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Article 25 Undertakings: applications other than by groups

Original text. Later amendments are not shown.

(1)

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

(a)

it is not a member of a group; and

(b)

during the qualification year for that phase, it meets the qualification criteria.

(2)

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

(3)

Paragraph (1) does not apply where an undertaking has permanently ceased carrying on a scheme activity in the United Kingdom in accordance with article 12.

(4)

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.