{
  "url": "https://openlegislation.uk/insolvency-northern-ireland-order-1989/schedule-ZA1/paragraph-13",
  "json_url": "https://openlegislation.uk/insolvency-northern-ireland-order-1989/schedule-ZA1/paragraph-13.json",
  "legislation": "nisi/1989/2405",
  "legislation_title": "The Insolvency (Northern Ireland) Order 1989",
  "legislation_url": "https://openlegislation.uk/insolvency-northern-ireland-order-1989",
  "path": "schedule/ZA1/paragraph/13",
  "kind": "paragraph",
  "number": "13",
  "heading": null,
  "text": "(1) A company is excluded from being eligible if, on the filing date—\n(a) it is a party to an agreement which is or forms part of a capital market arrangement (see sub-paragraph (2)),\n(b) a party has incurred, or when the agreement was entered into was expected to incur, a debt of at least £10 million under the arrangement (at any time during the life of the capital market arrangement), and\n(c) the arrangement involves the issue of a capital market investment (see paragraph 14).\n(2) For the purposes of this paragraph, an arrangement is a “capital market arrangement” if any of the following applies—\n(a) it involves a grant of security to a person holding it as trustee for a person who holds a capital market investment issued by a party to the arrangement;\n(b) at least one party guarantees the performance of obligations of another party;\n(c) at least one party provides security in respect of the performance of obligations of another party;\n(d) the arrangement involves an investment of a kind described in articles 83 to 85 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (options, futures and contracts for differences).\n(3) For the purposes of sub-paragraph (2)—\n(a) a reference to holding a security as trustee includes a reference to holding it as nominee or agent,\n(b) a reference to holding for a person who holds a capital market investment includes a reference to holding for a number of persons at least one of whom holds a capital market investment, and\n(c) a reference to holding a capital market investment is to holding a legal or beneficial interest in it.\n(4) For the purposes of sub-paragraph (1)(b), where a debt is denominated wholly or partly in a foreign currency, the sterling equivalent is to be calculated as at the time when the arrangement is entered into.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. ZA1 inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 5 (with ss. 2(2), 5(2), 13)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. ZA1 para. 13 modified (14.12.2020) by The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading) Regulations (Northern Ireland) 2020 (S.R. 2020/320), regs. 1, 2(5)(a)"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Sch. ZA1 para. 13 modified (29.4.2021) by The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading) Regulations (Northern Ireland) 2021 (S.R. 2021/106), regs. 1, 2(5)(a)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/nisi/1989/2405/schedule/ZA1/paragraph/13",
    "retrieved_at": "2026-10-29T04:47:04.938020+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."
}