Regulation 4 Amendment of regulation 8

In regulation 8, for paragraph (4) substitute—

“(4)

A body corporate becomes bankrupt or incapacitated when it—

(a)

goes into liquidation;

(b)

enters administration under Part 2 of the Insolvency Act 1986^f1 or Part 3 of the Insolvency (Northern Ireland) Order 1989^f2; or

(c)

has an administrative receiver (as defined in section 251 of the Insolvency Act 1986) appointed in respect of it.

(5)

An individual becomes bankrupt or incapacitated when the individual—

(a)

becomes subject to a bankruptcy restrictions order under section 155 of the Bankruptcy (Scotland) Act 2016^f3;

(b)

becomes incapacitated (within the meaning of the Adults with Incapacity (Scotland) Act 2000^f4);

(c)

starts to serve a sentence of imprisonment or is remanded in custody in the United Kingdom; or

(d)

is detained in hospital under the Mental Health (Care and Treatment) (Scotland) Act 2003^f5.

(6)

An individual or a partnership becomes bankrupt or incapacitated when the estate of that person—

(a)

is sequestrated under the Bankruptcy (Scotland) Act 2016; or

(b)

is made subject to a protected trust deed (see section 163 of the Bankruptcy (Scotland) Act 2016).

(7)

A body corporate, individual or partnership which or who is subject to the laws of a jurisdiction other than Scotland becomes bankrupt or incapacitated on the occurrence of circumstances analogous to those described in paragraphs (4) to (6).”.