SCHEDULE 1Persons who have significant influence or control over another

PART 5Overseas entities

Interpretation of Part 5I124

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 19869, 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.