Insolvency Act · s 34

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s 34Effect of application for judicial management order

During the period beginning with the making of an application for a judicial management order and ending with the making of such an order or the dismissal of the application —

(a)

no resolution shall be passed or order made for the winding up of the company;

(b)

no steps shall be taken to enforce any charge on or security over the company’s property or to repossess any goods in the company’s possession under any hire-purchase agreement, chattels leasing agreement or retention of title agreement, except with leave of the Court and subject to such conditions as the Court may impose;

and

(c)

no other proceedings and no execution or other legal process shall be commenced or continued and no distress may be levied against the company or its property except with leave of the Court and subject to such conditions as the Court may impose.

Insolvency