Regulation 7 Payments under the Scheme

(1)

The Secretary of State may determine whether a payment under the Scheme is to be made in respect of a relevant liability.

(2)

A payment under the Scheme may be made to, or on behalf of, an eligible person.

(3)

A payment under the Scheme may also be made where the eligible person—

(a)

has died;

(b)

has been dissolved or wound up (within the meaning of the Companies Act 2006^f1); or

(c)

has entered into insolvency or is bankrupt.

(4)

The amount of any payment made under the Scheme is to be determined by the Secretary of State in accordance with regulation 8.

(5)

In this regulation—

(a)

“bankrupt” has the same meaning as that given in section 381(1) of the Insolvency Act 1986^f2 (“Bankrupt” and associated terminology); and

(b)

“insolvency” has the same meaning as that given in section 247(1)^f3 of that Act (meaning of “insolvency” and “go into liquidation”).

Annotations

f1: 2006 c. 46.
f2: 1986 c. 45; section 381(1) was amended by the Enterprise and Regulatory Reform Act 2013 c. 24, section 71(3), Schedule 19, paragraphs 1, 52(1) and (2).
f3: Section 247(1) was amended by the Enterprise Act 2002 c. 40, section 248(3), Schedule 17, paragraphs 9, 33(1 )and (2).