- a resolution for voluntary winding up
means a resolution passed under either of the paragraphs of subsection (1).
- acquired property
means property of the company which directly or indirectly represents the property disposed of.
- adjudicator
means a person appointed by the Secretary of State under section 398A;
- administative receiver
means— (a) an administrative receiver as defined by section 29(2) in Chapter I of Part III, or (b) a receiver appointed under section 51 in Chapter II of that Part in a case where the whole (or substantially the whole) of the company’s property is attached by the floating charge;
- administrative receiver
has the meaning given by section 251 in Part VII;
- administrator
has the meaning given by paragraph 1 and, where the context requires, includes a reference to a former administrator, •................................ •................................ •................................ • “enters administration” has the meaning given by paragraph 1, • “floating charge” means a charge which is a floating charge on its creation, • “in administration” has the meaning given by paragraph 1, • “hire-purchase agreement” includes a conditional sale agreement, a chattel leasing agreement and a retention of title agreement, • “holder of a qualifying floating charge” in respect of a company’s property has the meaning given by paragraph 14, • “market value” means the amount which would be realised on a sale of property in the open market by a willing vendor, • “the purpose of administration” means an objective specified in paragraph 3, and • “unable to pay its debts” has the meaning given by section 123.
- agency worker
has the meaning given by section 13(2) of the Employment Relations Act 1999;
- agent
includes any banker or solicitor of the company and any person employed by the company as auditor, whether that person is or is not an officer of the company;
- Agreement
includes any agreement or undertaking effected by—
- agricultural charge
has the same meaning as in the Agricultural Credits Act 1928;
- agricultural receiver
means a receiver appointed under an agricultural charge;
- approved intermediary
means an individual for the time being approved by a competent authority to act as an intermediary between a person wishing to make an application for a debt relief order and the official receiver.
- approved pension arrangement
has the same meaning as in section 11 of the Welfare Reform and Pensions Act 1999;
- arbitration agreement
has the same meaning as in Part I of the Arbitration Act 1996;
- assignment
includes an assignment by way of security or charge on book debts, and
- associate
has the meaning given by section 435;
- attachment
includes a hold notice or a deduction notice under Part 1 of Schedule 8 to the Finance (No. 2) Act 2015 (enforcement by deduction from accounts) and, if subsection (1) has effect in relation to a deduction notice, it also has effect in relation to the hold notice to which the deduction notice relates (whenever the hold notice was given).
- authorised deposit taker
means a person with permission under Part IV of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, and • “the general prohibition” has the meaning given by section 19 of that Act.
- Bankrupt
means an individual who has been made bankrupt and, in relation to a bankruptcy order, it means the individual made bankrupt by that order.
- Bankruptcy order
means an order making an individual bankrupt.
- Bankruptcy petition
means a petition to the court for a bankruptcy order.
- bankruptcy restrictions order
means— (a) a bankruptcy restrictions order made under section 155 of the Bankruptcy (Scotland) Act 2016;
- body corporate
includes a body incorporated outside Great Britain, but does not include— (a) a corporation sole, or (b) a partnership that, whether or not a legal person, is not regarded as a body corporate under the law by which it is governed;
- bond
means—
- books or papers
includes accounts, deeds, writing and documents;
- building
includes any structure or erection, and any part of a building as so defined, but does not include plant and machinery comprised in a building, • “building operations” includes— (a) demolition of buildings, (b) filling in of trenches, (c) rebuilding, (d) structural alterations of, or additions to, buildings and (e) other operations normally undertaken by a person carrying on business as a builder, • “designated disadvantaged area” means an area designated as a disadvantaged area under section 92 of the Finance Act 2001, • “engineering operations” includes the formation and laying out of means of access to highways, • “project company” has the meaning given by paragraph 7 of Schedule 2A, • “step-in rights” has the meaning given by paragraph 6 of that Schedule, • “substance” means any natural or artificial substance whether in solid or liquid form or in the form of a gas or vapour, and • “waste” includes any waste materials, spoil, refuse or other matter deposited on land.
- building operations
includes— (a) demolition of buildings, (b) filling in of trenches, (c) rebuilding, (d) structural alterations of, or additions to, buildings and (e) other operations normally undertaken by a person carrying on business as a builder, • “designated disadvantaged area” means an area designated as a disadvantaged area under section 92 of the Finance Act 2001, • “engineering operations” includes the formation and laying out of means of access to highways, • “project company” has the meaning given by paragraph 7 of Schedule 2A, • “step-in rights” has the meaning given by paragraph 6 of that Schedule, • “substance” means any natural or artificial substance whether in solid or liquid form or in the form of a gas or vapour, and • “waste” includes any waste materials, spoil, refuse or other matter deposited on land.
