Effect of admission of application.

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..... ing in respect of any debt shall be deemed to have been stayed; and (b) subject to the provisions of section 86, the creditors shall not initiate any legal action or proceedings in respect of any debt. (3) During the moratorium period, the debtor shall- (a) not act as a director of any company, or directly or indirectly take part in or be concerned in the promotion, formation or managemen .....

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