Paragraph 13 Rights exercisable only in certain circumstances etcI1I2C1
United Kingdom
Rights that are exercisable only in certain circumstances are to be taken into account only—
where the circumstances have arisen, and for so long as they continue to obtain, or
when the circumstances are within the control of the person having the rights.
But rights that are exercisable by an administrator or by creditors while a person is in relevant insolvency proceedings are not to be taken into account even while the person is in those proceedings.
“Relevant insolvency proceedings” means—
administration within the meaning of the Insolvency Act 1986,
administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
proceedings under the insolvency law of another country or territory during which a person’s assets and affairs are subject to the control or supervision of a third party or creditor.
Rights that are normally exercisable but are temporarily incapable of exercise are to continue to be taken into account.
Annotations
Modifications
- C1
Sch. 13 Pt. 2 applied (with modifications) (1.7.2025) by The National Security Act 2023 (Foreign Activities and Foreign Influence Registration Scheme: Exemptions for Certain Foreign Power Investment Funds, Education, Government Administration and Public Bodies) Regulations 2025 (S.I. 2025/676), regs. 1(2), 2(11); S.I. 2025/674, reg. 2
Commencement
- I1
Sch. 13 para. 13 not in force at Royal Assent, see 100(1)
- I2
Sch. 13 para. 13 in force at 1.7.2025 by S.I. 2025/674, reg. 2