[A53 Meaning of “pre-moratorium debt” and “moratorium debt”]
[A53 Meaning of “pre-moratorium debt” and “moratorium debt”]

[(1)     In this Part “pre-moratorium debt”, in relation to a company for which a moratorium is or has been in force, means—

(a)     any debt or other liability to which the company becomes subject before the moratorium comes into force, or

(b)     any debt or other liability to which the company has become or may become subject during the moratorium by reason of any obligation incurred before the moratorium comes into force,

but this is subject to subsection (3).

(2)     In this Part “moratorium debt”, in relation to a company for which a moratorium is or has been in force, means—

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