Section 337: Application of general fund

337. Application of general fund (1) Funds held in the general fund of the Insolvency Surplus Account may be used— (a) for distribution, in relation to the bankruptcy or liquidation from which the undistributed money came, to any person who remains to be paid as set out in section 336 (2); (b) for the purposes of this Act, to the extent and in the manner allowed by this Act; (c) to replace, to the extent of the deficiency, any money misappropriated by an Official Receiver or liquidator or any person employed under the provisions of this Act; and (d) to meet the costs of any investigation into the .circumstances of the insolvency, or of any Court proceedings, obtaining legal advice, or employing an accountant or other expert in circumstances where the Official Receiver determines that the creditors of a bankrupt or company are unable to pay those costs, or it would be unfair or inequitable that they should do so and it is in the interest of creditors and the public interest to meet these costs from the Insolvency Surplus Account. (2) The allocation of funds for the purposes of subsection (1) (d) shall be in the discretion of the Official Receiver and application may be made to him by any liquidator for that purpose. (3) The Official Receiver may appoint a committee formed from experienced Insolvency Practitioners to assist him in the administration of the Insolvency Surplus Account. PART V – NETTING ARRANGEMENTS IN FINANCIAL CONTRACTS Sub-Part I – Interpretation of Part V