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21.—(1) This section applies if—
(a)the administrator believes that Objectives 1 and 2 have been sufficiently achieved, and
(b)the administrator pursues the second part of Objective 3 (as set out in regulation 10(1)(c)(ii)).
(2) The administrator may—
(a)give a notice which is to be treated as a notice under paragraph 84 of Schedule B1 (as applied by regulation 15); or
(b)make a proposal in accordance with Part 1 of the Insolvency Act (company voluntary arrangement).
(3) Part 1 of the Insolvency Act shall apply to a proposal made by an administrator with the following modifications.
(4) In section 3 (summoning of meetings), subsection (2) (and not (1)) applies.
(5) The action that may be taken by a court under section 5(3)(1) (effect of approval) includes suspension of the special administration order.
(6) On the termination of a company voluntary arrangement the administrator may apply to the court to lift the suspension of the special administration order.
(7) For the purposes of this regulation, references in Part 1 of the Insolvency Act to “administration” include special administration.
Section 5(3) was amended by the Enterprise Act 2002, section 248(3), Schedule 17, paragraphs 9, 11(a) and (b) and by the Insolvency Act 2000 (c.39), section 2(a), Schedule 2, Part 1, paragraphs 1, 6(b), section 15(1), Schedule 5.
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