Corporate Insolvency and Governance Bill (HC Bill 128)

(a) funds (including payment for the provision of services or
facilities);

(b) assets;

(c) professional skill;

(d) 5the grant of a concession or franchise;

(e) any other commercial resource.

(4) A specification under sub-paragraph (2) may be—

(a) general, or

(b) for the purpose of the application of paragraph 15 to a
10specified case.

17 (1) For the purposes of paragraph 15 a project has “step-in rights” if a
person who provides finance in connection with the project has a
conditional entitlement under an agreement to—

(a) assume sole or principal responsibility under an
15agreement for carrying out all or part of the project, or

(b) make arrangements for carrying out all or part of the
project.

(2) In sub-paragraph (1) a reference to the provision of finance
includes a reference to the provision of an indemnity.

20Overseas companies with corresponding functions

18 A company is excluded from being eligible if its registered office
or head office is outside the United Kingdom and—

(a) its functions correspond to those of a company mentioned
in any of the previous paragraphs of this Schedule apart
25from paragraph 2 and, if it were a company registered
under the Companies Act 2006 in Northern Ireland, it
would be excluded from being eligible by that paragraph,
or

(b) it has entered into a transaction or done anything else that,
30if done in Northern Ireland by a company registered under
the Companies Act 2006 in Northern Ireland, would result
in the company being excluded by any of the previous
paragraphs of this Schedule apart from paragraph 2.

Interpretation of Schedule

19 (1) 35This paragraph applies for the purposes of this Schedule.

(2) “Agreement” includes any agreement or undertaking effected
by—

(a) contract,

(b) deed, or

(c) 40any other instrument intended to have effect in accordance
with the law of Northern Ireland, Scotland or another
jurisdiction.

(3) “The filing date” means the date on which documents are filed
with the High Court under Article 13B, 13BA or 13BB.

(4) “Party” to an arrangement includes a party to an agreement
which—

(a) forms part of the arrangement,

(b) provides for the raising of finance as part of the
5arrangement, or

(c) is necessary for the purposes of implementing the
arrangement.

Power to amend Schedule

20 (1) Regulations may amend this Schedule so as to alter the
10circumstances in which a company is “eligible” for the purposes of
this Part.

(2) Regulations may not be made under this paragraph unless a draft
of the regulations has been laid before, and approved by a
resolution of, the Assembly.”

Section 4(3)

15SCHEDULE 6 Moratoriums in Northern Ireland: contracts involving financial services

In the Insolvency (Northern Ireland) Order 1989, after Schedule ZA1
(inserted by Schedule 5 to this Act) insert—

Article 13D

““Schedule ZA2 Moratorium: contract or other instrument involving financial
20services

Introductory

1 For the purposes of Article 13D “contract or other instrument
involving financial services” means a contract or other instrument
to which any of the following paragraphs applies.

25Financial contracts

2 (1) This paragraph applies to a financial contract.

(2) “Financial contract” means—

(a) a contract for the provision of financial services consisting
of—

(i) 30lending (including the factoring and financing of
commercial transactions),

(ii) financial leasing, or

(iii) providing guarantees or commitments;

(b) a securities contract, including—

(i) 35a contract for the purchase, sale or loan of a
security, group or index of securities;

(ii) an option on a security or group or index of
securities;

(iii) a repurchase or reverse repurchase transaction on
any such security, group or index;

(c) a commodities contract, including—

(i) a contract for the purchase, sale or loan of a
5commodity or group or index of commodities for
future delivery;

(ii) an option on a commodity or group or index of
commodities;

(iii) a repurchase or reverse repurchase transaction on
10any such commodity, group or index;

(d) a futures or forwards contract, including a contract (other
than a commodities contract) for the purchase, sale or
transfer of a commodity or property of any other
description, service, right or interest for a specified price at
15a future date;

(e) a swap agreement, including—

(i) a swap or option relating to interest rates, spot or
other foreign exchange agreements, currency, an
equity index or equity, a debt index or debt,
20commodity indexes or commodities, weather,
emissions or inflation;

(ii) a total return, credit spread or credit swap;

(iii) any agreement or transaction that is similar to an
agreement that is referred to in sub-paragraph (i) or
25(ii) and is the subject of recurrent dealing in the
swaps or derivatives markets;

(f) an inter-bank borrowing agreement where the term of the
borrowing is three months or less;

(g) a master agreement for any of the contracts or agreements
30referred to in paragraphs (a) to (f).

