Article 24 Undertakings: applications by groupsF1

This article applies to a group of undertakings but is subject to article 27.

Subject to paragraph (4), a group must apply for registration as a participant in respect of a phase where during the qualification year for that phase, it meets the qualification criteria.

Paragraph (2) applies notwithstanding the fact that an insolvency procedure is applied to a group member during the qualification year or post-qualification period.

Paragraph (2) does not apply where the whole of that group has permanently ceased carrying on a scheme activity in the United Kingdom F2on or before the last date for making an application for registration provided by article 12.

An insolvency procedure is applied to an undertaking for the purposes of this article in the circumstances described by paragraph 120(7) or 120(9) of Schedule 6 to the Finance Act 2000 M1.