Moratorium Chapter 4: sets out the effect of moratorium on the company and its creditors Introductory
This chapter contains provisions about the main effects of a moratorium for a company. It includes restrictions on the enforcement or the payment of debts that are defined as pre-moratorium debts for which a company has a payment holiday during the moratorium. A reference to pre-moratorium debts for which a company has a payment holiday during the moratorium is to pre-moratorium debts that have fallen due before the moratorium, or fall due during the moratorium, other than amounts payable in respect of: (a) the monitor’s remuneration or expenses (which is a contractual matter between the monitor and the company, the agreement for which may have been entered prior to the monitor’s appointment), (b) goods or services supplied during the moratorium (services include the continued provision and usage of property owned by another, for example a leased photocopier, or a software license, where the obligation (lease, license, etc) was entered into prior to the moratorium), (c) rent in respect of a period during the moratorium, (d) wages or salary arising under a contract of employment, (e) redundancy payments, or (f) debts or other liabilities arising under a contract or other instrument involving financial services.
	This chapter also introduces Schedule ZA2 into the Insolvency Act 1986, which sets out the meaning of "contract or other instrument involving financial services". It also makes clear that the "monitor’s remuneration or expenses" does not include anything done by a proposed monitor before the moratorium begins.