager of the property of a company on behalf of debenture holders while—
(a)he is an undischarged bankrupt, or
(b)a bankruptcy restrictions order is in force in respect of him.
(2)A person guilty of an offence under subsection (1) shall be liable to imprisonment, a fine or both.
(3)This section does not apply to a receiver or manager acting under an appointment made by the court.”