SCHEDULES

C4C1C5C2C3F1SCHEDULE A1 Moratorium where directors propose voluntary arrangement

Annotations:
Amendments (Textual)
F1

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)

Part V Consideration and implementation of voluntary arrangement

Extension of moratorium

33

1

The conditions which may be imposed when a moratorium is extended (or further extended) include a requirement that the nominee be replaced as such by another person qualified to act as an insolvency practitionerF3... in relation to the voluntary arrangement.

2

A person may only be appointed as a replacement nominee by virtue of sub-paragraph (1) if he submits to the court a statement indicating his consent to act.

3

F2Where it is proposed to appoint a replacement nominee as a condition of extending (or further extending) the moratorium—

a

the duty imposed by paragraph 32(3)(b) on the nominee shall instead be imposed on the person proposed as the replacement nominee, and

b

paragraphs 32(4) and (5) and 36(1)(e) apply as if the references to the nominee were to that person.