Regulation 2

(1)

Section 716(1) of the Companies Act 1985 does not prohibit the formation of a partnership consisting of more than 20 persons for the purpose of carrying on practice as insolvency practitioners, and consisting of persons the majority of whom are—

(a)

authorised to act as insolvency practitioners under Part XIII of the Insolvency Act 1986^f1, or

(b)

authorised under the law of an EEA State to practice a regulated professional activity equivalent to that of an insolvency practitioner in the United Kingdom.

(2)

In paragraph (1)(b), “regulated professional activity” has the meaning ascribed to it by regulation 4(2) of the European Communities (Recognition of Professional Qualifications) (Second General System) Regulations 1996^f2.

Annotations

Footnotes

f1: 1986 c. 45.
f2: S.I. 1996/2374, as amended by S.I. 1999/67.