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)
Modifications etc. (not altering text)
C1Sch. 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)
C2Sch. 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
F226(1)If any creditor, director or member of the company, or any other person affected by a moratorium, is dissatisfied by any act, omission or decision of the nominee during the moratorium, he may apply to the court.E+W+S
(2)An application under sub-paragraph (1) may be made during the moratorium or after it has ended.
(3)On an application under sub-paragraph (1) the court may—
(a)confirm, reverse or modify any act or decision of the nominee,
(b)give him directions, or
(c)make such other order as it thinks fit.
(4)An order under sub-paragraph (3) may (among other things) bring the moratorium to an end and make such consequential provision as the court thinks fit.
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)
F327(1)Where there are reasonable grounds for believing that—E+W+S
(a)as a result of any act, omission or decision of the nominee during the moratorium, the company has suffered loss, but
(b)the company does not intend to pursue any claim it may have against the nominee,
any creditor of the company may apply to the court.
(2)An application under sub-paragraph (1) may be made during the moratorium or after it has ended.
(3)On an application under sub-paragraph (1) the court may—
(a)order the company to pursue any claim against the nominee,
(b)authorise any creditor to pursue such a claim in the name of the company, or
(c)make such other order with respect to such a claim as it thinks fit,
unless the court is satisfied that the act, omission or decision of the nominee was in all the circumstances reasonable.
(4)An order under sub-paragraph (3) may (among other things)—
(a)impose conditions on any authority given to pursue a claim,
(b)direct the company to assist in the pursuit of a claim,
(c)make directions with respect to the distribution of anything received as a result of the pursuit of a claim,
(d)bring the moratorium to an end and make such consequential provision as the court thinks fit.
(5)On an application under sub-paragraph (1) the court shall have regard to the interests of the members and creditors of the company generally.]
Textual Amendments
F3Sch. 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)