# The Insolvency Practitioners Regulations (Northern Ireland) 2006, Paragraph 1: Interpretation

Extent: N.I.

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).

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Source: https://www.legislation.gov.uk/nisr/2006/33/schedule/2/paragraph/1 (the official version)
Page: https://openlegislation.uk/insolvency-practitioners-regulations-northern-ireland-2006/schedule-2/paragraph-1
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.