Paragraph 2
Without prejudice to the generality of his powers under paragraph 1, the International Rail Regulator shall not determine that a railway undertaking is of good repute if—
an order has been made by the court for the winding up of the undertaking or the sequestration of its estate under insolvency legislation or any director for the time being of the undertaking has been adjudged bankrupt or his estate has been sequestrated under that legislation or the undertaking or any such director has made a compromise with its or his creditors;
the undertaking or any appropriate officer of the undertaking has been convicted of a serious offence, including in particular an offence contrary to the law relating to commercial transactions, the law relating to transport, or social and labour law (including legislation relating to occupational health and safety); or
the undertaking or any appropriate officer of the undertaking has been convicted repeatedly of offences contrary to social or labour law not falling within sub-paragraph (b).