Paragraph 18

United Kingdom

(1)

This paragraph applies where a registered person is subject to an insolvency procedure and a person (P) acts as an insolvency office holder in relation to that registered person.

(2)

Where this paragraph applies, HMRC may treat P as if they were the registered person for the purposes of CBAM.

(3)

Where P is treated under sub-paragraph (2) as if they were the registered person—

(a)

any liability of the registered person to pay CBAM which arose at a time before the date on which the insolvency procedure began continues to be payable by the registered person;

(b)

any liability of the registered person to pay CBAM which arises at a time on or after the date on which the insolvency procedure began is to be regarded as an expense of that procedure (unless the procedure is within sub-paragraph (4)(b)(vii)).

(4)

In this paragraph—

(a)

“insolvency office holder” means—

(i)

an administrative receiver;

(ii)

an administrator;

(iii)

a liquidator;

(iv)

a receiver appointed by the courts or by a mortgagee;

(v)

a trustee in bankruptcy;

(vi)

a trustee (or interim trustee) in the sequestration of an estate;

(vii)

a person acting in an equivalent capacity under the law of a country or territory outside the United Kingdom;

(b)

“insolvency procedure” means—

(i)

administration;

(ii)

administrative receivership;

(iii)

bankruptcy;

(iv)

receivership;

(v)

sequestration;

(vi)

winding up;

(vii)

an equivalent procedure under the law of a country or territory outside the United Kingdom.