Companies subject to, or recently subject to, moratorium or an insolvency procedureU.K.
[F12(1)A company is excluded from being eligible if—
(a)on the filing date, a moratorium for the company is in force, or
(b)at any time during the period of 12 months ending with the filing date, a moratorium for the company was in force (but see section A42(6) for power of the court to modify the effect of this paragraph).
(2)A company is excluded from being eligible if—
(a)on the filing date, the company is subject to an insolvency procedure, or
(b)at any time during the period of 12 months ending with the filing date, the company was subject to an insolvency procedure within sub-paragraph (3)(a) or (b).
(3)For the purposes of sub-paragraph (2), a company is subject to an insolvency procedure at any time if at that time—
(a)a voluntary arrangement has effect in relation to the company,
(b)the company is in administration,
(c)paragraph 44 of Schedule B1 applies in relation to the company (administration: interim moratorium),
(d)there is an administrative receiver of the company,
(e)there is a provisional liquidator of the company,
(f)the company is being wound up, or
(g)a relevant petition for the winding up of the company has been presented and has not been withdrawn or determined.
(4)In sub-paragraph (3)(g) “relevant petition” means a petition under—
(a)section 124A (winding up on grounds of public interest),
(b)section 124B (winding up of SE), or
(c)section 124C (winding up of SCE).]
Textual Amendments
F1Sch. ZA1 inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 1 (with ss. 2(2), 5(2), 12)
Modifications etc. (not altering text)
C1Sch. ZA1 para. 2 applied (with modifications) (E.W.) (15.3.2024) by The Water Industry (Special Administration) Regulations 2024 (S.I. 2024/205), regs. 2(2), 5(1) (with reg. 64)