Section 260: Preparation and contents of deed

260. Preparation and contents of deed (1) The deed administrator shall prepare a document that sets out the terms of the deed. (2) The document shall specify— (a) who is the deed administrator; (b) the property of the company (whether or not it is already owned by the company when it executes the deed) that will be available to pay creditors; I14 – 147 [Issue 5] Insolvency Act (c) the nature and duration of any moratorium period for which the deed provides; (d) to what extent the company will be released from its debts; (e) the conditions (if any) for the deed to come into operation; (f) the circumstances in which the deed terminates; (g) the order in which the proceeds of realisation of the property referred to in paragraph (b) will be distributed among creditors who are bound by the deed; and (h) the day, which must not be later than the day when the administration began, on or before which creditors’ claims must have arisen if they are to be admissible under the deed. (3) The document shall be deemed to include every provision prescribed under this Act, except those provisions which the document expressly excludes.