MiscellaneousS

Prospective

10Definition of “relevant claim”S

(1)The 1973 Act is amended as follows.

(2)In section 9(1) (definition of “relevant claim”)—

(a)the word “or” after each of paragraphs (a), (b) and (c) is repealed,

(b)after paragraph (d) insert—

(e)by the appointment, or the submission of an application for the appointment, of a receiver under section 51 of the Insolvency Act 1986;

(f)by the submission of an application for an administration order under paragraph 12 of Schedule B1 of the Insolvency Act 1986;

(g)by the appointment of an administrator under paragraph 14 of Schedule B1 of the Insolvency Act 1986; or

(h)by the submission of a claim in an administration under Part 2, or a receivership under Part 3, of the Insolvency Act 1986 in accordance with rules made under section 411 of that Act;.

(3)In section 22A(3), in the definition of “relevant claim”—

(a)the word “or” after each of paragraphs (a) and (b) is repealed,

(b)after paragraph (c) insert—

(d)by the appointment, or the submission of an application for the appointment, of a receiver under section 51 of the Insolvency Act 1986;

(e)by the submission of an application for an administration order under paragraph 12 of Schedule B1 of the Insolvency Act 1986;

(f)by the appointment of an administrator under paragraph 14 of Schedule B1 of the Insolvency Act 1986; or

(g)by the submission of a claim in an administration under Part 2, or a receivership under Part 3, of the Insolvency Act 1986 in accordance with rules made under section 411 of that Act;.

13Restrictions on contracting outS

For section 13 (prohibition of contracting out) of the 1973 Act substitute—

13Restrictions on contracting out

(1)The creditor and debtor in an obligation to which a prescriptive period under section 6 or 8A applies may agree to extend the prescriptive period under section 6 or, as the case may be, 8A in relation to the obligation.

(2)A prescriptive period may be extended by agreement under subsection (1) only—

(a)after the period has commenced (and before it would, but for this section, expire),

(b)by a period of no more than one year, and

(c)once in relation to the same obligation.

(3)Where there is an agreement under subsection (1) in relation to an obligation—

(a)the prescriptive period which is the subject of the agreement expires, in relation to the parties to the agreement, on the date specified in or determined in accordance with the agreement, but

(b)that does not otherwise affect the operation of this Act in relation to the obligation or the prescriptive period.

(4)Except as provided for in subsections (1) to (3), a provision in an agreement is of no effect so far as the provision would (apart from this subsection) have the effect, in relation to a right or obligation to which section 6, 7, 8 or 8A (the “section in question”) applies, of—

(a)disapplying the section in question in relation to the right or obligation, or

(b)otherwise altering the operation of the section in question in relation to the right or obligation..