s 11 Effect of appointment of Administrator
(1) On the appointment of the Administrator, a moratorium shall take effect during which— (a) no petition for the winding up of the Administered Companies may be filed by any person in any court; (b) no resolution may be passed or order made for the winding up of the Administered Companies; (c) no receiver, receiver and manager or provisional liquidator, may be appointed, or if appointed, his appointment shall immediately cease and he shall vacate his office; (d) no steps may be taken— (i) to create, perfect or enforce any security over any property of the Administered Companies; (ii) to enforce a judgment over any property of the Administered Companies; (iii) to re-possess any property in the possession, custody or control of the Administered Companies; or (iv) to set off any debt owing to the Administered Companies in respect of any claim against the Administered Companies, e x c e p t w i t h t h e p r i o r w r i t t e n c o n s e n t o f t h e Administrator; (e) no proceedings and no execution or other legal process in any court or tribunal may be commenced or continued with, and no distress may be levied, against the Administered Companies or their property except with the prior written consent of the Administrator; (f) any application made under section 176 of the Companies Act 1965 shall be adjourned sine die and any restraining order issued under subsection 176(10) of the Companies Act 1965 shall be immediately discharged and set aside; and (g) no proceedings and no execution or other legal process in any court or tribunal may be commenced, or continued with, against any person providing a guarantee or acting as a guarantor for the liability of the Administered Companies in respect of that liability except with the prior written consent of the Administrator. (2) The Administrator shall not be liable to an action or other damages in respect of a refusal to give his consent under subsection (1). (3) The appointment of the Administrator shall not— (a) be regarded as placing the Administrator or the Administered Companies in breach of or in default under any contract, or in breach of confidence; (b) be regarded as placing the Administered Companies in breach of or in default under any contract or be regarded as giving rise to a right or duty for any person to— (i) terminate, cancel or modify an agreement; (ii) enforce or accelerate the performance of an obligation of the Administered Companies; (iii) require the performance of an obligation not otherwise arising for performance; or (iv) refuse or discontinue the performance of his obligations; (c) be regarded as placing the Administrator or the Administered Companies in breach of any law or agreement prohibiting, restricting or regulating the assignment, sale, disposition or transfer of any property or disclosure of information; (d) release a surety from an obligation; (e) invalidate or discharge a contract or security; (f) be regarded as terminating, cancelling or varying any right, privilege, exemption or priorities in relation to a property of the Administered Companies; or (g) be regarded as placing the Administered Companies or the Administrator in breach of any law or any order of any court. (4) Nothing in this section shall prevent any civil or criminal proceedings from being instituted or continued by any regulatory body against the Administered Companies.