99.—(1) Paragraph 3 of Schedule A1 to the Insolvency Act 1986(1) (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.
Schedule A1 was inserted by the Insolvency Act 2000 (c.39), Schedule 1; paragraph 3(4) and (5) were inserted by S.I. 2002/1990, regulation 3.