(1)If the regulator is satisfied that it is necessary or expedient to do so, it may by a notice to an NHS foundation trust require the directors—
(a)to take steps to obtain a moratorium, or
(b)to make a proposal for a voluntary arrangement.
(2)An order may provide for Part 1 of the Insolvency Act 1986 (c. 45) (company voluntary arrangements), including any related provision of that Act, to apply with modifications in relation to NHS foundation trusts.
(3)References in this Chapter to a moratorium are to a moratorium under section 1A of that Act as modified by the order.
(4)References in this Chapter to a voluntary arrangement are to a voluntary arrangement under Part 1 of that Act as modified by the order.