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Mr Justice Norris has handed down his judgment in In re Frankice (Golders Green) Ltd and others;  WLR (D) 118, in which he held that, "The words “legal process” in para 43(6) of Sch B1 to the Insolvency Act 1986 meant something with a defined beginning and an ascertainable outcome, involving the compulsive power of the law, which, in the interim, was governed by a recognisable procedure which was legal or quasi-legal in nature." Mr Justice Norris was considering whether regulatory proceedings initiated by the Gambling Commission fell within the moratorium under para 43 of Sch B1 to the 1986 Act.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...