# Insolvency Act 1986, Paragraph 15: Public-private partnership project companies


(1) A company is excluded from being eligible if, on the filing date, it is a project company of a project which—
(a) is a public-private partnership project (see paragraph 16), and
(b) includes step-in rights (see paragraph 17).
(2) For the purposes of this paragraph a company is a “project company” of a project if any of the following applies—
(a) it holds property for the purpose of the project;
(b) it has sole or principal responsibility under an agreement for carrying out all or part of the project;
(c) it is one of a number of companies which together carry out the project;
(d) it has the purpose of supplying finance to enable the project to be carried out;
(e) it is the holding company of a company within any of paragraphs (a) to (d).
(3) But a company is not a “project company” of a project if—
(a) it performs a function within sub-paragraph (2)(a) to (d) or is within sub-paragraph (2)(e), but
(b) it also performs a function which is not—
(i) within sub-paragraph (2)(a) to (d),
(ii) related to a function within sub-paragraph (2)(a) to (d), or
(iii) related to the project.
(4) For the purposes of this paragraph a company carries out all or part of a project whether or not it acts wholly or partly through agents.

---
Source: https://www.legislation.gov.uk/ukpga/1986/45/schedule/ZA1/paragraph/15 (the official version)
Page: https://openlegislation.uk/insolvency-act-1986/schedule-ZA1/paragraph-15
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.