[A28 Restrictions on payment of certain pre-moratorium debts]

[Restrictions on payments and disposal of property]

[A28  Restrictions on payment of certain pre-moratorium debts]

[(1)     During a moratorium, the company may make one or more relevant payments to a person that (in total) exceed the specified maximum amount only if—

(a)     the monitor consents,

(b)     the payment is in pursuance of a court order, or

(c)     the payment is required by section A31(3) or A32(3).

(2)     In subsection (1)—

“relevant payments” means payments in respect of pre-moratorium debts for which the company has a payment holiday during the moratorium (see section A18);

“specified maximum amount” means an amount equal to the greater of—

Popular documents