11.—(1) The Department may by regulations make any provision which it considers necessary or expedient for the purpose of giving effect, with or without modifications, to the model law on cross-border insolvency.
(2) In particular, the regulations may—
(a)apply any provision of insolvency law in relation to foreign proceedings (whether begun before or after the regulations come into force),
(b)modify the application of insolvency law (whether in relation to foreign proceedings or otherwise),
and may apply or, as the case may be, modify the application of insolvency law in relation to the Crown.
(3) The regulations may make different provision for different purposes and may make—
(a)any supplementary, incidental or consequential provision, or
(b)any transitory, transitional or saving provision,
which the Department considers necessary or expedient.
(4) In this Article—
“foreign proceedings” has the same meaning as in the model law on cross-border insolvency,
“insolvency law” means provision made by or under the Insolvency Order or Articles 9 to 14, 16, 19 and 23 (with Schedule 1) of the Company Directors Disqualification (Northern Ireland) Order 2002,
“the model law on cross-border insolvency” means the model law contained in Annex I of the report of the 30th session of UNCITRAL.
(5) Regulations under this Article may only be made if a draft has been laid before, and approved by a resolution of, the Assembly.
(6) Making regulations under this Article requires the agreement of the Lord Chancellor.