{
  "url": "https://openlegislation.uk/insolvency-act-1986-amendment-no-3-regulations-2002/note",
  "json_url": "https://openlegislation.uk/insolvency-act-1986-amendment-no-3-regulations-2002/note.json",
  "legislation": "uksi/2002/1990",
  "legislation_title": "The Insolvency Act 1986 (Amendment) (No. 3) Regulations 2002",
  "legislation_url": "https://openlegislation.uk/insolvency-act-1986-amendment-no-3-regulations-2002",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend the eligibility criteria and qualifying conditions for a company obtaining a moratorium under the new CVA moratorium procedure set out in Schedule A1 to the Insolvency Act 1986 (c. 45). Schedule A1 was inserted into the Act by paragraph 4 of Schedule 1 to the Insolvency Act 2000 (c. 39). The eligibility criteria and qualifying conditions are set out in paragraphs 2, 3 and 4 of Schedule A1.\nThree new eligibility criteria are introduced. The first makes a company ineligible to obtain a moratorium under that procedure if the company is a party to a capital market arrangement. An arrangement will be a capital market arrangement if it meets the criteria set out in paragraph 4A and one or more of those in 4D.\nThe second criterion set out in paragraph 4B will make a company ineligible if it is a project company of a public-private partnership (PPP) project which includes step-in rights. The expression “project company” is defined in new paragraph 4H and the expression “step-in rights” is defined in new paragraph 4J.\nThe third criterion will make a company ineligible if it has incurred a liability under an agreement of £10 million or more.\nThe qualifying conditions set out in paragraph 3 of Schedule A1 are amended to exclude a company which is a holding company of a group which his not a small or medium-sized group as defined by the Companies Act 1985 (c. 6).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2002/1990/note",
    "retrieved_at": "2026-10-29T06:51:28.501141+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}