# The Insolvency (Northern Ireland) Order 1989, Article 59F: Fifth exception: project finance


(1) Article 59A does not prevent the appointment of an administrative receiver of a project company of a project which—
(a) is a financed project, and
(b) includes step-in rights.
(2) In this Article—
(a) a project is “financed” if under an agreement relating to the project a project company incurs, or when the agreement is entered into is expected to incur, a debt of at least £50 million for the purposes of carrying out the project,
(b) “project company” has the meaning given by paragraph 7 of Schedule 1A, and
(c) “step-in rights” has the meaning given by paragraph 6 of that Schedule.

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Source: https://www.legislation.gov.uk/nisi/1989/2405/article/59F (the official version)
Page: https://openlegislation.uk/insolvency-northern-ireland-order-1989/article-59F
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.