# The Insolvency Practitioners Regulations 2005, 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;
“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;
“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).

---
Source: https://www.legislation.gov.uk/uksi/2005/524/schedule/2/paragraph/1 (the official version)
Page: https://openlegislation.uk/insolvency-practitioners-regulations-2005/schedule-2/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.