Personal guarantor insolvency filing accepted, interim moratorium triggered, and resolution professional appointed for statutory examination.

A personal guarantor insolvency application was accepted as properly filed because it was in the prescribed form and contained the required particulars, meeting the threshold for statutory consideration. The limitation objection was not accepted at this stage, as the guarantee was treated as continuing and the demand was regarded as still operative. On filing, the statutory interim moratorium under the personal guarantor regime came into effect in respect of the guarantor's debts. The proposed insolvency professional was found eligible and was appointed as resolution professional, with directions to examine the application and submit a recommendation within the statutory period.

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Issues: Whether the personal guarantor's application under the insolvency resolution framework was in order and whether a resolution professional could be appointed with interim moratorium following filing of the application.

Analysis: The application was found to be in the prescribed form and to contain the required particulars, satisfying the threshold requirements for consideration under the personal guarantor insolvency provisions. The objection on limitation was not accepted at this stage, as the guarantee was treated as a continuing one and the demand under the guarantee was regarded as operative within time. On filing of the application, the statutory interim moratorium under the personal guarantor regime came into effect in respect of debts of the guarantor. The proposed insolvency professional was found eligible and was appointed as resolution professional, with directions to examine the application and submit a recommendation within the statutory time frame.

Conclusion: The application was taken on the file for further statutory examination, interim moratorium operated, and the proposed resolution professional was appointed.

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