Paragraph 10 F1
England, Wales and Scotland
In relation to a moratorium that comes into force during the relevant period, section A38(1) of the Insolvency Act 1986 has effect as if for paragraph (a) there were substituted—
“(a)
the monitor thinks—(i)
that the moratorium is not likely to result in the rescue of the company as a going concern, and(ii)
that, even if one were to disregard any worsening of the financial position of the company for reasons relating to coronavirus, the moratorium would not be likely to result in the rescue of the company as a going concern,”.
Annotations
Textual amendments
- F1
Sch. 4 para. 10 ceases to have effect (1.10.2020) by virtue of The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Early Termination of Certain Temporary Provisions) Regulations 2020 (S.I. 2020/1033), regs. 1, 2 (with reg. 3)
Notes on Schedule 4
Modifications
- C1
Sch. 4 applied (with modifications) (26.6.2020) by The Limited Liability Partnerships (Amendment etc.) Regulations 2020 (S.I. 2020/643), regs. 1(1), 5
- C2
Sch. 4 applied (with modifications) (E.W.S.) by S.I. 2014/229, arts. 2(5), 11(6), Sch. 4 Pt. 4 (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(c), 10, 13(g))
- C3
Sch. 4 applied (with modifications) (16.2.2021) by The Limited Liability Partnerships (Amendment etc.) Regulations 2021 (S.I. 2021/60), regs. 1(1), 6
Notes on Part 2
Modifications
- C1
Sch. 4 Pts. 1-3 applied in part (with modifications) (E.W.) by S.I. 2012/3013, Sch. 1 para. 1 (as modified (7.7.2020) by The Charitable Incorporated Organisations (Insolvency and Dissolution) (Amendment) Regulations 2020 (S.I. 2020/710), regs. 1, 5 (with reg. 6)); [Editorial note: The affecting legislation is revoked and this amendment is reversed (13.8.2020) by The Charitable Incorporated Organisations (Insolvency and Dissolution) (Amendment) (No. 2) Regulations 2020 (S.I. 2020/856), regs. 1(2), 2]
- C2
Sch. 4 Pts. 1-3 applied in part (with modifications) (E.W.) by S.I. 2012/3013, Sch. 1 para. 1 (as modified (13.8.2020 immediately after the coming into force of S.I. 2020/856, reg. 2) by The Charitable Incorporated Organisations (Insolvency and Dissolution) (Amendment) (No. 2) Regulations 2020 (S.I. 2020/856), regs. 1(3), 6 (with reg. 7))