C3C4F1PART 1AMoratorium

Annotations:
Amendments (Textual)
Modifications etc. (not altering text)

CHAPTER 2Obtaining a moratorium

The relevant documents13BC

1

For the purposes of this Chapter, “the relevant documents” are—

a

a notice that the directors wish to obtain a moratorium,

b

a statement from a qualified person (“the proposed monitor”) that the person—

i

is a qualified person, and

ii

consents to act as the monitor in relation to the proposed moratorium,

c

a statement from the proposed monitor that the company is an eligible company,

d

a statement from the directors that, in their view, the company is, or is likely to become, unable to pay its debts, and

C1C2e

a statement from the proposed monitor that, in the proposed monitor’s view, it is likely that a moratorium for the company would result in the rescue of the company as a going concern.

2

Where it is proposed that more than one person should act as the monitor in relation to the proposed moratorium—

a

each of them must make a statement under paragraph (1)(b), (c) and (e), and

b

the statement under paragraph (1)(b) must specify—

i

which functions (if any) are to be exercised by the persons acting jointly, and

ii

which functions (if any) are to be exercised by any or all of the persons.

3

The rules may make provision about the date on which a statement comprised in the relevant documents must be made.

4

Regulations may amend this Article for the purposes of adding to the list of documents in paragraph (1).

5

Regulations may not be made under paragraph (4) unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly.