Company Voluntary Arrangements (CVAs) - Law - CVA with a moratorium
Schedule A1 - Insolvency Act 1986 - Paragraph 45 - Subordinate legislation - How is the law relating to CVAs changed?
All laws develop over time. Company Voluntary Arrangement (CVA) law is no exception. Paragraph 45 of Schedule A1 to The Insolvency Act 1986 provides the legal rules for the making of changes to insolvency legislation (statute law) as relating to CVAs and in particular the making of changes to Schedule A1 of The Insolvency Act.
The actual wording of Paragraph 45 of Schedule A1 to The Insolvency Act 1986 is reproduced belw in bold.
Paragraph 45 - Schedule A1 - Insolvency Act 1986 - How to change insolvency law pertaining to CVAs and Schedule A1 to The Insolvency Act
(1) Regulations or an order made by
the Secretary of State under this Schedule may make different provision for different cases.
(2) Regulations so made may make such consequential, incidental, supplemental and transitional provision as may appear to the Secretary of State necessary or expedient.
(3) Any power of the Secretary of State to make regulations under this Schedule may be exercised by amending or repealing any enactment contained in this Act (including one contained in this Schedule) or contained in the Company Directors Disqualification Act 1986.
(4) Regulations (except regulations under paragraph 5) or an order made by the Secretary of State under this Schedule shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
(5) Regulations under paragraph 5 of this Schedule are to be made by statutory instrument and shall only be made if a draft containing the regulations has been laid before and approved by resolution of each House of Parliament.]
The Secreary of State (a government minister) is empowered by Paragraph 45 of Schedule A1 of The Insolvency Act 1986 to make changes to Company Voluntary Arrangement law by the issue of a Statutory Instrument.