Commentary

52 Documents to be submitted to obtain moratorium

BANKRUPTCY AND INSOLVENCY (CORPORATE INSOLVENCY) vol 3(3)
| Commentary

52 Documents to be submitted to obtain moratorium

| Commentary

4: CVA WITH MORATORIUM PROCEDURE—DOWN TO CONCLUSION OF CREDITORS’ MEETING

52 Documents to be submitted to obtain moratorium

To obtain a moratorium, the directors of a company must first submit to the nominee the directors’ proposal for a voluntary arrangement together with the directors’ statement of the company’s affairs containing prescribed particulars1.

The nominee must then, within 28 days of the submission to him of the directors’ proposal, prepare and submit to the directors the nominee’s statement that, in his opinion2:

  1. 52.1

        The proposed voluntary arrangement has a reasonable prospect of being approved and implemented;

  2. 52.2

        The company is likely to have

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