(3) For the purposes of this paragraph “commodities” includes—

(a) units recognised for compliance with the requirements of
EU Directive 2003/87/EC establishing a scheme for
greenhouse gas emission allowance trading,

(b) 35allowances under paragraph 5 of Schedule 2 to the Climate
Change Act 2008 relating to a trading scheme dealt with
under Part 1 of that Schedule (schemes limiting activities
relating to emissions of greenhouse gas), and

(c) renewables obligation certificates issued—

(i) 40by the Gas and Electricity Markets Authority under
an order made under section 32B of the Electricity
Act 1989, or

(ii) by the Northern Ireland Authority for Utility
Regulation under the Energy (Northern Ireland)
45Order 2003 (S.I. 2003/419 (N.I. 6)S.I. 2003/419 (N.I. 6)) and pursuant to
an order made under Articles 52 to 55F of that
Order.

Securities financing transactions

3 (1) This paragraph applies to a securities financing transaction.

(2) “Securities financing transaction” has the meaning given by
Article 3(11) of Regulation (EU) 2015/2365 on the transparency of
securities financing transactions.

(3) But for the purposes of that Article as it applies for the purposes of
5this paragraph, references to “commodities” in that Regulation are
to be taken as including the units, allowances and certificates
referred to in paragraph 2(3)(a), (b) and (c).

Derivatives

4 This paragraph applies to a derivative, within the meaning given
10by Article 2(5) of Regulation (EU) No. 648/2012.

Spot contracts

5 (1) This paragraph applies to a spot contract.

(2) “Spot contract” has the meaning given by Article 7(2) or 10(2) of
Commission Delegated Regulation of 25.4.2016 supplementing
15Directive 2014/65/EU of the European Parliament and of the
Council as regards organisational requirements and operating
conditions for investment firms and defined terms for the
purposes of that Directive.

Capital market arrangements

6 20This paragraph applies to a capital market arrangement within the
meaning given by paragraph 13(2) of Schedule ZA1.

Contracts forming part of a public-private partnership

7 This paragraph applies to a contract forming part of a public-
private partnership project within the meaning given by
25paragraph 16 of Schedule ZA1.

Market contracts

8 This paragraph applies to a market contract within the meaning of
Part 5 of the Companies (No.2) (Northern Ireland) Order 1990 (see
Article 80 of that Order).

30Qualifying collateral arrangements and qualifying property transfers

9 This paragraph applies to qualifying collateral arrangements and
qualifying property transfers within the meaning of Part 7 of the
Companies Act 1989 (see section 155A of that Act).

Contracts secured by certain charges or arrangements

10 35This paragraph applies to a contract where any obligation under
the contract is—

(a) secured by a market charge within the meaning of Part 5 of
the Companies (No.2) (Northern Ireland) Order 1990 (see
Article 95 of that Order),

(b) secured by a system-charge within the meaning of the
Financial Markets and Insolvency Regulations (Northern
Ireland) 1996 (S.R. (N.I.) 1996/252) (see regulation 2 of
those Regulations), or

(c) 5secured or otherwise covered by a financial collateral
arrangement within the meaning of the Financial
Collateral Arrangements (No. 2) Regulations 2003 (S.I.
2003/3226) (see regulation 3 of those Regulations).

