What is a statutory moratorium
A ‘statutory moratorium’ is a six-month period which prevents creditors taking any diligence action against a client.
If a client is thinking of applying for bankruptcy, a trust deed or the Debt Arrangement Scheme (DAS) and requires more time to think things over, but they (or you) are concerned about what their creditors could do in the meantime, an application for a statutory moratorium can be made.