The Insolvency (Amendment) (No. 2) Rules 2002

Amendments to Rule 1.1

1.  In Rule 1.1—

(a) in paragraph (2) for sub-paragraph (a) there is substituted—

“(a) Chapter 2 applies where the proposal for the voluntary arrangement is made by the directors of the company and

(i) the company is neither in liquidation nor is an administration order (under Part II of the Act) in force in relation to it; and

(ii) no steps have been taken to obtain a moratorium under Schedule A1 to the Act in connection with the proposal;”;

(b) in paragraph (2) for sub-paragraphs (c) and (d) there is substituted—

“(c) Chapter 4 applies in the same case as Chapter 3, but where the nominee is not the liquidator or administrator;

(d) Chapter 5 applies in all the three cases mentioned in sub-paragraphs (a) to (c) above;

(e) Chapters 7 and 8 apply to all voluntary arrangements with or without a moratorium; and

(f) Chapter 9 applies where the proposal is made by the directors of an eligible company with a view to obtaining a moratorium.”; and

(c) after paragraph (3) there is inserted—

“(4) In this Part, a reference to an “eligible company” is to a company that is eligible for a moratorium in accordance with paragraph 2 of Schedule A1 to the Act(1).”.

(1)

Schedule A1 is inserted into the Insolvency Act 1986 (c. 45) by section 1 of, and Schedule 1 to, the Insolvency Act 2000 (c. 39) and is amended by S.I. 2002/1990.