Default arrangements and transfer orders

11 10This paragraph applies to a contract which is included in default
arrangements, or a transfer order, within the meaning of the
Financial Markets and Insolvency (Settlement Finality)
Regulations 1999 (S.I. 1999/2979S.I. 1999/2979) (see regulation 2 of those
Regulations).

15Card-based payment transactions

12 This paragraph applies to a contract to accept and process card-
based payment transactions within the meaning given by
Regulation (EU) 2015/751 of the European Parliament and of the
Council of 29th April 2015 on interchange fees for card-based
20payment transactions.

Power to amend Schedule

13 (1) Regulations may amend this Schedule so as to change the meaning
of “contract or other instrument involving financial services” for
the purposes of Article 13D.

(2) 25Regulations may not be made under this paragraph unless a draft
of the regulations has been laid before, and approved by a
resolution of, the Assembly.”

Section 5

SCHEDULE 7 Moratoriums in Northern Ireland: further amendments

30The Insolvency (Northern Ireland) Order 1989

1 The Insolvency (Northern Ireland) Order 1989 is amended as follows.

2 In each of the following places, for “Parts II to VII” substitute “Parts 1A to
7”—

• the heading before Article 5;

• 35Article 5(1);

• Article 6(1) and (2);

• Article 7;

• Article 8;

• the heading before Parts 2 to 7;

• 40Article 315(6);

Corporate Insolvency and Governance BillPage 155

• Article 366(1);

• Article 374(1).

3 In Article 2(2), in the definition of “regulations”—

(a) after “(except in” insert “Part 1A,”;

(b) 5omit “and paragraph 16 of Schedule A1”.

4 (1) Article 3 (meaning of “act as insolvency practitioner”) is amended as follows.

(2) In paragraph (1)(a), for “or administrative receiver” substitute “,
administrative receiver or monitor”.

(3) In paragraph (4), at the appropriate place insert—

• 10“““monitor” has the same meaning as in Part 1A (moratorium).”

5 In Article 6 (meaning of “insolvency” etc), in paragraph (1), after “includes”
insert “the coming into force of a moratorium for the company under Part
1A,”.

6 Omit Article 14A (moratorium where directors propose voluntary
15arrangement).

7 In Article 15 (procedure where nominee is not the liquidator or
administrator), in paragraph (1), omit from “and the directors” to the end.

8 (1) Article 17 (decision of the company and its creditors in relation to voluntary
arrangement) is amended as follows.

(2) 20After paragraph (4) insert—

“(4A) Where the nominee’s report under Article 15(2) is submitted to the
Court before the end of the period of 12 weeks beginning with the
day after the end of any moratorium for the company under Part 1A,
a meeting so summoned may not approve any proposal or
25modification under which the following are to be paid otherwise
than in full—

(a) moratorium debts;

(b) pre-moratorium debts for which the company did not have a
payment holiday during the moratorium (within the
30meaning given by Article 13D);

but this is subject to paragraph (4B).

(4B) Paragraph (4A) does not prevent the approval of such a proposal or
modification with the concurrence of the creditor concerned.”

(3) In paragraph (5), for “and (4)” substitute “to (4B)”.

(4) 35After paragraph (7) insert—

“(8) In this Article “moratorium debt” and “pre-moratorium debt” have
the meaning given by Article 13HC.”

9 (1) Article 17A (approval of voluntary arrangement) is amended as follows.

(2) In paragraph (2)(b), for “(4)” substitute “(6)”.

(3) 40In paragraph (5)—

(a) for “within the meaning given by paragraph 54 of Schedule A1”
substitute “as defined by Article 13H(12)”;

(b) for “within the meaning of paragraph 54 of Schedule A1” substitute
“as defined by Article 13H(12)”.

10 (1) Article 18 (effect of approval of voluntary arrangement) is amended as
follows.

(2) 5In paragraph (3), for “paragraph (4)” substitute “paragraphs (3A) and (4)”.