- business
includes a trade or profession;
- business day
means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in any part of Great Britain;
- business document
means— whether in hard copy, electronic or any other form.
- capital market arrangement
means an arrangement of a kind described in paragraph 1 of Schedule 2A, and • “capital market investment” means an investment of a kind described in paragraph 2 or 3 of that Schedule.
- Capital market investment
has the meaning given by paragraph 14 of Schedule ZA1.
- centre of main interests
has the same meaning as in the Article 3 of the EU Regulation.
- cessation
means the time when he ceases to be the company’s administrator.
- charitable purpose
means any charitable, benevolent or philanthropic purpose, whether or not it is charitable within the meaning of any rule of law.
- chattel leasing agreement
means an agreement for the bailment or, in Scotland, the hiring of goods which is capable of subsisting for more than 3 months;
- collateral security
has the same meaning as in the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);
- commercial paper
has the meaning given by article 9(3) of that order.
- commodities
includes—
- company
means an incorporated company (whether or not a company registered under the Companies Act 2006) which the Court of Session has jurisdiction to wind up;
- competent authority
means a person or body for the time being designated by the Secretary of State for the purposes of granting approvals under this section.
- condition
includes a condition requiring that the court be satisfied of something.
- consent
means consent of—
- consolidated situation
means the situation that results from an entity being treated, for the purposes of Part 9C rules, Regulation (EU) 575/2013 or CRR rules (as appropriate), as if that entity and one or more other entities formed a single entity;
- contract or other instrument involving financial services
has the same meaning as it has for the purposes of section A18 (see Schedule ZA2);
- contributory
has the meaning given by section 79;
- corporate member
means an insolvent member which is a company;
- credit institution
has the meaning given in Article 4.1(1) of the capital requirements regulation;
- creditor
includes a contingent creditor and a prospective creditor.
- criminal bankruptcy order
means an order under section 39(1) of the Powers of Criminal Courts Act 1973;
- debt relief order
means an order made by the official receiver under Part 7A;
- debt relief restrictions undertaking
means an order made, or an undertaking accepted, under Schedule 4ZB;
- debtor
means— (a) in relation to an application for a debt relief order, the applicant;
- deemed consent procedure
means the deemed consent procedure provided for by section 246ZF;
- deposit
means rights of the kind described in—
- Derivative
has the meaning given by Article 2(5) of Regulation (EU) No. 648/2012.
- designated disadvantaged area
means an area designated as a disadvantaged area under section 92 of the Finance Act 2001, • “engineering operations” includes the formation and laying out of means of access to highways, • “project company” has the meaning given by paragraph 7 of Schedule 2A, • “step-in rights” has the meaning given by paragraph 6 of that Schedule, • “substance” means any natural or artificial substance whether in solid or liquid form or in the form of a gas or vapour, and • “waste” includes any waste materials, spoil, refuse or other matter deposited on land.
- determination period
has the meaning given in section 263K(4);
- develop
means to carry out—
- director
includes any person occupying the position of director, by whatever name called;
- distress
includes use of the procedure in Schedule 12 to the Tribunals, Courts and Enforcement Act 2007, and references to levying distress, seizing goods and related expressions shall be construed accordingly;
- document
includes summons, notice, order and other legal process, and registers;
- dwelling house
includes any building or part of a building which is occupied as a dwelling and any yard, garden, garage or outhouse belonging to the dwelling house and occupied with it;
- eligible deposit
means a deposit in respect of which the person, or any of the persons, to whom it is owed would be eligible for compensation under the Financial Services Compensation Scheme.
- eligible person
means—
- eligible scheme
has the meaning given by section 126 of the Pensions Act 2004.
- employment
includes employment under a contract for services.
- enactment
includes an Act of the Scottish Parliament and an instrument made under such an Act.
- enforcement officer
means an individual who is authorised to act as an enforcement officer under the Courts Act 2003.
- engineering operations
includes the formation and laying out of means of access to highways, • “project company” has the meaning given by paragraph 7 of Schedule 2A, • “step-in rights” has the meaning given by paragraph 6 of that Schedule, • “substance” means any natural or artificial substance whether in solid or liquid form or in the form of a gas or vapour, and • “waste” includes any waste materials, spoil, refuse or other matter deposited on land.
