# The Risk Transformation Regulations 2017, Paragraph 3: General application of the insolvency legislation


The insolvency legislation applies to the core as if—
(a) the core is a body corporate with distinct legal personality;
(b) the core was incorporated when the protected cell company was incorporated;
(c) the core is registered in the part of the United Kingdom in which the protected cell company has its registered office;
(d) the registered office of the cell is the registered office of the protected cell company;
(e) the registered name of the core is “the core of” followed by the name of the protected cell company;
(f) the registrar of companies is the FCA;
(g) a person who is or was a director, shadow director, officer, employee or agent of the protected cell company is or was a director, shadow director, officer, employee or agent of the core (as the case may be);
(h) shares issued by the protected cell company on behalf of the core are shares issued by the core;
(i) the core’s property, assets, liabilities, debts and creditors are determined in accordance with regulation 48(6);
(j) things done by the protected cell company on behalf of the core are things done by the core;
(k) things done to the protected cell company in respect of the core are things done to the core;
(l) judgments or orders made against the protected cell company in respect of the core are judgments or orders made against the core;
(m) the books, papers, records, registers and other documents of the protected cell company are, insofar as they relate to the core, books, papers, records, registers and documents of the core; and
(n) an associate of the protected cell company (within the meaning given by section 435 of the Insolvency Act 1986 or Article 4 of the Insolvency (Northern Ireland) Order 1989) is an associate of the core.

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Source: https://www.legislation.gov.uk/ukdsi/2017/9780111160596/schedule/3/paragraph/3 (the official version)
Page: https://openlegislation.uk/draft-risk-transformation-regulations-2017/schedule-3/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.