Paragraph 60 I1

in the heading, for “Treasury licences” substitute “Financial sanctions licences”;

in the definition of “frozen funds or economic resources” in F1paragraph 1(1), for “the designation of that person for the purpose of that regulation” substitute “that person being a designated person for the purposes of Part 3 (Finance) as defined in regulation 10 (meaning of “designated person” in Part 3)”;

in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

for paragraph 11 (insolvency) substitute—

“Insolvency

11

(1)

To enable anything to be done in connection with—

(a)

any insolvency and restructuring proceedings relating to an insolvent person, or

(b)

proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a),

provided that any payments made directly or indirectly to a designated person are credited to a frozen account.

(2)

In this paragraph—

• “insolvency and restructuring proceedings” includes—

  1. (a)

     any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person;

  2. (b)

     any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 51(2H);

  3. (c)

     any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following—

     1. (i)

        reorganise assets;

     2. (ii)

        realise assets;

  4. (d)

     any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets;

  5. (e)

     any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company;

  6. (f)

     any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings;

• “insolvent person” means a person (“P”), other than an individual, where—

  1. (a)

     P is unable to pay its debts as they fall due, or

  2. (b)

     the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.”.