Section 286B The financial health requirementF1

(1)

The requirement of this section is that the relevant company is not, at the time of the issue of the relevant holding, in difficulty.

(2)

The relevant company is “in difficulty” if it is reasonable to assume that it would be regarded as a firm in difficulty for the purposes of the Community Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty (2004/C 244/02) F2as those guidelines had effect in the United Kingdom immediately before IP completion day.

Annotations

Textual amendments

F1: Ss. 286A, 286B inserted (6.4.2011) (with effect in accordance with Sch. 2 paras. 7(3), 8 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 2 para. 2(8); S.I. 2011/662, art. 2
F2: Words in s. 286B(2) inserted (31.12.2020) by The Taxes (State Aid) (Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1499), regs. 1, 4(10)