SCHEDULES

F2C1C2SCHEDULE A1 Moratorium where directors propose voluntary arrangement

Annotations:
Amendments (Textual)
F2

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)

Modifications etc. (not altering text)
C1

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)

Part II Obtaining a moratorium

Nominee’s statement

F16

1

Where the directors of a company wish to obtain a moratorium, they shall submit to the nominee—

a

a document setting out the terms of the proposed voluntary arrangement,

b

a statement of the company’s affairs containing—

i

such particulars of its creditors and of its debts and other liabilities and of its assets as may be prescribed, and

ii

such other information as may be prescribed, and

c

any other information necessary to enable the nominee to comply with sub-paragraph (2) which he requests from them.

2

The nominee shall submit to the directors a statement in the prescribed form indicating whether or not, in his opinion—

a

the proposed voluntary arrangement has a reasonable prospect of being approved and implemented,

b

the company is likely to have sufficient funds available to it during the proposed moratorium to enable it to carry on its business, and

c

meetings of the company and its creditors should be summoned to consider the proposed voluntary arrangement.

3

In forming his opinion on the matters mentioned in sub-paragraph (2), the nominee is entitled to rely on the information submitted to him under sub-paragraph (1) unless he has reason to doubt its accuracy.

4

The reference in sub-paragraph (2)(b) to the company’s business is to that business as the company proposes to carry it on during the moratorium.