SCHEDULES

SCHEDULE 1E+W+S Moratorium where directors propose voluntary arrangement

Amendments of the Insolvency Act 1986E+W+S

10E+W+SAfter section 417 there is inserted—

“417A Money sums (company moratorium).

(1)The Secretary of State may by order increase or reduce any of the money sums for the time being specified in the following provisions of Schedule A1 to this Act—

• paragraph 17(1) (maximum amount of credit which company may obtain without disclosure of moratorium);

• paragraph 41(4) (minimum value of company property concealed or fraudulently removed, affecting criminal liability of company’s officer).

(2)An order under this section may contain such transitional provisions as may appear to the Secretary of State necessary or expedient.

(3)An order under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.”