{
  "url": "https://openlegislation.uk/insolvency-practitioners-regulations-2005/schedule-2/paragraph-1",
  "json_url": "https://openlegislation.uk/insolvency-practitioners-regulations-2005/schedule-2/paragraph-1.json",
  "legislation": "uksi/2005/524",
  "legislation_title": "The Insolvency Practitioners Regulations 2005",
  "legislation_url": "https://openlegislation.uk/insolvency-practitioners-regulations-2005",
  "path": "schedule/2/paragraph/1",
  "kind": "paragraph",
  "number": "1",
  "heading": "Interpretation",
  "text": "In this Schedule—\n“cover schedule” means the schedule referred to in paragraph 3(2)(c);\n“the insolvent” means the individual or company in relation to which an insolvency practitioner is acting;\n“general penalty sum” shall be construed in accordance with paragraph 3(2)(b);\n“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;\n“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;\n“relevant losses” means the losses referred to in paragraph 3(1)(b);\n“specific penalty sum” shall be construed in accordance with paragraph 3(2)(a);\n“SPS indemnity period” has the meaning given in paragraph 3(3)(c).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 2 para. 1 inserted (28.12.2009) by The Provision of Services (Insolvency Practitioners) Regulations 2009 (S.I. 2009/3081), reg. 1, Sch. para. 8(2) (with reg. 5)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 2 para. 1 inserted (1.12.2024) by The Insolvency Practitioners (Amendment and Transitional Provisions) Regulations 2024 (S.I. 2024/1090), regs. 1(1), 2(2) (with reg. 3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2005/524/schedule/2/paragraph/1",
    "retrieved_at": "2026-10-29T05:07:55.145660+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."
}