Article 25 Undertakings: applications other than by groupsF1

Subject to paragraph (2) and article 27, an undertaking must apply for registration as a participant in respect of a phase where—

Paragraph (1) applies notwithstanding the fact that an insolvency procedure is applied to an undertaking during the qualification year or post-qualification period;

Paragraph (1) does not apply where an undertaking 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.