(3) After paragraph (3) insert—

“(3A) Where immediately before the voluntary arrangement took effect a
moratorium for the company was in force under Part 1A and a
petition for the winding up of the company, other than an excepted
10petition within the meaning of Article 13DB, was presented before
the beginning of the moratorium, the High Court must dismiss the
petition.”

(4) In paragraph (4) after “paragraph (3)(a)” insert “or dismiss a petition under
paragraph (3A)”.

11 (1) 15Article 20A (prosecution of delinquent officers of company) is amended as
follows.

(2) For paragraph (1) substitute—

“(1) This Article applies where the approval of a voluntary arrangement
in relation to a company has taken effect under Article 17A.”

(3) 20In paragraph (2)—

(a) for the words before sub-paragraph (a) substitute “If it appears to the
supervisor that any past or present officer of the company has
committed an offence in connection with the voluntary arrangement,
the supervisor must forthwith”;

(b) 25in sub-paragraph (b), omit “nominee or”.

(4) In paragraph (8), omit “nominee or”.

12 In Article 20B (arrangements coming to an end prematurely) omit—

(a) “or paragraph 46 of Schedule A1”;

(b) “or, as the case may be, paragraph 47(2)(b)(i) of Schedule A1”.

13 30In Article 100 (expenses of voluntary winding up), at the beginning insert
“After the payment of any liabilities to which Article 148A applies,”.

14 In Article 102 (circumstances in which company may be wound up by the
High Court), omit sub-paragraph (fa).

15 In Article 104 (application for winding up by the High Court), omit
35paragraph (4A).

16 In Article 107 (avoidance of property dispositions etc), after paragraph (2)
insert—

“(3) This Article has no effect in respect of anything done during a
moratorium under Part 1A, or during a period mentioned in Article
4018(4)(a) following the end of a moratorium, where the winding-up
order was made on a petition presented before the moratorium
begins, unless the petition was presented under section 367 of the
Financial Services and Markets Act 2000 on the ground mentioned in
section 367(3)(b) of that Act.”

17 Before Article 149 (and before the italic heading “Preferential debts” above
that Article) insert—

““Moratorium: order of priority of payment of debts

148A Moratorium debts etc: priority

(1) 5This Article applies where proceedings for the winding up of a
company are begun before the end of the period of 12 weeks
beginning with the day after the end of any moratorium under Part
1A.

(2) In the winding up, the following are payable out of the company’s
10assets (in the order of priority shown) in preference to all other
claims—

(a) any prescribed fees or expenses of the official receiver acting
in any capacity in relation to the company;

(b) moratorium debts, and pre-moratorium debts for which the
15company did not have a payment holiday during the
moratorium (within the meaning given by Article 13D).

(3) The rules may make provision as to the order in which the debts
mentioned in paragraph (2)(b) rank among themselves in a case
where the assets of the company are insufficient to meet them in full.

(4) 20For the purposes of this Article proceedings for the winding up of a
company are begun when—

(a) a winding-up petition is presented, or

(b) a resolution for voluntary winding up is passed.

(5) In this Article “moratorium debt” and “pre-moratorium debt” have
25the meaning given by Article 13HC.”

18 (1) Article 149 (preferential debts: general provision) is amended as follows.

(2) In paragraph (1), at the end insert “after the payment of—

(a) any liabilities to which Article 148A applies, and

(b) expenses of the winding up.”

(3) 30In paragraph (1A), omit “after the expenses of the winding up”.

19 (1) Article 197 (supplies of water, electricity, etc) is amended as follows.

(2) In paragraph (1)—

(a) omit sub-paragraph (ba) (including the “or” at the end);

(b) in the words after sub-paragraph (e), omit “the nominee,”.

(3) 35In paragraph (4), omit sub-paragraph (ba).

20 In Article 208ZA (remote attendance at meetings), as inserted by section 1(1)
of the Insolvency (Amendment) Act (Northern Ireland) 2016, in paragraph
(9), before sub-paragraph (a) insert—

“(za) the monitor in relation to a moratorium under Part 1A;”.

