14(1)The court may make an order under section 140B of the 1974 Act in connection with a credit agreement made before the commencement of section 20 of this Act but only—U.K.
(a)on an application of the kind mentioned in paragraph (a) of subsection (2) of section 140B made at a time after the end of the transitional period; or
(b)at the instance of the debtor or a surety in any proceedings of the kind mentioned in paragraph (b) or (c) of that subsection which were commenced at such a time.
(2)But the court shall not make such an order in connection with such an agreement so made if the agreement—
(a)became a completed agreement before the commencement of section 20; or
(b)becomes a completed agreement during the transitional period.
(3)Expressions used in sections 140A to 140C of the 1974 Act have the same meaning in this paragraph as they have in those sections.
(4)In this paragraph “the transitional period” means the period of one year beginning with the day of the commencement of section 20.
(5)An order under section 69 of this Act may extend, or further extend, the transitional period.
Commencement Information
I1Sch. 3 para. 14 in force at 6.4.2007 by S.I. 2007/123, art. 3(2), Sch. 2