Clause 20

replace subsections (1) and (2) with —“(1) Subject to this section, a company (in simplified debt restructuring) is discharged from the simplified debt restructuring programme at the expiry of its moratorium period.(2) A company (in simplified debt restructuring) or the Restructuring Adviser may apply to the Official Receiver for an extension of the moratorium period, in the prescribed form and manner, to defer its discharge from the simplified debt restructuring programme, but only if the application is accompanied by evidence of consent of at least two‑thirds in total value of the creditors.”;

in subsections (3) and (4), replace “default period” wherever it appears with “moratorium period”;

in subsection (3)(a)(i), replace “for a period not exceeding 30 days (or any longer period as the Official Receiver may determine)” with “for such number of days as may be prescribed by regulations made under section 72V”;

after subsection (3), insert —“(3A) The Official Receiver’s decision under subsection (3) is final.”;

in subsection (4), replace “Subject to subsections (5) and (6), where” with “Where”;

replace subsections (5) to (8) with —“(5) Where the compromise or arrangement provided by any debt restructuring proposal becomes effective under section 72M(16) before the expiry of the moratorium period (including any period of extension), the company is discharged from the simplified debt restructuring programme on the day the compromise or arrangement becomes effective.”; and

in subsection (9), replace “Official Receiver in the Gazette and” with “Restructuring Adviser”.