3.—(1) Subject to paragraph (2), section 3 of the 1997 Act (persons qualifying for protection) shall come into force on the specified date.
(2) The amendments to section 16 of the 1975 Act (companies in financial difficulties: transfer of business, etc) made by section 3 of the 1997 Act shall not have effect where—
(a)in a case falling within section 16(1)(a) of the 1975 Act, the petition for the winding up of the company which led to the appointment of the provisional liquidator was presented before the specified date;
(b)in a case falling within section 16(1)(b) of the 1975 Act(1), the petition for the winding up of the company was presented before the specified date; or
(c)in a case falling within section 16(1)(c) of the 1975 Act(2), the application for the sanctioning of a compromise or arrangement was made before the specified date.
Section 16(1)(b) of the 1975 Act was amended by section 439(2) of, and Schedule 14 to, the Insolvency Act 1986 (c. 45) and by article 381(2) of, and Part II (paragraph 28) of Schedule 9 to, the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405).
Section 16(1)(c) of the 1975 Act was amended by section 30 of, and Schedule 2 to, the Companies Consolidation (Consequential Provisions) Act 1985 (c. 9) and by article 23 of, and Part II of Schedule 1 to, the Companies (Consequential Provisions) (Northern Ireland) Order (S.I. 1986/1035).