F1Sch. ZA1 inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 5 (with ss. 2(2), 5(2), 13)
Modifications etc. (not altering text)
C1Sch. ZA1 modified (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 8 para. 6(1)(c) (with ss. 2(2), 5(2), Sch. 8 para. 1)
C2Sch. ZA1 modified (temp.) (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 8 para. 7(b) (with ss. 2(2), 5(2), Sch. 8 para. 1)
15—(1) A company is excluded from being eligible if, on the filing date, it is a project company of a project which—N.I.
(a)is a public-private partnership project (see paragraph 16), and
(b)includes step-in rights (see paragraph 17).
(2) For the purposes of this paragraph a company is a “project company” of a project if any of the following applies—
(a)it holds property for the purpose of the project;
(b)it has sole or principal responsibility under an agreement for carrying out all or part of the project;
(c)it is one of a number of companies which together carry out the project;
(d)it has the purpose of supplying finance to enable the project to be carried out;
(e)it is the holding company of a company within any of paragraphs (a) to (d).
(3) But a company is not a “project company” of a project if—
(a)it performs a function within sub-paragraph (2)(a) to (d) or is within sub-paragraph (2)(e), but
(b)it also performs a function which is not—
(i)within sub-paragraph (2)(a) to (d),
(ii)related to a function within sub-paragraph (2)(a) to (d), or
(iii)related to the project.
(4) For the purposes of this paragraph a company carries out all or part of a project whether or not it acts wholly or partly through agents.
Modifications etc. (not altering text)
16—(1) For the purposes of paragraph 15 “public-private partnership project” means a project—N.I.
(a)the resources for which are provided partly by one or more public bodies and partly by one or more private persons, or
(b)which is designed wholly or mainly for the purpose of assisting a public body to discharge a function.
(2) In sub-paragraph (1) “public body” means—
(a)a body which exercises public functions,
(b)a body specified for the purposes of this paragraph by the Department, or
(c)a body within a class specified for the purposes of this paragraph by the Department.
(3) In sub-paragraph (1)(a) “resources” includes—
(a)funds (including payment for the provision of services or facilities);
(b)assets;
(c)professional skill;
(d)the grant of a concession or franchise;
(e)any other commercial resource.
(4) A specification under sub-paragraph (2) may be—
(a)general, or
(b)for the purpose of the application of paragraph 15 to a specified case.
17—(1) For the purposes of paragraph 15 a project has “step-in rights” if a person who provides finance in connection with the project has a conditional entitlement under an agreement to—N.I.
(a)assume sole or principal responsibility under an agreement for carrying out all or part of the project, or
(b)make arrangements for carrying out all or part of the project.
(2) In sub-paragraph (1) a reference to the provision of finance includes a reference to the provision of an indemnity.]