Insolvency Act 1986

[F1 A12 Creditor consent for the purposes of section A11 U.K.

(1) References in section A11 to creditor consent are to the consent of pre-moratorium creditors to a revised end date for the moratorium.

(2) The decision as to consent is to be made using a qualifying decision procedure.

(3) The revised end date must be a date before the end of the period of one year beginning with the first day of the initial period.

(4) In this section “pre-moratorium creditor” means a creditor in respect of a pre-moratorium debt—

(a) for which the company has a payment holiday during the moratorium (see section A18), and

(b) which has not been paid or otherwise discharged.

(5) In determining for the purposes of subsection (4) what counts as a pre-moratorium debt for which the company has a payment holiday during the moratorium, sections A18(3) and A53(1)(b) apply as if the references to the moratorium were to the moratorium as proposed to be extended.

(6) The Secretary of State may by regulations amend this section for the purposes of changing the definition of “pre-moratorium creditor”.

(7) Regulations under subsection (6) are subject to the affirmative resolution procedure.]

Textual Amendments

F1 Pt. A1 inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), ss. 1(1), 49(1) (with ss. 2(2), 5(2))