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Insolvency Act 1986
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- UK Public General Acts
- 1986 c. 45
- SCHEDULE B1
- GENERAL
- Paragraph 108
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Insolvency Act 1986, Paragraph 108 is up to date with all changes known to be in force on or before 12 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1108(1)A period specified in paragraph 49(5)[F2, 50(1)(b)] or 51(2) may be varied in respect of a company by the administrator with consent.E+W+S
(2)In sub-paragraph (1) “consent” means consent of—
(a)each secured creditor of the company, and
[F3(b)if the company has unsecured debts, creditors whose debts amount to more than 50% of the company’s unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.]
[F3(b)if the company has unsecured debts, the unsecured creditors of the company.]
(3)But where the administrator has made a statement under paragraph 52(1)(b) “consent” means—
(a)consent of each secured creditor of the company, or
(b)if the administrator thinks that a distribution may be made to preferential creditors, consent of—
(i)each secured creditor of the company, and
[F4(ii)preferential creditors whose debts amount to more than 50% of the total preferential debts of the company, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.]
[F4(ii)the preferential creditors of the company.]
(b)if the company has unsecured debts, the unsecured creditors of the company.
[F5(3A)Whether the company's unsecured creditors or preferential creditors consent is to be determined by the administrator seeking a decision from those creditors as to whether they consent.]
(4)[F6Consent for the purposes of sub-paragraph (1) may be—
(a)written, or
(b)signified at a creditors’ meeting.]
(5)The power to extend under sub-paragraph (1)—
(a)may be exercised in respect of a period only once,
(b)may not be used to extend a period by more than 28 days,
(c)may not be used to extend a period which has been extended by the court, and
(d)may not be used to extend a period after expiry.]
Textual Amendments
F1Sch. B1 inserted (15.9.2003) by 2002 c. 40, ss. 248(2), 279, Sch. 16 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))
F2Word in Sch. B1 para. 108(1) omitted (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 10(39); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)
F3Sch. B1 para. 108(2)(b) substituted (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 10(40); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)
F4Sch. B1 para. 108(3)(b)(ii) substituted (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 10(41); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)
F5Sch. B1 para. 108(3A) inserted (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 10(42); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)
F6Sch. B1 para. 108(4) omitted (26.5.2015 for specified purposes, 6.4.2017 for E.W. in so far as not already in force) by virtue of Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 9 para. 10(43); S.I. 2015/1329, reg. 3(d); S.I. 2016/1020, reg. 4(e) (with reg. 5) (as amended by S.I. 2017/363, reg. 3)
Modifications etc. (not altering text)
C1Sch. B1 paras. 107-109 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 145, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3 (as amended (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(5)
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