- enters administration
has the meaning given by paragraph 1, • “floating charge” means a charge which is a floating charge on its creation, • “in administration” has the meaning given by paragraph 1, • “hire-purchase agreement” includes a conditional sale agreement, a chattel leasing agreement and a retention of title agreement, • “holder of a qualifying floating charge” in respect of a company’s property has the meaning given by paragraph 14, • “market value” means the amount which would be realised on a sale of property in the open market by a willing vendor, • “the purpose of administration” means an objective specified in paragraph 3, and • “unable to pay its debts” has the meaning given by section 123.
- establishment
has the same meaning as in Article 2(10) of the EU Regulation.
- excepted petition
means a petition under—
- excluded debt
means a debt of any description prescribed for the purposes of this subsection.
- false statement offence
means—
- family proceedings
means— • “fine” means the same as in the Magistrates’ Courts Act 1980;
- financial collateral arrangement
has the same meaning as in the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226);
- Financial contract
means—
- fine
means the same as in the Magistrates’ Courts Act 1980;
- floating charge
means a charge which, as created, was a floating charge an includes a floating charge within section 462 of the Companies Act (Scottish floating charges);
- foreign market
has the same meaning as “relevant market” in article 67(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (S.I. 2001/1335) (foreign markets).
- full authorisation
means authorisation to act as an insolvency practitioner in relation to companies, individuals and insolvent partnerships;
- give
includes deliver, furnish or send;
- goods
includes all chattels personal;
- guaranteed minimum pension
has the same meaning as in the Pension Schemes Act 1993.
- hire-purchase agreement
includes a conditional sale agreement, a chattel leasing agreement and a retention of title agreement;
- in administration
has the meaning given by paragraph 1, • “hire-purchase agreement” includes a conditional sale agreement, a chattel leasing agreement and a retention of title agreement, • “holder of a qualifying floating charge” in respect of a company’s property has the meaning given by paragraph 14, • “market value” means the amount which would be realised on a sale of property in the open market by a willing vendor, • “the purpose of administration” means an objective specified in paragraph 3, and • “unable to pay its debts” has the meaning given by section 123.
- income payments agreement
means a written agreement between a bankrupt and his trustee or between a bankrupt and the official receiver which provides—
- individual member
means an insolvent member who is an individual;
- inland revenue official
means any inspector or collector of taxes appointed by the Commissioners of Inland Revenue or any person appointed by the Commissioners to serve in any other capacity.
- insolvency administration order
means an order for the administration in bankruptcy of the insolvent estate of a deceased debtor (being an individual at the date of his death);
- insolvency administration petition
means a petition for an insolvency administration order;
- insolvency law
means— and references in this subsection to any enactment include, in relation to any time before the coming into force of that enactment the corresponding enactment in force at that time.
- insolvency office-holder
means—
- insolvency order
means— (a) in the case of an insolvent partnership or a corporate member, a winding-up order;
- insolvency petition
means, in the case of a petition presented to the court— (a) against a corporate member, a petition for its winding up by the court;
- insolvency procedure
includes— (a) in relation to subsection (1)(b), the provision made by sections 143A to 159 of the Housing and Regeneration Act 2008;
- insolvency proceedings
means any proceedings under the Act, this Order or the Insolvency Rules 1986 • “insolvent member” means a member of an insolvent partnership, against whom an insolvency petition is being or has been presented;
- insolvency services
means the services of persons acting as insolvency practitioners or carrying out under the law of Northern Ireland functions corresponding to those mentioned in section 388(1) or (2) in Part XIII, in their capacity as such....
- insolvent member
means a member of an insolvent partnership, against whom an insolvency petition is being or has been presented;
- instrument of appointment
has the meaning given by section 53(1);
- intermediate arrangement
means a pension arrangement, other than the shared arrangement or the destination arrangement, in relation to which the following conditions are fulfilled—
- investment bank
means a company or other entity that has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity of— (a) safeguarding and administering investments, (b) managing an AIF or a UCITS, (c) acting as trustee or depositary of an AIF or a UCITS, (d) dealing in investments as principal, or (e) dealing in investments as agent;
- investment firm
has the same meaning as in the Banking Act 2009 (see section 258A of that Act), disregarding any order made under section 258A(2)(b) of that Act;
- joint bankruptcy petition
means a petition by virtue of article 11 of this Order;
- joint debt
means a debt of an insolvent partnership in respect of which an order is made by virtue of Part IV or V of this Order;
- joint estate
means the partnership property of an insolvent partnership in respect of which an order is made by virtue of Part IV or V of this Order;
- joint expenses
means expenses incurred in the winding up of an insolvent partnership or in the winding up of the business of an insolvent partnership and the administration of its property;
- landlord
includes a person to whom rent is payable.
