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Article 13CC Creditor consent for the purposes of Article 13CBF1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

References in Article 13CB to creditor consent are to the consent of pre-moratorium creditors to a revised end date for the moratorium.

(2)

The decision as to consent is to be made at a meeting of pre-moratorium creditors.

(3)

A meeting under paragraph (2)—

(a)

is to be held at such time, date and place as the directors think fit, and

(b)

is to be conducted in accordance with the rules.

(4)

The revised end date must be a date before the end of the period of one year beginning with the first day of the initial period.

(5)

In this Article “pre-moratorium creditor” means a creditor in respect of a pre-moratorium debt—

(a)

for which the company has a payment holiday during the moratorium (see Article 13D), and

(b)

which has not been paid or otherwise discharged.

(6)

In determining for the purposes of paragraph (5) what counts as a pre-moratorium debt for which the company has a payment holiday during the moratorium, Articles 13D(3) and 13HD(1)(b) apply as if the references to the moratorium were to the moratorium as proposed to be extended.

(7)

Regulations may amend this Article for the purposes of changing the definition of “pre-moratorium creditor”.

(8)

Regulations may not be made under paragraph (7) unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly.

Annotations

Textual amendments

F1

Pt. 1A inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), ss. 4(1), 49(1) (with ss. 2(2), 5(2))

Notes on Part 1A

Modifications

C1

Pts. 1-5 modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2; (temp.) (27.4.2020 retrospective) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), Sch. 11 para. 8(1)(2), 14 (with ss. 2(2), 5(2)); (26.6.2020) by The Limited Liability Partnerships (Amendment etc.) Regulations 2020 (S.I. 2020/643), reg. 1(1), Sch. 2 (with reg. 3); (16.2.2021) by The Limited Liability Partnerships (Amendment etc.) Regulations 2021 (S.I. 2021/60), reg. 1(1), Sch. 2 (with reg. 4(2)))

C2

Pts. 1-5 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 1A para. 3 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 1)