Voluntary arrangements
I11 Moratorium where directors propose voluntary arrangement.
Schedule 1 (which—
a
enables the directors of a company to obtain an initial moratorium for the company where they propose a voluntary arrangement under Part I of the M1Insolvency Act 1986,
b
makes provision about the approval and implementation of such a voluntary arrangement where a moratorium is obtained, and
c
makes consequential amendments),
is to have effect.
2 Company voluntary arrangements.
Schedule 2 (which—
a
amends the provisions about company voluntary arrangements under Part I of the M2Insolvency Act 1986, and
b
in consequence of Schedule 1 and those amendments, makes amendments of the M3Building Societies Act 1986),
is to have effect.
3 Individual voluntary arrangements.
Schedule 3 (which enables the procedure for the approval of individual voluntary arrangements under Part VIII of the M4Insolvency Act 1986 to be started without an initial moratorium for the insolvent debtor and makes other amendments of the provisions about individual voluntary arrangements) is to have effect.
4 Qualification or authorisation of nominees and supervisors.
1
Part XIII of the M5Insolvency Act 1986 (insolvency practitioners and their qualification) is amended as follows.
2
In section 388 (meaning of “act as insolvency practitioner”)—
a
for subsection (1)(b) there is substituted—
b
where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisor
b
for subsection (2)(c) there is substituted—
c
where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor
and
c
after subsection (2A) there is inserted—
2B
In relation to a voluntary arrangement proposed under Part I or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.
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