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.