The following Restructuring & Insolvency practice note produced in partnership with Carolyn Jones provides comprehensive and up to date legal information covering:
This Practice Note considers the interaction between the statutory moratorium under Schedule B1 to the Insolvency Act 1986 (IA 1986), which prevents most creditor or third-party actions against an insolvent company in administration, and the right of a secured creditor to enforce its security over the company’s secured asset by appointing a fixed charge receiver. For an explanation of the moratorium which arises in administration, please see Practice Note: The moratorium in administration.
This note does not consider additional enforcement options that may be available to the secured creditor.
This note also does not address the impact on a lender’s ability to appoint a receiver which may arise once a ‘stand-alone’ moratorium arising under IA 1986, Pt A1 (see Practice Note: Corporate Insolvency and Governance Act 2020—moratorium). Permission of the court will also be required in that instance before any enforcement steps are taken (with limited exceptions) (IA 1986, s A21(1)(c)) and that no application for permission can be made for the purposes of enforcing a pre-moratorium debt for which the debtor company has a payment holiday during the moratorium (IA 1986, s A21(2)). See also IA 1986, s A23 ‘Enforcement of security granted during moratorium’.
This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and processes as a
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