SCHEDULE 1AMENDMENTS COMING INTO FORCE ON 6TH APRIL 2008
PART 2OTHER AMENDMENTS
Insolvency Act 1986 (c.45)99
1
Paragraph 3 of Schedule A1 to the Insolvency Act 1986130 (moratorium where directors propose voluntary arrangement: qualifying conditions) is amended as follows.
2
In sub-paragraph (2) for “section 247(3) of the Companies Act 1985” substitute “section 382(3) of the Companies Act 2006”.
3
In sub-paragraph (3) for “Subsections (4), (5) and (6) of section 247” substitute “Section 382(4), (5) and (6)”.
4
In sub-paragraph (4)—
a
for “holding company” substitute “parent company”, and
b
for “in respect of” substitute “in relation to”.
5
For sub-paragraph (5) substitute—
5
For the purposes of sub-paragraph (4)—
a
“group” has the same meaning as in Part 15 of the Companies Act 2006 (see section 474(1) of that Act); and
b
a group qualifies as small in relation to a financial year if it so qualifies under section 383(2) to (7) of that Act, and qualifies as medium-sized in relation to a financial year if it so qualifies under section 466(2) to (7) of that Act.
6
The amendments in this paragraph apply only in relation to periods, or parts of periods, falling on or after 6th April 2008.