[F1PART 1AN.I.Moratorium

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CHAPTER 2N.I.Obtaining a moratorium

The relevant documentsN.I.

13BC.—(1) For the purposes of this Chapter, “the relevant documents” are—

(a)a notice that the directors wish to obtain a moratorium,

(b)a statement from a qualified person (“the proposed monitor”) that the person—

(i)is a qualified person, and

(ii)consents to act as the monitor in relation to the proposed moratorium,

(c)a statement from the proposed monitor that the company is an eligible company,

(d)a statement from the directors that, in their view, the company is, or is likely to become, unable to pay its debts, and

(e)a statement from the proposed monitor that, in the proposed monitor’s view, it is likely that a moratorium for the company would result in the rescue of the company as a going concern.

(2) Where it is proposed that more than one person should act as the monitor in relation to the proposed moratorium—

(a)each of them must make a statement under paragraph (1)(b), (c) and (e), and

(b)the statement under paragraph (1)(b) must specify—

(i)which functions (if any) are to be exercised by the persons acting jointly, and

(ii)which functions (if any) are to be exercised by any or all of the persons.

(3) The rules may make provision about the date on which a statement comprised in the relevant documents must be made.

(4) Regulations may amend this Article for the purposes of adding to the list of documents in paragraph (1).

(5) Regulations may not be made under paragraph (4) unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly.]

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