Regulation 6 Amendment to regulation 16 (excluded undertakings)

Regulation 16 is amended as follows.

In paragraph (1), sub-paragraph (b), for the words “to which” to the end, substitute “that is subject to insolvency proceedings during the period beginning with the qualification date and ending with the compliance date, or”.

After sub-paragraph (b), insert—

“(c)

a small or medium undertaking which is a relevant undertaking in accordance with regulation 15(1)(b), where, during the period beginning with the qualification date and ending with the compliance date—

(i)

the large undertaking, in relation to which the undertaking is a group undertaking, is subject to insolvency proceedings, and

(ii)

there is no other large undertaking—

(aa)

in relation to which the undertaking is a group undertaking, and

(bb)

which is not subject to insolvency proceedings.”.

In paragraph (2), for sub-paragraph (a) substitute—

“(a)

“insolvency proceedings” means any proceedings under Parts A1 to 6 of the Insolvency Act 1986^f1 or Parts 1A to 7 of the Insolvency (Northern Ireland) Order 1989^f2 (as the case may be);”.