151. Extension of time limit

(1) Where a provision of this Part 1 (Administration) provides that a period may be varied in accordance with this Section, the period may be varied in respect of a Company —
(a) by the Court; and
(b) on the application of the administrator of the Company, if the Company is in administration, or the administrator of the Deed of Company Arrangement, if the Company is subject to a Deed of Company Arrangement.
(2) A time period may be extended in respect of a Company under this Section —
(a) more than once; and
(b) after expiry.
(3) A period specified in Section 56(6) (Administrator's proposals), paragraph 6 (Notice of meetings: when and to whom delivered) of Schedule 6 (Meetings and Correspondence) or Section 61(2) (Requirement for initial creditors' meeting) may be varied in respect of a Company by the administrator of the Company or, in the case of a Company which is subject to a Deed of Company Arrangement and the relevant period specified in paragraph 6 (Notice of meetings: when and to whom delivered) of Schedule 6 (Meetings and Correspondence), by the administrator of the Deed of Company Arrangement, with consent.
(4) In subsection (3) "consent" means consent of —
(a) each secured creditor of the Company; and
(b) if the Company has unsecured debts, creditors whose debts amount to more than 50% of the Company's unsecured debts, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.
(5) But where the administrator of a Company has made a statement under Section 61(6)(b) (Requirement for initial creditors' meeting) "consent" means —
(a) consent of each secured creditor of the Company; or
(b) if the administrator thinks that a distribution may be made to preferential creditors, consent of —
(i) each secured creditor of the Company; and
(ii) preferential creditors whose debts amount to more than 50% of the total preferential debts of the Company, disregarding debts of any creditor who does not respond to an invitation to give or withhold consent.
(6) Consent for the purposes of subsection (3) may be —
(a) written; or
(b) signified at a creditors' meeting or meeting of creditors.
(7) The power to extend under subsection (2) —
(a) may be exercised in respect of a period only once;
(b) may not be used to extend a period by more than 28 days;
(c) may not be used to extend a period which has been extended by the Court; and
(d) may not be used to extend a period after expiry.
(8) Where a period is extended under this Section, a reference to the period shall be taken as a reference to the period as extended.