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Regulation 17 Customer insolvency

Original text. Later amendments are not shown.

(1)

A customer becomes insolvent for the purposes of regulation 14 if—

(a)

a company voluntary arrangement takes effect in relation to the customer under Part 1 of the Insolvency Act 1986f1;

(b)

an administration order (within the meaning of Schedule B1 to that Act) is made, or a receiver or manager, or an administrative receiver, is appointed in relation to the customer;

(c)

a creditors’ voluntary winding up (within the meaning of Part 4 of that Act), or a winding up by the court under Chapter 6 of Part 4 of that Act, is commenced in relation to the customer;

(d)

a debt relief order is made in relation to the customer under Part 7A of that Act;

(e)

an individual voluntary arrangement takes effect in relation to the customer under Part 8 of that Act;

(f)

a bankruptcy order (within the meaning of Part 9 of that Act) is made in relation to the customer;

(g)

any corresponding event occurs that has effect under or as a result of the law of Scotland or Northern Ireland or a country or territory outside the United Kingdom.

(2)

In this Part, references to an insolvency event are references to an event described in paragraph (1)(a) to (g).

Annotations

Footnotes

f1

1986 c.45.