PART IVRECEIVERSHIPRECEIVERS AND MANAGERS

F1Prohibition of appointment of administrative receiver

Fourth exception: urban regeneration projects59E.

(1)

Article 59A does not prevent the appointment of an administrative receiver of a project company of a project which—

(a)

is designed wholly or mainly to develop land which at the commencement of the project is wholly or partly in a designated disadvantaged area in Northern Ireland, and

(b)

includes step-in rights.

(2)

In paragraph (1) “develop” means to carry out—

(a)

building operations,

(b)

any operation for the removal of substances or waste from land and the levelling of the surface of the land, or

(c)

engineering operations in connection with the activities mentioned in sub-paragraph (a) or (b).

(3)

In this Article—

“building” includes any structure or erection, and any part of a building as so defined, but does not include plant and machinery comprised in a building,

“building operations” includes—

(a)

demolition of buildings,

(b)

filling in of trenches,

(c)

rebuilding,

(d)

structural alterations of, or additions to, buildings and

(e)

other operations normally undertaken by a person carrying on business as a builder,

“designated disadvantaged area” means an area designated as a disadvantaged area under section 92 of the Finance Act 2001 (c. 9),

“engineering operations” includes the formation and laying out of means of access to highways,

“project company” has the meaning given by paragraph 7 of Schedule 1A,

“step-in rights” has the meaning given by paragraph 6 of that Schedule,

“substance” means any natural or artificial substance whether in solid or liquid form or in the form of a gas or vapour, and

“waste” includes any waste materials, spoil, refuse or other matter deposited on land.