{
  "url": "https://openlegislation.uk/global-irregular-migration-and-trafficking-in-persons-sanctions-regulations-2025/schedule-2/paragraph-11",
  "json_url": "https://openlegislation.uk/global-irregular-migration-and-trafficking-in-persons-sanctions-regulations-2025/schedule-2/paragraph-11.json",
  "legislation": "uksi/2025/902",
  "legislation_title": "The Global Irregular Migration and Trafficking in Persons Sanctions Regulations 2025",
  "legislation_url": "https://openlegislation.uk/global-irregular-migration-and-trafficking-in-persons-sanctions-regulations-2025",
  "path": "schedule/2/paragraph/11",
  "kind": "paragraph",
  "number": "11",
  "heading": "Insolvency",
  "text": "(1) To enable anything to be done in connection with—\n(a) any insolvency and restructuring proceedings relating to an insolvent person,\n(b) any other relevant proceedings relating to a person other than an individual, or\n(c) proceedings under the insolvency law of a country other than the United Kingdom that correspond to the proceedings in paragraph (a) or (b),\nprovided that any payments made directly or indirectly to a designated person are credited to a frozen account.\n(2) In this paragraph—\n“enactment” has the meaning given in section 54(6) of the Act (regulations: general);\n“insolvency and restructuring proceedings” includes—\n(a) the regimes and proceedings set out in Parts A1 to 6 of the Insolvency Act 1986, Parts 1A to 7 of the Insolvency (Northern Ireland) Order 1989 and so much of Part 1 of that Order as applies for the purposes of those Parts, but excluding—\n(i) proceedings under Chapter 3 of Part 4 of the Insolvency Act 1986 (members’ voluntary winding up), and\n(ii) proceedings under Chapter 3 of Part 5 of the Insolvency (Northern Ireland) Order 1989 (members’ voluntary winding up);\n(b) arrangements and reconstructions under Part 26 of the Companies Act 2006;\n(c) arrangements and reconstructions for companies in financial difficulty under Part 26A of the Companies Act 2006;\n(d) the proceedings and arrangements set out in the Bankruptcy (Scotland) Act 2016;\n“insolvent person” means a person (“P”), other than an individual, where—\n(a) P is unable to pay its debts as they fall due, or\n(b) the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities;\n“other relevant proceedings” means—\n(a) the regimes and proceedings set out in—\n(i) sections 367 and 377A to 377J of, or Schedule 19C to, the Financial Services and Markets Act 2000;\n(ii) the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005;\n(iii) Parts 1 (special resolution regime) to 3 of the Banking Act 2009 (including Parts 2 (bank insolvency) and 3 (bank administration) as applied to building societies by section 90C of the Building Societies Act 1986 (application of bank insolvency and administration legislation to building societies));\n(iv) the Investment Bank Special Administration Regulations 2011;\n(v) Part 6 of the Financial Services (Banking Reform) Act 2013 (special administration for operators of certain infrastructure systems);\n(vi) the Payment and Electronic Money Institution Insolvency Regulations 2021;\n(vii) Schedule 11 to the Financial Services and Markets Act 2023 (central counterparties);\n(b) proceedings under any other special administration regime;\n“special administration regime” means provision made by an enactment for an insolvency procedure that—\n(a) is similar or corresponds to the ordinary administration procedure provided for by Schedule B1 to the Insolvency Act 1986 (administration) or Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (administration), and\n(b) provides for the administrator to have one or more special objectives instead of or in addition to the objectives of ordinary administration.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 2 para. 11 in force at 23.7.2025, see reg. 1(2)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "Parts A1 to 6 have been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, sections 2, 7, 14(1), Schedule 3, paragraphs 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 14, 15, 16 17, 18 and 19 and Schedule 9, paragraph 6; the Moveable Transactions (Scotland) Act 2023 (asp 3), sections 61(a) and (b); and the Economic Crime and Corporate Transparency Act 2023, section 77(1)."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Parts A1 to 6 have been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, sections 5, 7, Schedule 7, paragraphs 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 18 and Schedule 9, paragraph 9; and the Economic Crime and Corporate Transparency Act 2023, section 77(2)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Part 1 has been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, sections 5, 9(6), 18(2) and Schedule 7, paragraphs 2, 3, 4 and 5."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Part 26 was amended by the Corporate Insolvency and Governance Act 2020, section 7 and Schedule 9, paragraphs 35(3) and (4); S.I. 2008/948; and S.I. 2011/1265."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Part 26A was inserted by the Corporate Insolvency and Governance Act 2020, section 49(1) and Schedule 9, paragraph 1."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "2016 asp 21. The Act has been amended multiple times, including by the following enactments enacted from 2020 onwards: the Finance Act 2020 (c. 14), sections 98(3) and (4); the Coronavirus (Recovery and Reform) (Scotland) Act 2022 (asp 8), sections 19(2) and (3), 20(2), 21(2), 22(2), 23(3) and 24(2) and (3); the Economic Crime and Corporate Transparency Act 2023, sections 135(2) and (3); the Bankruptcy and Diligence (Scotland) Act 2024 (asp 9), sections 6(2), 9(2) and (3), 8(2), 10(2) and 13(2) and (3); S.I. 2021/1376; S.S.I. 2021/148; S.I. 2022/838; S.S.I. 2023/9; and S.S.I. 2024/198."
