Company Voluntary Arrangements (CVAs) - Law - CVA with a moratorium
Schedule A1 - Insolvency Act 1986 - Para 33 - Replacing the Nominee as a condition for extending a CVA moratorium period
Paragraph 33 of Schedule A1 to The Insolvency Act 1986 demonstrates that the creditors at a CVA creditors meeting have the power to replace the insolvency pracitioner Nominee as a condition for considering agreeing to the extension of the moratorium period.
The actual wording of Paragraph 33 of Schedule A1 to The Insolvency Act 1986 is reproduced below in bold.
Paragraph 33 - Schedule A1 - The Insolvency Act 1986 - Replacing the Nominee to a CVA as a condition for extending the CVA moratorium period
(1) The conditions which may be imposed when a moratorium is extended (or further extended) include a requirement that the nominee be replaced as such by another person qualified to act as an insolvency practitioner, or authorised to act as nominee, in relation to the voluntary arrangement.
(2) A person may only be appointed as a replacement nominee by virtue of sub-paragraph (1) if he submits to the court a statement indicating his consent to act.
(3) At any meeting where it is proposed to appoint a replacement nominee as a condition of extending (or further extending) the moratorium—
(a) the duty imposed by paragraph 32(3)(b) on the nominee shall instead be imposed on the person proposed as the replacement nominee, and
The purpose of this page is to provide you with the actual wording of the law concerning the procedure for the replacement of a Company Voluntary Arrangement (CVA) insolvency practitioner Nominee. For a free and plain english interpretation of this matter or any other insolvency question that you might have please contact us.