SCHEDULES
F3C1C2SCHEDULE A1 Moratorium where directors propose voluntary arrangement
Sch. A1 applied (with modifications) (E.W.) (1.1.2003) by S.I. 1994/2421, art. 4(1), Sch. 1 (as amended (1.1.2003) by S.I. 2002/2708, arts. 4-6 (with transitional provisions in art. 11) and (1.7.2005) by S.I. 2005/1516, art. 6)
Sch. A1 extended (24.6.2003) by The Uncertificated Securities (Amendment) (Eligible Debt Securities) Regulations 2003 (S.I. 2003/1633), regs. 1, 15, Sch. 2 para. 7
F2Part III Effects of moratorium
Sch. A1 (Pts. I-VI) inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 para. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)
Disposals and payments
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1
Subject to sub-paragraph (2), the company may only dispose of any of its property if—
a
there are reasonable grounds for believing that the disposal will benefit the company, and
b
the disposal is approved by the committee established under paragraph 35(1) or, where there is no such committee, by the nominee.
2
Sub-paragraph (1) does not apply to a disposal made in the ordinary way of the company’s business.
3
If the company makes a disposal in contravention of sub-paragraph (1) otherwise than in pursuance of an order of the court—
a
the company is liable to a fine, and
b
if any officer of the company authorised or permitted the contravention, without reasonable excuse, he is liable to imprisonment or a fine, or both.
Sch. A1 inserted (11.5.2001 so far as is necessary to give effect to Sch. A1 paras. 5, 45(1)-(3)(5) and 1.1.2003 in so far as not already in force) by 2000 c. 39, s. 1, Sch. 1 para. 4; S.I. 2001/1751, art. 2; S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)