Part 7Crisis management and resolution
Moratorium and restriction on resolution trigger
284Moratorium
If a licensed deposit taker (A) is in resolution, no person may do any of the following:
- commence or continue a proceeding, including a proceeding by way of counterclaim, against A:
- issue an execution, attach a debt, or otherwise enforce or seek to enforce a judgment or an order obtained in respect of A:
- take any steps to put A into liquidation or voluntary administration:
- enter into possession of, sell, or appoint a receiver of A’s property or property in respect of which A has an equity of redemption:
- exercise or continue a power or rights under, or in accordance with, a mortgage, charge, debenture, instrument, or other security interest over A’s property:
- claim or recover, under a retention of title clause, hire purchase agreement, mortgage, lease, or security interest, any property in A’s possession:
- determine or forfeit a tenancy, retake or re-enter premises, or exercise or continue a power or rights under or in connection with a lease, against A:
- exercise a right of set-off against A.
Nothing in subsection (1) limits or prevents the Bank from performing or exercising any functions, powers, or duties under this Act.
This section is subject to section 421(1) to (3).
Compare
- 1989 No 157 s 122(1), (10)