In what circumstances can a CVA provide a moratorium?: the position under The Insolvency (England and Wales) Rules 2016 [ARCHIVED]
Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers
In what circumstances can a CVA provide a moratorium?: the position under The Insolvency (England and Wales) Rules 2016 [ARCHIVED]

The following Restructuring & Insolvency practice note produced in partnership with Lexa Hilliard QC of Wilberforce Chambers provides comprehensive and up to date legal information covering:

  • In what circumstances can a CVA provide a moratorium?: the position under The Insolvency (England and Wales) Rules 2016 [ARCHIVED]
  • WARNING:
  • Brexit impact
  • Introduction of the Moratorium Procedure
  • Which companies are eligible for a moratorium?
  • Which companies are not eligible for a moratorium?
  • Procedure for applying for a Moratorium
  • Duration of the Moratorium
  • Moratoriums for companies which do not qualify as small companies
  • Moratoriums after the approval of a CVA

WARNING:

This Practice Note reflects the position maintained up to 25 June 2020 before the coming into force of the Corporate Insolvency and Governance Act 2020 (CIGA 2020), and is for historic purposes only. It will not be updated in respect of any new case law or developments. The CIGA 2020, now enacted, abolishes the moratorium procedure for small companies under Schedule A1 to the Insolvency Act 1986 (IA 1986), to make way for the new standalone moratorium procedure. For further details, see Practice Notes: Corporate Insolvency and Governance Act 2020—impact on CVAs and Corporate Insolvency and Governance Act 2020—moratorium.

Brexit impact

As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources. For further details, see Practice Note: Brexit—impact on company voluntary arrangements.

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