SCHEDULES
F1SCHEDULE A1MORATORIUM WHERE DIRECTORS PROPOSE VOLUNTARY ARRANGEMENTF2
mod. by SR 2004/307
PART IVNOMINEES
Challenge of nominee's actions, etc.
37
1
Where there are reasonable grounds for believing that—
a
as a result of any act, omission or decision of the nominee during the moratorium, the company has suffered loss, but
b
the company does not intend to pursue any claim it may have against the nominee,
any creditor of the company may apply to the High Court.
2
An application under sub-paragraph (1) may be made during the moratorium or after it has ended.
3
On an application under sub-paragraph (1) the High Court may—
a
order the company to pursue any claim against the nominee,
b
(authorise any creditor to pursue such a claim in the name of the company, or
c
make such other order with respect to such a claim as it thinks fit,
unless the Court is satisfied that the act, omission or decision of the nominee was in all the circumstances reasonable.
4
An order under sub-paragraph (3) may (among other things)—
a
impose conditions on any authority given to pursue a claim,
b
direct the company to assist in the pursuit of a claim,
c
make directions with respect to the distribution of anything received as a result of the pursuit of a claim,
d
bring the moratorium to an end and make such consequential provision as the High Court thinks fit.
5
On an application under sub-paragraph (1) the High Court shall have regard to the interests of the members and creditors of the company generally.
2002 NI 6