Act of Sederunt (Rules of the Court of Session 1994 and Sheriff Court Company Insolvency Rules Amendment) (Insolvency) 2020

• “the Act of 2020” means the Corporate Insolvency and Governance Act 20205;

PART IAMORATORIUMS

Moratoriums - general74.3C

1

A moratorium to be obtained by lodging the relevant documents in court must be—

a

lodged in the Petition Department; and

b

marked by the clerk of session receiving them with the time and date on which they are lodged and a certified copy provided to the directors.

2

An application to the court for a moratorium must be made—

a

where the eligible company is subject to an outstanding winding-up petition, by note in the process of that petition; or

b

in all other cases, by petition.

3

Paragraph (1) applies to—

a

the obtaining of an extension of a moratorium under sections A10 (extension by directors without creditor consent)7 or A11 (extension by directors with creditor consent); and

b

the termination of a moratorium by the monitor under section A38(1) (termination of moratorium by monitor),

of the Act of 1986, as it does to the obtaining of a moratorium.

4

Paragraph (5) applies to an application to the court under—

a

section A13 (extension by court on application of directors);

b

section A21(1) (restrictions on enforcement and legal proceedings);

c

section A31(1) (disposal of charged property free from charge);

d

section A32(1) (disposal of hire-purchase property);

e

section A37 (application by monitor for directions);

f

section A39(1) or (2) (replacement of monitor or appointment of additional monitor);

g

section A42(1) (challenge to monitor’s actions);

h

rules under section A43(1) (challenges to monitor remuneration in insolvency proceedings);

i

section A44(1) (challenge to directors’ actions),

of the Act of 1986.

5

Where this paragraph applies, an application to the court must be made—

a

where the eligible company is subject to an outstanding winding-up petition, by note in the process of that petition;

b

where the application for the moratorium was made by petition, by note in the process of that petition; or

c

in all other cases, by petition.

Moratoriums – regulated companies74.3D

An application under any of the following sections of the Act of 1986 in relation to a regulated company is to be intimated to the appropriate regulator (as those persons are defined in section A49(13) of that Act (regulated companies: modifications to this Part))—

a

section A31(1);

b

section A32(1);

c

section A39(1);

d

section A42(1);

e

section A44(1).

Moratoriums – challenge to monitor’s remuneration74.3E

An application to the court under paragraph 80 of schedule 4 of the Act of 2020 (challenge to monitor’s remuneration) must be made—

a

where the company is in administration or being wound-up by the court, by note in the process of those insolvency proceedings; or

b

in all other cases, by petition.

iiia

confirmation that it is not the subject of a moratorium;

• “the Act of 2020” means the Corporate Insolvency and Governance Act 202012;

PART AIMORATORIUMS

Moratoriums – general3C

1

A moratorium to be obtained by lodging the relevant documents in court must be—

a

lodged in the offices of the court;

b

marked by the sheriff clerk with the time and date on which they are lodged and a certified copy provided to the directors.

2

An application to the court for a moratorium must be made—

a

where the eligible company is subject to an outstanding winding-up petition, by note in the process of that petition; or

b

in all other cases, by petition.

3

Paragraph (1) applies to—

a

the obtaining of an extension of a moratorium under sections A10 (extension by directors without creditor consent)14 or A11 (extension by directors with creditor consent); and

b

the termination of a moratorium by the monitor under section A38(1) (termination of moratorium by monitor),

of the Act of 1986, as it does to the obtaining of a moratorium.

4

Paragraph (5) applies to an application to the court under—

a

section A13 (extension by court on application of directors);

b

section A21(1) (restrictions on enforcement and legal proceedings);

c

section A31(1) (disposal of charged property free from charge);

d

section A32(1) (disposal of hire-purchase property);

e

section A37 (application by monitor for directions);

f

section A39(1) or (2) (replacement of monitor or appointment of additional monitor);

g

section A42(1) (challenge to monitor’s actions);

h

rules under section A43(1) (challenges to monitor remuneration in insolvency proceedings);

i

section A44(1) (challenge to directors’ actions),

of the Act of 1986.

5

Where this paragraph applies, an application to the court must be made—

a

where the eligible company is subject to an outstanding winding-up petition, by note in the process of that petition;

b

where the application for the moratorium was made by petition, by note in the process of that petition; or

c

in all other cases, by petition.

Moratoriums – regulated companies3D

An application under any of the following sections of the Act of 1986 in relation to a regulated company is to be intimated to the appropriate regulator (as those persons are defined in section A49(13) of that Act (regulated companies: modifications to this Part))—

a

section A31(1);

b

section A32(1);

c

section A39(1);

d

section A42(1);

e

section A44(1).

Moratoriums – challenge to monitor’s remuneration3E

An application to the court under paragraph 80 of schedule 4 of the Act of 2020 (challenge to monitor’s remuneration) must be made—

a

where the company is in administration or being wound-up by the court, by note in the process of those insolvency proceedings; or

b

in all other cases, by petition.

iv

confirmation that it is not the subject of a moratorium;