Clause 46

replace subsection (1) with —“(1) No person may, at any time after the commencement and before the conclusion of any proceedings by a company, or at any time after the date of commencement of the simplified debt restructuring programme for a company until the time the compromise or arrangement becomes effective in accordance with section 72M(16) or the time the company is discharged from the simplified debt restructuring programme (whichever is earlier) —

terminate or amend, or claim an accelerated payment or forfeiture of the term under, any agreement (including a security agreement) with the company; or

terminate or modify any right or obligation under any agreement (including a security agreement) with the company,by reason only that the proceedings are commenced, the company is insolvent, or the company has entered the simplified debt restructuring programme.”; and

in subsection (2)(a), after “commencement of the proceedings”, insert “or the entry of the company into the simplified debt restructuring programme”.