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Schedule 1 (which—
(a)enables the directors of a company to obtain an initial moratorium for the company where they propose a voluntary arrangement under Part I of the M1Insolvency Act 1986,
(b)makes provision about the approval and implementation of such a voluntary arrangement where a moratorium is obtained, and
(c)makes consequential amendments),
is to have effect.
Commencement Information
I1S. 1 wholly in force at 1.1.2003; s. 1 not in force at Royal Assent see s. 16(1); s. 1 in force for specified purposes at 11.5.2001 by S.I. 2001/1751, art. 2; S. 1 in force at 1.1.2003 insofar as not already in force by S.I. 2002/2711, art. 2 (subject to transitional provisions in arts. 3-5)
Marginal Citations
Schedule 2 (which—
(a)amends the provisions about company voluntary arrangements under Part I of the M2Insolvency Act 1986, and
(b)in consequence of Schedule 1 and those amendments, makes amendments of the M3Building Societies Act 1986),
is to have effect.
Schedule 3 (which enables the procedure for the approval of individual voluntary arrangements under Part VIII of the M4Insolvency Act 1986 to be started without an initial moratorium for the insolvent debtor and makes other amendments of the provisions about individual voluntary arrangements) is to have effect.
Marginal Citations
(1)Part XIII of the M5Insolvency Act 1986 (insolvency practitioners and their qualification) is amended as follows.
(2)In section 388 (meaning of “act as insolvency practitioner”)—
(a)for subsection (1)(b) there is substituted—
“(b)where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisor”,
(b)for subsection (2)(c) there is substituted—
“(c)where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor”,
and
(c)after subsection (2A) there is inserted—
“(2B)In relation to a voluntary arrangement proposed under Part I or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.”
F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1S. 4(3) omitted (1.10.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 6 para. 20(3); S.I. 2015/1732, art. 2(e)(vi)
F2S. 4(4) omitted (1.10.2015) by virtue of Deregulation Act 2015 (c. 20), s. 115(7), Sch. 6 para. 20(3); S.I. 2015/1732, art. 2(e)(vi)
Marginal Citations