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It allows an insolvent company, or soon to be insolvent company, gain protection without the need for terminal insolvency proceedings, while it seeks a rescue. As such, a moratorium can be successfully used to get a stay on actions (stopping litigation to pursue moneys owing to creditors) whilst directors are negotiating with creditors to consider a proposal for a Company Voluntary Arrangement.
[See ‘Corporate Insolvency and Governance Act 2020’, ‘CIGA’, ‘Monitor’, ‘Debtor in Possession’, ‘Insolvency Practitioner’ and ‘Director’.]
A mortgagee is a lender or bank who advances funding to a borrower.
They can be called a ‘chargee’.
A mortgagor is the party to who funds and lending has been advanced.
They can be called a ‘chargor’.
The National Crime Agency (NCA) plays an important part in actions against serious and organised crime by targeting and pursuing criminals who are involved in money laundering, financial fraud and other criminal activities.
It is to this Agency that an Insolvency Practitioner (via their ‘Money Laundering Reporting Officer’) will report if they spot any suspicious activity when examining the books and records of a person or company under investigation during insolvency and restructuring proceedings.
[See ‘Anti-Money Laundering’, ‘AML’, ‘Money Laundering Reporting Officer’ and ‘MLRO’.]
