Article 4 Transitional provisions

In a case where a proposal is made by a debtor and before the appointed day the intended nominee has endorsed a copy of the written notice of the proposal under Rule 5.4(3) of the Insolvency Rules the amendments made to the Act by section 3 and Schedule 3 and the repeal made by section 15(1) and Schedule 5 in respect of section 255(1)(d) of the Act shall not apply and the provisions of the Act as they have effect immediately before the appointed day shall continue to have effect.

In this article, “proposal” has the same meaning as it has in section 253 of the Act.