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Insolvency Act 1986

The Insolvency Act 1986 is amended as follows.

Omit section 1A (moratorium where directors propose voluntary arrangement).

In section 2 (procedure where nominee is not the liquidator or administrator), in subsection (1), omit from “and the directors” to the end.

(1)     Section 4 (decision of the company and its creditors in relation to voluntary arrangement) is amended as follows.

(2)     After subsection (4) insert—

“(4A)     Subject to subsection (4B), where the nominee's report under section 2(2) is submitted to the court before the end of the period of 12 weeks beginning with the day after the end of any moratorium for the company under Part A1, neither the company nor its creditors may approve any proposal or modification under which the following are to be paid otherwise than in full—

(4B)     Subsection (4A) does not prevent the approval of such a proposal or modification with the concurrence of the creditor concerned.”

(1)     Section 4A