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Insolvency Act 1986

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Changes over time for: Cross Heading: Withdrawal of consent to act

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Version Superseded: 26/06/2020

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Point in time view as at 12/05/2011.

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Insolvency Act 1986, Cross Heading: Withdrawal of consent to act is up to date with all changes known to be in force on or before 14 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1 Withdrawal of consent to actE+W+S

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)

F225(1)The nominee may only withdraw his consent to act in the circumstances mentioned in this paragraph.E+W+S

(2)The nominee must withdraw his consent to act if, at any time during a moratorium—

(a)he forms the opinion that—

(i)the proposed voluntary arrangement or, if he has received notice of proposed modifications under paragraph 31(7), the proposed arrangement with those modifications no longer has a reasonable prospect of being approved or implemented, or

(ii)the company will not have sufficient funds available to it during the remainder of the moratorium to enable it to continue to carry on its business,

(b)he becomes aware that, on the date of filing, the company was not eligible for a moratorium, or

(c)the directors fail to comply with their duty under paragraph 24(2).

(3)The reference in sub-paragraph (2)(a)(ii) to the company’s business is to that business as the company proposes to carry it on during the remainder of the moratorium.

(4)If the nominee withdraws his consent to act, the moratorium comes to an end.

(5)If the nominee withdraws his consent to act he must, in accordance with the rules, notify the court, the registrar of companies, the company and any creditor of the company of whose claim he is aware of his withdrawal and the reason for it.

(6)If the nominee without reasonable excuse fails to comply with sub-paragraph (5), he is liable to a fine.]

Textual Amendments

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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