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Insolvency Act 1986

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Version Superseded: 26/05/2015

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Point in time view as at 06/04/2003.

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[F1F27(1)To obtain a moratorium the directors of a company must file (in Scotland, lodge) with the court—E+W+S

(a)a document setting out the terms of the proposed voluntary arrangement,

(b)a statement of the company’s affairs containing—

(i)such particulars of its creditors and of its debts and other liabilities and of its assets as may be prescribed, and

(ii)such other information as may be prescribed,

(c)a statement that the company is eligible for a moratorium,

(d)a statement from the nominee that he has given his consent to act, and

(e)a statement from the nominee that, in his opinion—

(i)the proposed voluntary arrangement has a reasonable prospect of being approved and implemented,

(ii)the company is likely to have sufficient funds available to it during the proposed moratorium to enable it to carry on its business, and

(iii)meetings of the company and its creditors should be summoned to consider the proposed voluntary arrangement.

(2)Each of the statements mentioned in sub-paragraph (1)(b) to (e), except so far as it contains the particulars referred to in paragraph (b)(i), must be in the prescribed form.

(3)The reference in sub-paragraph (1)(e)(ii) to the company’s business is to that business as the company proposes to carry it on during the moratorium.

(4)The Secretary of State may by regulations modify the requirements of this paragraph as to the documents required to be filed (in Scotland, lodged) with the court in order to obtain a moratorium.]

Textual Amendments

F1Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)

F2Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)

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