21 40In Article 208ZB (use of websites), as inserted by section 1(1) of the
Insolvency (Amendment) Act (Northern Ireland) 2016, in paragraph (2),
before sub-paragraph (a) insert—

“(za) the monitor in relation to a moratorium under Part 1A;”.

22 In Article 347 (“the relevant date” in relation to preferential debts), omit
paragraph (2A).

23 (1) Article 362 (monetary limits) is amended as follows.

(2) In paragraph (1), before sub-paragraph (a) insert—

“(za) 5increase or reduce any of the money sums for the time being
specified in the following provisions of Part 1A—

• Article 13DG(1) (maximum amount of credit which
  company may obtain without disclosing
  moratorium);

• 10Article 13DJ(2) (maximum amount for certain payments
  without obtaining monitor consent etc);

• Article 13G(2) (minimum value of company property
  concealed or fraudulently removed, affecting
  criminal liability of company’s officer); or”.

(3) 15Omit paragraph (1)(c) (money sums: company moratorium) and the “or”
before it.

24 In Article 373 (offences: disapplication of section 20(2) of the 1954 Act), in
paragraph (4), after “Articles” insert “13DA(5), 13DG(3), 13DH(4), 13DI(1),
13DJ(5), 13DK(6), 13DL(2), 13DM(9), 13DN(4),”.

25 20In Article 383(a), for “Parts 2 to 7” substitute “Parts 1A to 7”.

26 Omit Schedule A1 (moratorium where directors propose voluntary
arrangement).

27 (1) Schedule B1 (administration) is amended as follows.

(2) Omit paragraph 25.

(3) 25Before paragraph 66 (but after the italic heading “Distribution”) insert—

“65A (1) This paragraph applies where a company enters administration
before the end of the period of 12 weeks beginning with the day
after the end of any moratorium under Part 1A.

(2) The administrator must make a distribution to the creditors of the
30company in respect of—

(a) moratorium debts, and

(b) pre-moratorium debts for which the company did not have
a payment holiday during the moratorium (within the
meaning given by Article 13D).

(3) 35A sum payable under sub-paragraph (2) is to be paid in priority
to—

(a) any security to which paragraph 71 applies;

(b) any sums payable under paragraph 100.

(4) The administrator must realise any property necessary to comply
40with sub-paragraph (2).

(5) The rules may make provision as to the order in which the
moratorium and pre-moratorium debts mentioned in sub-
paragraph (2) rank among themselves for the purposes of this

paragraph in a case where the assets of the company are
insufficient to meet them in full.

(6) In this paragraph “moratorium debt” and “pre-moratorium debt”
have the meaning given by Article 13HC.”

(4) 5In paragraph 66, for sub-paragraph (1) substitute—

“(1) If the assets of a company are sufficient to meet any debts or other
liabilities payable under paragraph 65A in full, the administrator of
the company may make a distribution to any other creditor of the
company.”

(5) 10In paragraph 67, for “The administrator of a company” substitute “If the
debts or other liabilities payable under paragraph 65A have been met, the
administrator of a company”.

28 (1) Schedule 5 (provision capable of inclusion in company insolvency rules) is
amended as follows.

(2) 15In paragraph 8, after “is,” insert “the monitor in relation to a moratorium
under Part 1A or”.

29 (1) Schedule 7 (punishment of offences under the Order) is amended as follows.

(2) Omit the entries relating to Schedule A1.

(3) At the appropriate place insert—

Building Societies Act 1986

30 In Schedule 15A to the Building Societies Act 1986 (application of other
companies insolvency legislation to building societies), in paragraph 1(2)(b),
omit “(except Article 14A)”.

5Limited Liability Partnerships Act 2000

31 In section 14 of the Limited Liability Partnerships Act 2000 (regulations to
make provision about insolvency and winding up), in subsection (1)(b), for
“Parts 2” substitute “Parts 1A”.

