Version Superseded: 26/05/2015
Point in time view as at 08/10/2004.
Insolvency Act 1986, Cross Heading: Nominee’s statement is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Textual Amendments
F1Sch. 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)
F26(1)Where the directors of a company wish to obtain a moratorium, they shall submit to the nominee—E+W+S
(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.]
Textual Amendments
F2Sch. 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)
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