- liability
means (subject to subsection (2)) a liability to pay money or money’s worth, including any liability under an enactment, a liability for breach of trust, any liability in contract, tort, delict or bailment, and any liability arising out of an obligation to make restitution;
- limited partner
has the same meaning as in the Limited Partnerships Act 1907;
- liquidator
includes a provisional liquidator or bank liquidatoror administrator;
- listed
means admitted to the official list within the meaning given by section 103(1) of the Financial Services and Markets Act 2000 (c. 8) (interpretation), and • “traded” means admitted to trading on a market established under the rules of a recognised investment exchange or on a foreign market.
- management power
means a power which could be exercised so as to interfere with the exercise of the administrator’s powers,
- market charge
has the same meaning as in Part 7 of the Companies Act 1989;
- market contract
has the same meaning as in Part 7 of the Companies Act 1989;
- market value
means the amount which would be realised on a sale of property in the open market by a willing vendor, • “the purpose of administration” means an objective specified in paragraph 3, and • “unable to pay its debts” has the meaning given by section 123.
- member
means a member of a partnership and any person who is liable as a partner within the meaning of section 14 of the Partnership Act 1890;
- modifications
includes additions, alterations and omissions and cognate expressions shall be construed accordingly;
- money purchase scheme
has the meaning given by section 181(1) of the Pension Schemes Act 1993;
- monitor
has the same meaning as in Part A1 (moratorium);
- moratorium
means a moratorium under this Part;
- moratorium debt
has the meaning given by section A53;
- non-UK branch
means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established outside the United Kingdom;
- notice
includes any document or information in any other form;
- occupational pension scheme
has the meaning given by section 1 of the Pension Schemes Act 1993;
- officer
includes a shadow director.
- officer who is in default
means any officer of the company who knowingly and wilfully authorises or permits the default, refusal or contravention mentioned in the enactment.
- on a consolidated basis
means on the basis of the consolidated situation;
- ordinary administration
means the insolvency procedure provided for by Schedule B1;
- ordinary non-preferential debts
means non-preferential debts which are neither secondary non-preferential debts nor tertiary non-preferential debts;
- other debt management arrangements
means—
- Part 9C rules
has the meaning given in section 143F of the Financial Services and Markets Act 2000.
- partial authorisation
means authorisation to act as an insolvency practitioner— (a) only in relation to companies, or (b) only in relation to individuals;
- partnership property
has the same meaning as in the Partnership Act 1890;
- penalty
means a financial penalty under this section.
- pension scheme
has the meaning given by section 1 of the Pension Schemes Act 1993;
- pension-sharing transaction
means an order or provision falling within section 28(1) of the Welfare Reform and Pensions Act 1999 (orders and agreements which activate pension-sharing);
- permitted period
means the period beginning with the day on which the person became aware as mentioned in subsection (3) or (4) and ending on the earlier of— (a) the expiry of the period of 6 weeks beginning with the day on which the person applies to the court as mentioned in subsection (9)(a) or (b), and (b) the day on which the court disposes of the application (by granting or refusing it);
- personal injuries
includes death and any disease or other impairment of a person’s physical or mental condition.
- postponed debt
means a debt the payment of which is postponed by or under any provision of the Act or of any other enactment;
- pre-moratorium creditor
means a creditor in respect of a pre-moratorium debt—
- pre-moratorium debt
has the meaning given by section A53;
- prescribed
means prescribed by the rules;
- prescribed fee
means the fee prescribed by regulations made under this Chapter by the Secretary of State;
- priority pre-moratorium debt
means—
- project company
has the meaning given by paragraph 7 of that Schedule.
- property
includes money, goods, things in action, land and every description of property wherever situated and also obligations and every description of interest, whether present or future or vested or contingent, arising out of, or incidental to, property;
- prosecuting authority
means the Director of Public Prosecutions, the Lord Advocate or the Secretary of State.
- public body
means—
- public-private partnership project
means a project—
- qualified person
means a person qualified to act as an insolvency practitioner;
- qualifying debt
means (subject to subsection (3)) a debt which—
- qualifying decision procedure
has the meaning given by section 246ZE(11);
- rated
means rated for the purposes of investment by an internationally recognised rating agency, • “listed” means admitted to the official list within the meaning given by section 103(1) of the Financial Services and Markets Act 2000 (c. 8) (interpretation), and • “traded” means admitted to trading on a market established under the rules of a recognised investment exchange or on a foreign market.
- receiver
means a receiver of such part of the property of the company as is subject to the floating charge by virtue of which he has been appointed under section 51;
- recognised investment exchange
has the meaning given by section 285 of the Financial Services and Markets Act 2000 (recognised investment exchange), and • “foreign market” has the same meaning as “relevant market” in article 67(2) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2001 (S.I. 2001/1335) (foreign markets).
