§ 23 — Modifications to Insolvency, Restructuring and Dissolution Act 2018

23.—(1) During the prescribed period, the Insolvency, Restructuring and Dissolution Act 2018 (including that Act as applied by the Variable Capital Companies Act 2018) applies as if —(a)

the reference in section 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018 to “$15,000” were a reference to “$100,000”; and

(b)

the reference in section 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018 to “3 weeks” were a reference to “6 months”.

(2) For the purpose of section 239(6) of the Insolvency, Restructuring and Dissolution Act 2018 (including that provision as applied by the Variable Capital Companies Act 2018), a company or variable capital company is not to be treated as incurring debts or other liabilities without reasonable prospect of meeting them in full if the debt or other liability is incurred —(a)

in the ordinary course of the company’s or variable capital company’s business;

(b)

during the prescribed period; and

(c)

before the appointment of a judicial manager or liquidator of the company or variable capital company.

—(1) During the prescribed period, the Insolvency, Restructuring and Dissolution Act 2018 (including that Act as applied by the Variable Capital Companies Act 2018) applies as if —(a)

the reference in section 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018 to “$15,000” were a reference to “$100,000”; and

(b)

the reference in section 125(2)(a) of the Insolvency, Restructuring and Dissolution Act 2018 to “3 weeks” were a reference to “6 months”.

(2) For the purpose of section 239(6) of the Insolvency, Restructuring and Dissolution Act 2018 (including that provision as applied by the Variable Capital Companies Act 2018), a company or variable capital company is not to be treated as incurring debts or other liabilities without reasonable prospect of meeting them in full if the debt or other liability is incurred —(a)

in the ordinary course of the company’s or variable capital company’s business;

(b)

during the prescribed period; and

(c)

before the appointment of a judicial manager or liquidator of the company or variable capital company.