Section 122 — Credit Contracts and Consumer Finance Act 2003: Reopening credit contracts involved in arrangement

122 Reopening credit contracts involved in arrangement (1) The Court may reopen all or any of the credit contracts involved in an arrangement if,— (a) with the knowledge of the creditor under a reopened credit contract,— (i) credit provided under the reopened credit contract is used (in whole or in part) to pay amounts owing under another credit contract or other credit contracts; or (ii) amounts owing under the reopened credit contract were paid from credit provided under another credit contract or other credit contracts; and (b) the creditors under the credit contracts are either the same person or related companies. (2) Subsection (1) applies whether or not the Court considers that section 120(a) to (c) applies. Compare: 1981 No 27 s 10(3)