[(1) An insolvency-related term of a contract for the supply of essential goods or services to an individual ceases to have effect if—
(a) a voluntary arrangement proposed by the individual is approved under Part 8, and
(b) the supply is for the purpose of a business which is or has been carried on by the individual, by a firm or partnership of which the individual is or was a member, or by an agent or manager for the individual or for such a firm or partnership.
(2) An insolvency-related term of a contract does not cease to have effect by virtue of subsection (1) to the extent that—
(a) it provides for the contract or the supply to terminate, or any other thing to take place, because the individual becomes subject to an insolvency procedure other than a voluntary arrangement;
(b) it entitles a supplier to terminate the contract or the supply, or do any other thing, because the individual becomes subject to an insolvency procedure other than a voluntary arrangement; or
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