Paragraph 11 InsolvencyI1

To enable anything to be done in connection with—

provided that any payments made directly or indirectly to a designated person are credited to a frozen account.

In this paragraph—

• “enactment” has the meaning given in section 54(6) (regulations: general) of the Act;

• “insolvency and restructuring proceedings” includes—

  1. (a)

     the regimes and proceedings set out in Parts A1 (Moratorium) to 6 (Miscellaneous provisions applying to companies which are insolvent or in liquidation) of the Insolvency Act 1986^f1, Parts 1A (Moratorium) to 7 (Miscellaneous provisions applying to companies which are insolvent or in liquidation) of the Insolvency (Northern Ireland) Order 1989^f2 and so much of Part 1 (Introductory) of that Order as applies for the purposes of those Parts, but excluding—

     1. (i)

        proceedings under Chapter 3 of Part 4 (Members’ voluntary winding up) of the Insolvency Act 1986^f3, and

     2. (ii)

        proceedings under Chapter 3 of Part 5 (Members’ voluntary winding up) of the Insolvency (Northern Ireland) Order 1989^f4;

  2. (b)

     arrangements and reconstructions under Part 26 (Arrangements and reconstructions: general) of the Companies Act 2006;

  3. (c)

     arrangements and reconstructions for companies in financial difficulty under Part 26A (Arrangements and reconstructions: companies in financial difficulty) of the Companies Act 2006^f5;

  4. (d)

     the proceedings and arrangements set out in the Bankruptcy (Scotland) Act 2016^f6;

• “insolvent person” means a person (“P”), other than an individual, where—

  1. (a)

     P is unable to pay its debts as they fall due, or

  2. (b)

     the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities;

• “other relevant proceedings” means—

  1. (a)

     the regimes and proceedings set out in—

     1. (i)

        sections 367 (winding-up petitions) and 377A to 377J (write-down orders, etc.) of, or Schedule 19C (insurers in financial difficulties: enforcement of contracts) to, the Financial Services and Markets Act 2000^f7;

     2. (ii)

        the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005^f8;

     3. (iii)

        Parts 1 to 3 (Special resolution regime, etc.) of the Banking Act 2009^f9 (including Parts 2 (Bank insolvency) and 3 (Bank administration) as applied to building societies^f10 by section 90C (application of bank insolvency and administration legislation to building societies) of the Building Societies Act 1986^f11);

     4. (iv)

        The Investment Bank Special Administration Regulations 2011^f12;

     5. (v)

        Part 6 (Special administration for operators of certain infrastructure systems) of the Financial Services (Banking Reform) Act 2013^f13;

     6. (vi)

        the Payment and Electronic Money Institution Insolvency Regulations 2021^f14;

     7. (vii)

        Schedule 11 (central counterparties) to the Financial Services and Markets Act 2023;

  2. (b)

     proceedings under any other special administration regime;

• “special administration regime” means provision made by an enactment for an insolvency procedure that—

  1. (a)

     is similar or corresponds to the ordinary administration procedure provided for by Schedule B1 (administration) to the Insolvency Act 1986^f15 or Schedule B1 (administration) to the Insolvency (Northern Ireland) Order 1989^f16, and

  2. (b)

     provides for the administrator to have one or more special objectives instead of or in addition to the objectives of ordinary administration.