Paragraph 1 Interpretation

In this Schedule—

• “cover schedule” means the schedule referred to in paragraph 3(2)(c);

• “the insolvent” means the individual or company in relation to which an insolvency practitioner is acting;

• “general penalty sum” shall be construed in accordance with paragraph 3(2)(b);

• “insolvent's assets” means all assets comprised in the insolvent's estate together with any monies provided by a third party for the payment of the insolvent's debts or the costs and expenses of administering the insolvent's estate;

• F1“professional liability insurance” means insurance taken out by the insolvency practitioner in respect of potential liabilities to the insolvent and third parties arising out of acting as an insolvency practitioner;

• F2“relevant losses” means the losses referred to in paragraph 3(1)(b);

• “specific penalty sum” shall be construed in accordance with paragraph 3(2)(a);

• “SPS indemnity period” has the meaning given in paragraph 3(3)(c).