Rule 1.39 of The Insolvency Rules 1986 - Company Voluntary Arrangements (CVAs) with a moratorium

Documents to be submitted to the court to obtain the CVA Moratorium

 

Insolvency Rule 1.39 prescribes what particular documents the directors' of a company must file in court as part of the process to obtain a moratorium. A key document to be filed (apart from the CVA proposal and the statement of affairs) is the Nominee's opinion on the proposal as set out in the Nominee's statement.

 

Insolvency Rule 1.39 also indicates that the court must record on the documents the date on which they receive the documentaton and it is usual for the court reference given to the CVA to be also noted on the paperwork.

 

The actual wording of Insolvency Rule 1.39 is reproduced below in bold.

 

Insolvency Rules 1986 - Rule 1.39 - Documents submitted to the court to obtain moratorium

 

(1) Where pursuant to paragraph 7 of Schedule A1 to the Act the directors file the document and statements referred to in that paragraph in court, those documents shall be delivered together with 4 copies of a schedule listing them within 3 business days of the date of the submission to them of the nominee's statement under paragraph 6(2) of Schedule A1 to the Act.

(2) When the directors file the document and statements referred to in paragraph (1), they shall also file— 

(a) a copy of any statement of reasons made by the nominee pursuant to Rule 1.37(3); and

(b) a copy of the nominee's comments on the proposal submitted to them pursuant to Rule 1.38(2).

(3) The copies of the schedule shall be endorsed by the court with the date on which the documents were filed in court and 3 copies of the schedule sealed by the court shall be returned by the court to the person who filed the documents in court.

(4) The statement of affairs required to be filed under paragraph 7(1)(b) of Schedule A1 to the Act shall comprise the same particulars as required by Rule 1.5(2). 

 

Insolvency Rule 1.39 defines the precise procedure for filing CVA documentation in court so as to obtain a moratorium on creditors' enforcement actions.