Article 5 Interpretation

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“administrative receiver” means—

1. (a)

   a receiver or manager of the whole (or substantially the whole) of a company's property appointed by or on behalf of the holders of any debentures of the company secured by a charge which, as created, was a floating charge, or by such a charge and one or more other securities; or

2. (b)

   a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the company's property;

F4“agent” does not include a person's counsel acting as such;

F5“books and papers” and “books or papers” includes accounts, deeds, writing and documents;

“business day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in Northern Ireland under the Banking and Financial Dealings Act 1971F6;

“chattel leasing agreement” means an agreement for the bailment of goods which is capable of subsisting for more than 3 months;

“debt”, in relation to the winding up of a company F7or where a company is in administration, means (subject to F8Article 2(3A) ) any of the following—

1. (a)

   any debt or liability to which the company is subject at the F9relevant date;

2. (b)

   any debt or liability to which the company may become subject after F10the relevant date by reason of any obligation incurred before that date; and

3. (c)

   any interest on a debt proved in the liquidation F11or in the administration which bears interest, except in so far as it is payable in respect of any period after the F12relevant date;

“director” includes any person occupying the position of director, by whatever name called;

F13“document” includes summons, notice, order and other legal process, and registers;

“floating charge” means a charge which, as created, was a floating charge;

F14...

F15“officer”, in relation to a body corporate, includes a director, manager or secretary;

“the official rate”, in relation to interest, means the rate payable under Article 160(4);

F16“the registrar” means the registrar of companies for Northern Ireland;

“a resolution for voluntary winding up” means a resolution passed under F17either of the sub-paragraphs of Article 70(1);

“retention of title agreement” means an agreement for the sale of goods to a company being an agreement—

1. (a)

   which does not constitute a charge on the goods, but

2. (b)

   under which, if the seller is not paid and the company is wound up, the seller will have priority over all other creditors of the company as respects the goods or any property representing the goods;

“secured creditor”, in relation to a company, means a creditor of the company who holds in respect of his debt a security over property of the company, and“unsecured creditor” is to be read accordingly;

“security” means any mortgage, charge, lien or other security;

“shadow director”, in relation to a company, means a person in accordance with whose directions or instructions the directors of the company are accustomed to act F18, but so that a person is not deemed a shadow director by reason only that the directors act—

1. (a)

   on advice given by that person in a professional capacity;

2. (b)

   in accordance with instructions, a direction, guidance or advice given by that person in the exercise of a function conferred by or under a statutory provision;

3. (c)

   in accordance with guidance or advice given by that person in that person's capacity as a Minister of the Crown (within the meaning of the Ministers of the Crown Act 1975);

“supervisor” means a person acting as defined in Article 20(2);

“voluntary arrangement” means an arrangement as defined in Article 14(1).