(1) On the admission of the application under section 84, a moratorium shall commence in respect of all qualifying debts and shall cease to have effect at the end of the period of one hundred and eighty days beginning with the date of the admission or on the date the Adjudicating Authority passes a discharge order under section 92, whichever is earlier.

(2) During the period of the moratorium,—

1. any pending legal action or legal proceeding in respect of any qualifying debt shall be deemed to have been stayed;
2. the creditors of the debtor shall not initiate any legal action or proceedings in respect of any qualifying debt; and
3. the debtor shall not—
   1. act as a director of any company;
   2. directly or indirectly take part in or be concerned in the promotion, formation or management of a company;
   3. be appointed or act as a trustee or representative of any creditor; or
   4. be eligible to be appointed as an insolvency professional.