The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014 No. 229

SCHEDULE 1 Modified application of Parts 1 and 2 of the Insolvency Act 1986 to relevant societies

PART 2 Modified application of Part 1 of the Insolvency Act 1986 to relevant societies (further modifications)

Schedule A1 (moratorium where directors propose voluntary arrangement)

8.  Schedule A1 to the 1986 Act has effect as if—

(a) in paragraph 2 (companies eligible for a moratorium) in sub-paragraph (1) the words “if it meets the requirements of paragraph 3,” were omitted;

(b) paragraph 3 (requirements for eligibility for a moratorium) were omitted; and

(c) paragraph 5 (power to modify qualifications for eligibility) were omitted.