SCHEDULES
C1C2C4C3C5F1SCHEDULE B1ADMINISTRATION
Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2
Sch. B1 applied (with modifications) by S.R. 1995/225, Sch. 2 (as amended (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 36 (with art. 3))
Sch. B1 modified by S.R. 1995/225, art. 6, Sch. 2 (as modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 122(3) (with reg. 108))
Sch. B1 modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 120 (with reg. 108)
Sch. B1 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)
GENERAL
Extension of time limit
C6C5108
1
Where a provision of this Schedule provides that a period may be varied in accordance with this paragraph, the period may be varied in respect of a company—
a
by the High Court, and
b
on the application of the administrator.
2
A time period may be extended in respect of a company under this paragraph—
a
more than once, and
b
after expiry.
C7C5109
1
A period specified in paragraph 50(5), 51(1)(b) or 52(2) may be varied in respect of a company by the administrator with consent.
2
In sub-paragraph (1) “consent” means consent of—
a
each secured creditor of the company, and
b
if the company has unsecured debts, creditors whose debts amount to more than 50 per cent. of the company's unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.
3
But where the administrator has made a statement under paragraph 53(1)(b) “consent” means—
a
consent of each secured creditor of the company, or
b
if the administrator thinks that a distribution may be made to preferential creditors, consent of—
i
each secured creditor of the company, and
ii
preferential creditors whose debts amount to more than 50 per cent. of the total preferential debts of the company, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.
4
Consent for the purposes of sub-paragraph (1) may be—
a
written, or
b
signified at a creditors' meeting.
5
The power to extend under sub-paragraph (1)—
a
may be exercised in respect of a period only once,
b
may not be used to extend a period by more than 28 days,
c
may not be used to extend a period which has been extended by the High Court, and
d
may not be used to extend a period after expiry.
C8C5110
Where a period is extended under paragraph 108 or 109, a reference to the period shall be taken as a reference to the period as extended.
Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)