SCHEDULES
C4C1C5C2C3F1SCHEDULE A1 Moratorium where directors propose voluntary arrangement
Sch. A1 applied (with modifications) (E.W.) (1.1.2003) by The Insolvent Partnerships Order 1994 (S.I. 1994/2421), art. 4(1), Sch. 1 (as amended (1.1.2003) by S.I. 2002/2708, arts. 4-6 (with transitional provisions in art. 11); (1.7.2005) by S.I. 2005/1516, art. 6); (6.4.2017) by S.I. 2017/540, reg. 1, Sch. 2 para. 5 (with reg. 4))
Sch. A1 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1, 15, Sch. 2 para. 7
Sch. A1 applied (with modifications) by The Limited Liability Partnerships Regulations 2001 (S.I. 2001/1090), Sch. 3 (as amended 1/10.2005) by The Limited Liability Partnerships (Amendment) Regulations 2005 (S.I. 2005/1989), reg. 1, Sch. 2, para. 14; and (8.12.2017) by The Insolvency (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1119), Sch. 1 paras. 37-53)
Sch. A1 applied (with modifications) by 2009 c. 1, s. 154(3A) (as inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 5(6)(c))
Sch. A1 modified (E.W.) (31.1.2019) by The Further Education Bodies (Insolvency) Regulations 2019 (S.I. 2019/138), regs. 1(1), 25 (with regs. 1(2), 3(a)(ii))
Part V Consideration and implementation of voluntary arrangement
Extension of moratorium
32
1
Subject to sub-paragraph (2), a F3company meeting summoned under paragraph 29 which resolves that it be adjourned (or further adjourned) may resolve that the moratorium be extended (or further extended), with or without conditions.
F71A
Subject to sub-paragraph (2) the company's creditors may, by a qualifying decision procedure, decide to extend (or further extend) the moratorium, with or without conditions.
F52
The moratorium may not be extended (or further extended) to a day later than the end of the period of two months beginning with the day after the last day of the period mentioned in paragraph 8(3).
3
F2Where it is proposed to extend (or further extend) the moratorium, before a decision is taken with respect to that proposal, the nominee shall inform the meeting F8of the company or (as the case may be) inform the company's creditors —
a
of what he has done in order to comply with his duty under paragraph 24 and the cost of his actions for the company, and
b
of what he intends to do to continue to comply with that duty if the moratorium is extended (or further extended) and the expected cost of his actions for the company.
4
Where, in accordance with sub-paragraph (3)(b), the nominee informs a meeting F4of the company or informs the company's creditors, of the expected cost of his intended actions, the meeting shall resolveF6, or (as the case may be) the creditors by a qualifying decision procedure shall decide, whether or not to approve that expected cost.
5
If a decision not to approve the expected cost of the nominee’s intended actions has effect under paragraph 36, the moratorium comes to an end.
6
A meeting F9of the company may resolve, and the creditors by a qualifying decision procedure may decide, that a moratorium which has been extended (or further extended) be brought to an end before the end of the period of the extension (or further extension).
7
The Secretary of State may by order increase or reduce the period for the time being specified in sub-paragraph (2).
Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)