Rule 4.40 Preliminary

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rule 1.12-1.16E applied 2016 asp 21 s. 14B (as inserted) by Insolvency (Regulation (EU) 2015/848) 2017 reg. 4(8)
Rules applied (with modifications) by Building Society Special Administration 2009 rule 38-41
Rules applied (with modifications) by Limited Liability Partnerships 2001 reg. 6(1)
Rules specified provisions applied (with modifications) by Collective Investment in Transferable Securities (Contractual Scheme) 2013 Sch. 4

For the purposes of this Chapter -

(a)

an “insolvent winding up” takes place where a company is being wound up on grounds which include its inability to pay its debts, and

(b)

a “solvent winding up” takes place where a company is being wound up on grounds which do not include that one.