[F1 Part A1 U.K. Moratorium

Textual Amendments

F1 Pt. A1 inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), ss. 1(1), 49(1) (with ss. 2(2), 5(2))

Modifications etc. (not altering text)

C1 Pt. A1 excluded by S.I. 2012/3013, Sch. 1 para. 1(2A) (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 49(4) (with ss. 2(2), 5(2)))

C2 Pt. A1 power to apply (with modifications) conferred by 2011 c. 25, s. 247A (as inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 45 (with ss. 2(2), 5(2)))

C3 Pt. A1 applied (with modifications) by S.I. 2014/229, art. 2(A1), Sch. 1 para. 1(2), Pt. 1A (as inserted (18.7.2020) by The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020 (S.I. 2020/744), arts. 1, 7(b), 11(b)(c))

C4 Pt. A1 applied (with modifications) (E.W.S.) (3.9.2020) by The Insolvency (Moratorium) (Special Administration for Energy Licensees) Regulations 2020 (S.I. 2020/943), regs. 1(2), 2-10

Chapter 3 U.K. Length of moratorium

Extension of moratorium U.K.

A10 Extension by directors without creditor consent U.K.

(1) During the initial period, but after the first 15 business days of that period, the directors may extend the moratorium by filing with the court—

(a) a notice that the directors wish to extend the moratorium,

(b) a statement from the directors that all of the following that have fallen due have been paid or otherwise discharged—

(i) moratorium debts, and

(ii) pre-moratorium debts for which the company does not have a payment holiday during the moratorium (see section A18),

(c) a statement from the directors that, in their view, the company is, or is likely to become, unable to pay its pre-moratorium debts, and

(d) a statement from the monitor that, in the monitor’s view, it is likely that the moratorium will result in the rescue of the company as a going concern.

(2) The rules may make provision about the date on which a statement mentioned in subsection (1) must be made.

(3) On the filing with the court of the documents mentioned in subsection (1), the moratorium is extended so that it ends at the end of the period—

(a) beginning immediately after the initial period ends, and

(b) ending with the 20th business day after the initial period ends.]

Modifications etc. (not altering text)

C5 S. A10(1)(d) modified (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 4 para. 8(2) (with ss. 2(2), 5(2), Sch. 4 para. 1)