The Financial Services and Markets Act 2000 (Disclosure of Confidential Information)
10Regulations 2001

32 In Schedule 2 to the Financial Services and Markets Act 2000 (Disclosure of
Confidential Information) Regulations 2001 (S.I. 2001/2188S.I. 2001/2188) (disclosure of
confidential information), at the end of the table (after the entry inserted by
Schedule 3) insert—

The Insolvency Practitioners Regulations (Northern Ireland) 2006

33 20In regulation 2 of the Insolvency Practitioners Regulations (Northern
Ireland) 2006 (S.R. (N. I.) 2006/33) (interpretation: general), in paragraph (2),
before sub-paragraph (a) insert—

“(za) where the insolvency practitioner acts as the monitor in
relation to a moratorium under Part 1A of the Order,
25whichever is the earlier of the date on which—

(i) the moratorium comes to an end, or

(ii) the insolvency practitioner otherwise ceases to act as
the monitor in relation to the moratorium;”.

Insolvency (Northern Ireland) Order 2002 (S.I. 2002/3152 (N.I. 6)S.I. 2002/3152 (N.I. 6))

34 (1) The Insolvency (Northern Ireland) Order 2002 is amended as follows.

(2) In Schedule 1, omit—

(a) paragraphs 2 to 8;

(b) 5paragraph 9(2)(a) and (c) and (3)(a);

(c) paragraphs 10 to 12.

Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)S.I. 2005/1455 (N.I. 10))

35 The Insolvency (Northern Ireland) Order 2005 is amended as follows.

36 (1) Article 10 is amended as follows.

(2) 10At the end of the heading insert “etc”.

(3) In paragraph (2)—

(a) after “by order provide for” insert “—

(a) Part 1A of the 1989 Order (moratorium), or”;

(b) the words “a company arrangement or administration provision”
15become sub-paragraph (b) of that paragraph.

37 Omit Article 11.

38 In Schedule 2, omit paragraph 45.

Insolvency (Amendment) Act (Northern Ireland) 2016

39 In Schedule 3 to the Insolvency (Amendment) Act (Northern Ireland) 2016
20omit paragraph 17.

Section 6

SCHEDULE 8 Moratoriums in Northern Ireland: temporary provision

Part 1 “Relevant period” and powers to turn off temporary provision

25“Relevant period”

1 In this Schedule “relevant period” means the period which—

(a) begins with the day on which this Schedule comes into force, and

(b) ends with 30 June 2020 or one month after the coming into force of
this Act, whichever is the later.

30Power to turn off particular provisions of Part 2 of this Schedule early

2 (1) The Department for the Economy in Northern Ireland may by regulations
provide for any provision made by Part 2 of this Schedule to cease to have
effect before the end of the relevant period.

(2) The regulations may include transitional provision or savings.

(3) The power of the Department to make regulations under this paragraph is
exercisable by statutory rule for the purposes of the Statutory Rules
(Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)S.I. 1979/1573 (N.I. 12)) (and not by statutory
instrument).

(4) 5Regulations made under this paragraph are subject to negative resolution
within the meaning of section 41(6) of the Interpretation Act (Northern
Ireland) 1954.

Power to turn off provisions of Part 3 of this Schedule early etc

3 Rules under Article 359 of the Insolvency (Northern Ireland) Order 1989
10may provide for any provision made by paragraphs 13 to 54 to cease to have
effect before the end of the relevant period.

4 Rules under Article 359 of the Insolvency (Northern Ireland) Order 1989
may make transitional provision or savings in connection with any
provision made by paragraphs 13 to 54 ceasing to have effect (whether by
15virtue of paragraph 3 or 12).

