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3. There shall be excluded from the value of the eligible scheme’s assets –
(a)in the case of an Article 127 valuation, any amounts treated as a debt due to the trustees or managers which are unlikely to be recouped without disproportionate cost or unlikely to be recovered within a reasonable time; and
(b)in the case of an Article 162 valuation –
(i)any amounts treated as a debt due to the trustees or managers under Article 75 of the 1995 Order (deficiencies in the assets);
(ii)any amounts treated as debt under Article 207(3) of the Order (failure to make payments);
(iii)any resources invested (or treated as invested) in contravention of Article 40 of the 1995 Order (restriction on employer-related investments); and
(iv)any amounts treated as a debt due to the trustees or managers which are unlikely to be recouped without disproportionate cost or unlikely to be recovered within a reasonable time.
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