Insolvency Act 2000

JurisdictionUK Non-devolved
Citation2000 c. 39
Year2000
(a) enables the directors of a company to obtain an initial moratorium for the company where they propose a voluntary arrangement under Part I of the (b) makes provision about the approval and implementation of such a voluntary arrangement where a moratorium is obtained, and(c) makes consequential amendments) ,(a) amends the provisions about company voluntary arrangements under Part I of the (b) in consequence of Schedule 1 and those amendments, makes amendments of the
  • Schedule 3 (which enables the procedure for the approval of individual voluntary arrangements under Part VIII of the
  • (1) Part XIII of the for subsection (1) (b) there is substituted—
    • (b) where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisor
    ,
    where a voluntary arrangement in relation to the company is proposed or approved under Part I, as nominee or supervisorfor subsection (2) (c) there is substituted—
    • (c) where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisor
    , and
    where a voluntary arrangement in relation to the individual is proposed or approved under Part VIII, as nominee or supervisorafter subsection (2A) there is inserted—
    • “(2B) In relation to a voluntary arrangement proposed under Part I or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.
    In relation to a voluntary arrangement proposed under Part I or VIII, a person acts as nominee if he performs any of the functions conferred on nominees under the Part in question.(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(1) In section 1 of the he shall not be a director of a company, act as receiver of a company’s property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company unless (in each case) he has the leave of the court, andhe shall not act as an insolvency practitioner.(2) At the end of subsection (2) of that section there is inserted “ and, unless the court otherwise orders, the period of disqualification so imposed shall begin at the end of the period of 21 days beginning with the date of the order ”.(3) In section 22 of that Act (interpretation) , at the end there is inserted—
    • “(10) Any reference to acting as receiver—
    • (a) includes acting as manager or as both receiver and manager, but
    • (b) does not include acting as administrative receiver;
    • and “receivership” is to be read accordingly.
    includes acting as manager or as both receiver and manager, butdoes not include acting as administrative receiver;(1) The Company Directors Disqualification Act 1986 is amended in accordance with this section.(2) After section 1 there is inserted—
      (1A) Disqualification undertakings: general.
    • “(1) In the circumstances specified in sections 7 and 8 the Secretary of State may accept a disqualification undertaking, that is to say an undertaking by any person that, for a period specified in the undertaking, the person—
    • (a) will not be a director of a company, act as receiver of a company’s property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company unless (in each case) he has the leave of a court, and
    • (b) will not act as an insolvency practitioner.
    will not be a director of a company, act as receiver of a company’s property or in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of a company unless (in each case) he has the leave of a court, andwill not act as an insolvency practitioner.The maximum period which may be specified in a disqualification undertaking is 15 years; and the minimum period which may be specified in a disqualification undertaking under section 7 is two years.Where a disqualification undertaking by a person who is already subject to such an undertaking or to a disqualification order is accepted, the periods specified in those undertakings or (as the case may be) the undertaking and the order shall run concurrently.In determining whether to accept a disqualification undertaking by any person, the Secretary of State may take account of matters other than criminal convictions, notwithstanding that the person may be criminally liable in respect of those matters.(3) In section 7 (applications to court under section 6; reporting provisions) , after subsection (2) there is inserted—
    • “(2A) If it appears to the Secretary of State that the conditions mentioned in section 6(1) are satisfied as respects any person who has offered to give him a disqualification undertaking, he may accept the undertaking if it appears to him that it is expedient in the public interest that he should do so (instead of applying, or proceeding with an application, for a disqualification order) .
    If it appears to the Secretary of State that the conditions mentioned in section 6(1) are satisfied as respects any person who has offered to give him a disqualification undertaking, he may accept the undertaking if it appears to him that it is expedient in the public interest that he should do so (instead of applying, or proceeding with an application, for a disqualification order) .(4) In section 8 (disqualification after investigation of company) , after subsection (2) there is inserted—
    • “(2A) Where it appears to the Secretary of State from such report, information or documents that, in...

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