- records
includes computer records and other non-documentary records;
- redundancy payment
has the meaning given by section A18;
- register
means the register kept by the registrar of companies for the purposes of Chapter 2 of Part 25 of the Companies Act 2006;
- registered office
means the place which has longest been the company’s registered office during the 6 months immediately preceding the presentation of the petition for winding up.
- regulated activity
has the meaning given by section 22 of that Act, taken with Schedule 2 to that Act and any order under that section.
- regulated business
means a business of a kind listed in paragraph 10 of Schedule 2A,
- regulated company
means a company which— (a) is, or has been, an authorised person within the meaning given by section 31 of the Financial Services and Markets Act 2000, (b) is, or has been, an appointed representative within the meaning given by section 39 of that Act, or (c) is carrying on, or has carried on, a regulated activity in contravention of the general prohibition within the meaning given by section 19 of that Act;
- regulations
means regulations made by the Secretary of State.
- regulator
means the Financial Conduct Authority or the Prudential Regulation Authority.
- Regulatory objectives
means the objectives of—
- regulatory principles
means—
- relevant accelerated debt
means any pre-moratorium debt that fell due during the relevant period by reason of the operation of, or the exercise of rights under, an acceleration or early termination clause in a contract or other instrument involving financial services;
- relevant contributions
means contributions to the arrangement or any other pension arrangement—
- Relevant contributories
means the contributories who, if the decision were to be made by a qualifying decision procedure, would be entitled to vote in the procedure.
- relevant country or territory
means—
- Relevant creditors
means the creditors who, if the decision were to be made by a qualifying decision procedure, would be entitled to vote in the procedure.
- relevant day
means, if the alienation has the effect of favouring—
- relevant European licence
has the meaning given by section 6(2) of the Railways Act 1993.
- relevant financial institution
means any of the following—
- relevant offence
means a criminal offence punishable with imprisonment for more than two years or punishable on summary conviction with imprisonment for more than three months or with a fine of more than level 5 on the standard scale (if not calculated on a daily basis) or with a fine of more than £100 a day.
- relevant payments
means payments in respect of pre-moratorium debts for which the company has a payment holiday during the moratorium (see section A18);
- relevant period
means— as the case may be.
- relevant person
means—
- relevant petition
means a petition under—
- relevant qualifying decision procedure
means the qualifying decision procedure in which the company's creditors decide whether to approve a voluntary arrangement;
- relevant recognised professional body
has the same meaning as in section 391O.
- remuneration
includes expenses properly incurred and any indemnity to which the administrative receiver or receiver is entitled out of the assets of the company,
- replacement order
has the meaning given by subsection (6).
- resources
includes—
- responsible insolvency practitioner
means— (a) in winding up, the liquidator of an insolvent partnership or corporate member;
- retention of title agreement
means an agreement for the sale of goods to a company, being an agreement— (a) which does not constitute a charge on the goods, but (b) under which, if the seller is not paid and the company is wound up, the seller will have priority over all other creditors of the company as respects the goods or any property representing the goods;
- secondary non-preferential debts
means non-preferential debts issued under an instrument where—
- secured debenture
means a bond, debenture, debenture stock or other security which, either itself or by reference to any other instrument, creates a floating charge over all or any part of the property of the company, but does not include a security which creates no charge other than a fixed security;
- Securities financing transaction
has the meaning given by Article 3(11) of Regulation (EU) 2015/2365 on the transparency of securities financing transactions.
- security
means—
- separate debt
means a debt for which a member of a partnership is liable, other than a joint debt;
- separate estate
means the property of an insolvent member against whom an insolvency order has been made;
- separate expenses
means expenses incurred in the winding up of a corporate member, or in the bankruptcy of an individual member;
- sequestration
means sequestration under the Bankruptcy (Scotland) Act 2016
- series of secured debentures
means two or more secured debentures created as a series by the company in such a manner that the holders thereof are entitled pari passu to the benefit of the floating charge.
- special administration regime
means provision made by an enactment for an insolvency procedure that— (a) is similar or corresponds to ordinary administration, and (b) provides for the administrator to have one or more special objectives instead of or in addition to the objectives of ordinary administration.
- specified debt
means a debt specified in the application.
- specified maximum amount
means an amount equal to the greater of— (a) £5000, and (b) 1% of the value of the debts and other liabilities owed by the company to its unsecured creditors when the moratorium began, to the extent that the amount of such debts and liabilities can be ascertained at that time.