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Changes over time for: Section A28


Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Status:
Point in time view as at 01/12/2020.
Changes to legislation:
Insolvency Act 1986, Section A28 is up to date with all changes known to be in force on or before 09 March 2025. 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.

Changes to Legislation
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
[A28Restrictions on payment of certain pre-moratorium debtsU.K.
(1)During a moratorium, the company may make one or more relevant payments to a person that (in total) exceed the specified maximum amount only if—
(a)the monitor consents,
(b)the payment is in pursuance of a court order, or
(c)the payment is required by section A31(3) or A32(3).
(2)In subsection (1)—
“relevant payments” means payments in respect of pre-moratorium debts for which the company has a payment holiday during the moratorium (see section A18);
“specified maximum amount” means an amount equal to the greater of—
(b)
1% of the value of the debts and other liabilities owed by the company to its unsecured creditors when the moratorium began, to the extent that the amount of such debts and liabilities can be ascertained at that time.
(3)The monitor may give consent under subsection (1)(a) only if the monitor thinks that it will support the rescue of the company as a going concern.
(4)In deciding whether to give consent under subsection (1)(a), the monitor is entitled to rely on information provided by the company unless the monitor has reason to doubt its accuracy.
(5)If the company makes a payment to which subsection (1) applies otherwise than as authorised by that subsection—
(a)the company commits an offence, and
(b)any officer of the company who without reasonable excuse authorised or permitted the payment commits an offence.]
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