Paragraph 15 C1 C2 F1

(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.

Annotations

F1: 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)

C1: Sch. ZA1 para. 15 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)(b)
C2: Sch. ZA1 para. 15 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)(b)

C1: Sch. ZA1 modified (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 8 para. 6(1)(c) (with ss. 2(2), 5(2), Sch. 8 para. 1)
C2: Sch. ZA1 modified (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 8 para. 7(b) (with ss. 2(2), 5(2), Sch. 8 para. 1)