Finance Act 2014

[F1 4 (1) A falls within this case if— U.K.

(a) A is an individual who controls, or has significant influence over, a body corporate or a partnership (“B”) that carries on a business as a promoter, and

(b) A meets the personal condition or the corporate condition.

(2) The personal condition is that, at any time after A first controlled or had significant influence over B—

(a) A was subject to a disqualification order or disqualification undertaking under the Company Directors Disqualification Act 1986 or the Company Directors Disqualification (Northern Ireland) Order 2002 (S.I. 2002/3150 (N.I. 4)),

(b) A was bankrupt, or A's estate had been sequestrated under the Bankruptcy (Scotland) Act 2016,

(c) A was the subject of an individual voluntary arrangement under Part 8 of the Insolvency Act 1986,

(d) A's estate was subject to a protected trust deed (see section 163 of the Bankruptcy (Scotland) Act 2016),

(e) A was subject to a bankruptcy restrictions order or an interim bankruptcy restrictions order,

(f) A was subject to a debt relief order, or

(g) A was subject to a debt relief restrictions order or interim debt relief restrictions order.

(3) The corporate condition is that at any time A controlled, or had significant influence over, a person (other than B) that carried on business as a promotor that was—

(a) a body corporate or a partnership that was dissolved or became insolvent,

(b) a body corporate that became dormant,

(c) a company formed and registered under the Companies Act 2006 (see section 1 of that Act) that made an application under section 1003 of that Act to strike the company's name off the register, or

(d) a company formed and registered under that Act in respect of which the registrar (within the meaning of that Act) has published a notice under section 1000(3) or 1001(1) of that Act, if two months have passed since the publication of that notice.

(4) For the purposes of this paragraph, the circumstances in which a body corporate or partnership becomes insolvent include—

(a) if a company voluntary arrangement takes effect under Part 1 of the Insolvency Act 1986,

(b) if an administration application (within the meaning of Schedule B1 to that Act) is made or a receiver or manager, or an administrative receiver, is appointed,

(c) on the commencement of a creditor's voluntary winding up (within the meaning of Part 4 of that Act) or a winding up by the court under Chapter 6 of that Part,

(d) if a compromise or arrangement takes effect under Part 26 of the Companies Act 2006,

(e) if a bank insolvency order takes effect under Part 2 of the Banking Act 2009,

(f) if a bank administration order takes effect under Part 3 of that Act, or

(g) on the occurrence of any corresponding circumstances which have effect under or as a result of the law of Scotland or Northern Ireland or a country or territory outside the United Kingdom.

(5) For the purposes of this paragraph, a body corporate is dormant if—

(a) in the case of a body corporate incorporated in the United Kingdom, it is dormant within the meaning given by section 1169 of the Companies Act 2006, or

(b) in any other case, it would be dormant within the meaning of that section if the body corporate were incorporated in the United Kingdom.

(6) Sub-paragraphs (5) to (11) of paragraph 13A of Schedule 34 (meaning of “control” and “significant influence”) apply to this paragraph as they apply to Part 2 of that Schedule.

(7) In this paragraph—

• “bankruptcy restrictions order” or “interim bankruptcy restrictions order” means such an order (or as the case may be, undertaking) under—

  (a)

  Schedule 4A to the Insolvency Act 1986,

  (b)

  Schedule 2A to the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or

  (c)

  Part 13 of the Bankruptcy (Scotland) Act 2016 (asp 21);

• “debt relief order” means such an order under—

  (a)

  Part 7A of the Insolvency Act 1986, or

  (b)

  Part 7A of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19));

• “debt relief restrictions order” or “interim debt relief restrictions order” means such an order (or as the case may be, undertaking) under—

  (a)

  Schedule 4ZB to the Insolvency Act 1986, or

  (b)

  Schedule 2ZB to the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)).]

Textual Amendments

F1 Sch. 33A inserted (with effect in accordance with s. 121(6) of the amending Act) by Finance Act 2021 (c. 26), Sch. 30 para. 10