C2C3F1PART 1AMoratorium
Pts. 1-5 modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2; (temp.) (27.4.2020 retrospective) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), Sch. 11 para. 8(1)(2), 14 (with ss. 2(2), 5(2)); (26.6.2020) by The Limited Liability Partnerships (Amendment etc.) Regulations 2020 (S.I. 2020/643), reg. 1(1), Sch. 2 (with reg. 3); (16.2.2021) by The Limited Liability Partnerships (Amendment etc.) Regulations 2021 (S.I. 2021/60), reg. 1(1), Sch. 2 (with reg. 4(2)))
Pts. 1-5 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 3 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)
CHAPTER 3Length of moratorium
Extension of moratorium
Extension by High Court on application of directors13CD
1
At any time after the first 15 business days of the initial period, the directors may apply to the High Court for an order that the moratorium be extended.
2
The application must be accompanied by—
a
a statement from the directors that all of the following that have fallen due have been paid or otherwise discharged—
i
moratorium debts, and
ii
pre-moratorium debts for which the company does not have a payment holiday during the moratorium (see Article 13D),
b
a statement from the directors that, in their view, the company is, or is likely to become, unable to pay its pre-moratorium debts,
c
a statement from the directors as to whether pre-moratorium creditors (as defined by Article 13CC(5) and (6)) have been consulted about the application and if not why not, and
C1d
a statement from the monitor that, in the monitor’s view, it is likely that the moratorium will result in the rescue of the company as a going concern.
3
The rules may make provision about the date on which a statement mentioned in paragraph (2) must be made.
4
On hearing the application the Court may—
a
make an order that the moratorium be extended to such date as is specified in the order, or
b
make any other order which the Court thinks appropriate.
5
In deciding whether to make an order under paragraph (4)(a) the Court must, in particular, consider the following—
a
the interests of pre-moratorium creditors, as defined by Article 13CC(5) and (6), and
b
the likelihood that the extension of the moratorium will result in the rescue of the company as a going concern.
6
Paragraph (7) applies where—
a
an application under this Article is made, and
b
apart from that paragraph, the moratorium would end at a time before the application has been disposed of.
7
The moratorium—
a
does not end at the time mentioned in paragraph (6)(b), and
b
instead, ends—
i
in a case in which the Court makes an order under paragraph (4)(a), in accordance with the order;
ii
otherwise, when the application is withdrawn or disposed of.
8
A moratorium may be extended under this Article more than once.
Pt. 1A inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), ss. 4(1), 49(1) (with ss. 2(2), 5(2))