    },
    {
      "type": "footnote",
      "label": "f7",
      "text": "Sections 367 was amended by the Financial Services Act 2012, section 44 and Schedule 14, paragraphs 14(2), (3), (4), and (5). Sections 377A to 377J were inserted by the Financial Services and Markets Act 2023, section 33 and Schedule 12, paragraph 1(4). Schedule 19C was inserted by the Financial Services and Markets Act 2023, section 58 and Schedule 13, paragraph 1(3)."
    },
    {
      "type": "footnote",
      "label": "f8",
      "text": "S.I. 2005/1998. The Regulations have been amended multiple times, including by the following enactments enacted from 2020 onwards: S.I. 2020/744."
    },
    {
      "type": "footnote",
      "label": "f9",
      "text": "2009 c. 1. Parts 1 to 3 have been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, section 2 and Schedule 3, paragraph 42; the Financial Services and Market Act 2023, sections 57, 75(2), (3) and (4) and Schedule 11, paragraphs 162(2), (3), (4), (5) and (6); S.I. 2020/1350; S.I. 2020/1385; S.I. 2020/1470; S.I. 2021/1376; S.I. 2022/838; S.I. 2023/1410; S.I. 2023/1424; and S.I. 2024/105."
    },
    {
      "type": "footnote",
      "label": "f10",
      "text": "1986 c. 53. Section 90C was inserted by S.I. 2009/805."
    },
    {
      "type": "footnote",
      "label": "f11",
      "text": "S.I. 2011/245. The Regulations have been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, sections 2, 17(2) and Schedule 3, paragraphs 47 and 48; S.I. 2020/354; S.I. 2021/716; S.I. 2022/168; and S.R. 2023 No.157."
    },
    {
      "type": "footnote",
      "label": "f12",
      "text": "2013 c. 33. Part 6 has been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, section 7 and Schedule 9, paragraph 49(2); and the Financial Services and Markets Act 2023, sections 22, 55, Schedule 6, paragraph 45, 46, 47(2) and (3) and Schedule 9, paragraphs 4(2) to (5), 5, 6, 7, 8 and 9."
    },
    {
      "type": "footnote",
      "label": "f13",
      "text": "S.I. 2021/716. These Regulations were amended by S.I. 2023/1399; and S.I. 2025/82."
    },
    {
      "type": "footnote",
      "label": "f14",
      "text": "Schedule 11 was amended by S.I. 2024/105."
    },
    {
      "type": "footnote",
      "label": "f15",
      "text": "Schedule B1 was inserted by the Enterprise Act 2002 (c. 40), section 248 and Schedule 16. It has been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, sections 2, 7, 8, Schedule 3, paragraph 31 and Schedule 9, paragraph 7."
    },
    {
      "type": "footnote",
      "label": "f16",
      "text": "Schedule B1 was inserted by S.I. 2005/1455 (N.I. 10). It has been amended multiple times, including by the following enactments enacted from 2020 onwards: the Corporate Insolvency and Governance Act 2020, sections 5, 7, 9(3) to (5), Schedule 7, paragraph 27, and Schedule 9, paragraph 10."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2025/902/schedule/2/paragraph/11",
    "retrieved_at": "2026-10-28T21:12:50.021874+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}