Part 2 Modifications to primary legislation

“Eligible” company: additional exclusion

5 During the relevant period, a company is not eligible for the purposes of
20Article 13B, 13BA or 13BB of the Insolvency (Northern Ireland) Order 1989
if the company—

(a) has permission under Part 4A of the Financial Services and Markets
Act 2000 to carry on a regulated activity within the meaning of that
Act, and

(b) 25is not subject to a requirement imposed under that Act to refrain
from holding money for clients.

Relaxation of conditions for obtaining moratorium etc

6 (1) For the purposes of obtaining a moratorium under Article 13B of the
Insolvency (Northern Ireland) Order 1989 during the relevant period—

(a) 30Article 13B of that Order has effect as if paragraph (1)(a) were
omitted;

(b) Article 13BC(1)(e) of that Order has effect as if at the end there were
inserted “or would do so if it were not for any worsening of the
financial position of the company for reasons relating to
35coronavirus”;

(c) Schedule ZA1 to that Order has effect as if paragraph 2(1)(b) and
(2)(b) were omitted.

(2) During the relevant period, only an overseas company may obtain a
moratorium under Article 13BA of the Insolvency (Northern Ireland) Order
401989.

7 In relation to an application for a moratorium made under Article 13BA or
13BB of the Insolvency (Northern Ireland) Order during the relevant
period—

(a) Article 13BC(1)(e) of that Order has effect as if at the end there were
inserted “or would do so if it were not for any worsening of the
financial position of the company for reasons relating to
coronavirus”;

(b) 5Schedule ZA1 to that Order has effect as if paragraph 2(1)(b) and
(2)(b) were omitted.

Relaxation of conditions for extending moratorium obtained during relevant period

8 (1) This paragraph applies in relation to a moratorium that comes into force
during the relevant period.

(2) 10For the purposes of extending the moratorium under Article 13CA or 13CB
of the Insolvency (Northern Ireland) Order 1989, paragraph (1)(d) of that
Article has effect as if at the end there were inserted “or would do so if it
were not for any worsening of the financial position of the company for
reasons relating to coronavirus”.

(3) 15In relation to an application under Article 13CD of the Insolvency (Northern
Ireland) Order 1989 that the moratorium be extended, paragraph (2)(d) of
that Article has effect as if at the end there were inserted “or would do so if
it were not for any worsening of the financial position of the company for
reasons relating to coronavirus”.

20Monitoring of moratorium obtained during relevant period

9 In relation to a moratorium that comes into force during the relevant period,
Article 13EA(1) of the Insolvency (Northern Ireland) Order 1989 has effect as
if for the words from “it remains likely” to the end there were substituted “—

“(a) it is likely that the moratorium will result in the rescue of the
25company as a going concern, or

(b) that, if one were to disregard any worsening of the financial
position of the company for reasons relating to coronavirus,
it is likely that the moratorium would result in the rescue of
the company as a going concern.”

30Termination of moratorium obtained during relevant period

10 In relation to a moratorium that comes into force during the relevant period,
Article 13ED(1) of the Insolvency (Northern Ireland) Order 1989 has effect as
if for sub-paragraph (a) there were substituted—

“(a) the monitor thinks—

(i) 35that the moratorium is not likely to result in the rescue
of the company as a going concern, and

(ii) that, even if one were to disregard any worsening of
the financial position of the company for reasons
relating to coronavirus, the moratorium would not be
40likely to result in the rescue of the company as a going
concern,”.

“Coronavirus”

11 In the modifications made by this Part of this Schedule “coronavirus” means
severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2).

Part 3 Temporary rules

Introductory

12 Paragraphs 13 to 54 cease to have effect at the end of the relevant period,
5subject to paragraph 3.

Content of documents relating to the obtaining or extending of a moratorium: general

13 A notice or statement under Article 13BC(1), 13BE(2), 13CA(1), 13CB(1) or
13CD(2) of the Insolvency (Northern Ireland) Order 1989 must state—

(a) the provision under which it is given or made,

(b) 10the nature of the notice or statement,

(c) the date of the notice or statement, and

(d) the identification details for the company to which it relates.

