How does the UK standalone moratorium for company rescue work?

A company in financial difficulty obtains an initial moratorium of twenty business days, extendable by a further twenty without creditor consent and longer with consent or by the court. It is supervised by a monitor who must be an insolvency practitioner and who confirms that rescue as a going concern remains likely. During the moratorium most enforcement and insolvency proceedings are stayed, but the company must keep paying moratorium debts and certain pre-moratorium debts as they fall due.