- Draft legislation
This is a draft item of legislation and has not yet been made as a Scottish Statutory Instrument. This draft has been replaced by a new draft, The Land Reform (Scotland) Act 2016 (Register of Persons Holding a Controlled Interest in Land) Regulations 2021 ISBN 978-0-11-104814-6
24.—(1) Rights that are exercisable only in certain circumstances are to be taken into account only—
(a)when the circumstances have arisen, and for so long as they are extant, or
(b)when whether the circumstances arise or not are within the control of the person having the rights.
(2) But rights that are exercisable by an administrator or by creditors while a legal entity is in relevant insolvency proceedings are not to be taken into account even while the entity is in those proceedings.
(3) “Relevant insolvency proceedings” means—
(a)administration within the meaning of the Insolvency Act 1986(1), or
(b)proceedings under the insolvency law of another country or territory during which an entity’s assets and affairs are subject to the control or supervision of a third party or creditor.
(4) Rights that are normally exercisable but which are temporarily incapable of exercise are to continue to be taken into account.
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