Authentication of documents relating to obtaining or extending moratorium: general

14 (1) A notice or statement under Article 13BC(1), 13CA(1), 13CB(1) or 13CD(2) of
15the Insolvency (Northern Ireland) Order 1989 must be authenticated by or
on behalf of the person giving the notice or making the statement (see
paragraph 49).

(2) A notice under Article 13BE(2)(a) of the Insolvency (Northern Ireland) Order
1989 must be authenticated by the monitor (see paragraph 49).

20Notice that directors wish to obtain a moratorium

15 A notice under Article 13BC(1)(a) of the Insolvency (Northern Ireland)
Order 1989 must state the company’s address for service.

Proposed monitor’s statement and consent to act

16 (1) A statement under Article 13BC(1)(b) of the Insolvency (Northern Ireland)
25Order 1989 must be headed “Proposed monitor’s statement and consent to
act” and must contain the following—

(a) a certificate that the proposed monitor is qualified to act as an
insolvency practitioner in relation to the company,

(b) the proposed monitor’s IP number,

(c) 30the name of the relevant recognised professional body which is the
source of the proposed monitor’s authorisation to act in relation to
the company, and

(d) a statement that the proposed monitor consents to act as monitor in
relation to the company.

(2) 35In this paragraph “IP number” means the identifying number or reference
issued to the insolvency practitioner by a professional body recognised
under Article 350 of the Insolvency (Northern Ireland) Order 1989.

Timing of statements for obtaining moratorium

17 Each statement under Article 13BC(1)(b) to (e) of the Insolvency (Northern
Ireland) Order 1989 must be made within the period of 5 days ending with
the day on which the documents under Article 13BC(1)(a) to (e) are filed
5with the High Court (or, if the documents are filed on different days, the last
of those days).

Notice by monitor where moratorium comes into force

18 A notice under Article 13BE(2) of the Insolvency (Northern Ireland) Order
1989 must—

(a) 10state that it is given by the monitor acting in that capacity, and

(b) state the name and contact details of the monitor.

Notice that directors wish to extend a moratorium

19 A notice under Article 13CA(1)(a) or 13CB(1)(a) of the Insolvency (Northern
Ireland) Order 1989 must state the company’s address for service.

15Extension under Article 13CA or 13CB of the Insolvency (Northern Ireland) Order 1989:
notices and statements

20 A statement by the monitor under Article 13CA(1)(d) or 13CB(1)(d) of the
Insolvency (Northern Ireland) Order 1989 must contain contact details of the
monitor.

20Timing of statements for extension under Article 13CA or 13CB

21 Each statement under Article 13CA(1)(b) to (d) or 13CB(1)(b) to (e) of the
Insolvency (Northern Ireland) Order 1989 must be made within the period
of 3 days ending with the day on which the documents under Article
13CA(1)(a) to (d) or 13CB(1)(a) to (e) are filed with the High Court (or, if the
25documents are filed on different days, the last of those days).

Obtaining creditor consent at meeting

22 If a meeting under Article 13CC(2) of the Insolvency (Northern Ireland)
Order 1989 is held during the relevant period (within the meaning given by
paragraph 1), paragraph 3 of Schedule 14 applies to the meeting as if it were
30a meeting within sub-paragraph (2) of that paragraph (even if the meeting is
not held within the relevant period within the meaning of that Schedule).

23 (1) In their application for the purposes of a decision by pre-moratorium
creditors to consent to a revised end date for a moratorium under Article
13CC of the Insolvency (Northern Ireland) Order 1989, the Insolvency Rules
35have effect with the following modifications.

(2) References to creditors are to be read as references to the pre-moratorium
creditors.

(3) The following rules have effect with the further modifications set out in
paragraphs 24 to 30—

(a) 40Rule 4.061;

(b) Rule 4.062;

(c) Rule 4.065;

(d) Rule 4.068;