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 5The monitor
Termination of moratorium by monitor13ED
C11
The monitor must bring a moratorium to an end by filing a notice with the High Court if—
a
the monitor thinks that the moratorium is no longer likely to result in the rescue of the company as a going concern,
b
the monitor thinks that the objective of rescuing the company as a going concern has been achieved,
c
the monitor thinks that, by reason of a failure by the directors to comply with a requirement under Article 13EB, the monitor is unable properly to carry out the monitor’s functions, or
d
the monitor thinks that the company is unable to pay any of the following that have fallen due—
i
moratorium debts;
ii
pre-moratorium debts for which the company does not have a payment holiday during the moratorium (see Article 13D).
2
The rules may provide for debts that are to be disregarded for the purposes of paragraph (1)(d).
3
On the filing with the Court of a notice under paragraph (1), the moratorium comes to an end.
4
The rules may make provision about the timing of a notice required to be given under paragraph (1).
5
Regulations may amend this Article for the purposes of changing the circumstances in which the monitor must bring a moratorium to an end under paragraph (1).
6
Regulations may not be made under paragraph (5) unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly.
7
See also Article 13CH (obligations to notify change in end of moratorium).
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))