Paragraph 2

After section 1 there is inserted—

“ Moratorium.

1A

(1)

Where the directors of an eligible company intend to make a proposal for a voluntary arrangement, they may take steps to obtain a moratorium for the company.

(2)

The provisions of Schedule A1 to this Act have effect with respect to—

(a)

companies eligible for a moratorium under this section,

(b)

the procedure for obtaining such a moratorium,

(c)

the effects of such a moratorium, and

(d)

the procedure applicable (in place of sections 2 to 6 and 7) in relation to the approval and implementation of a voluntary arrangement where such a moratorium is or has been in force.”