Point in time view as at 27/04/2020.
Insolvency Act 1986, Paragraph 7 is up to date with all changes known to be in force on or before 09 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F17(1)For the purposes of sections 72C to 72E a company is a “project company” of a project if—
(a)it holds property for the purpose of the project,
(b)it has sole or principal responsibility under an agreement for carrying out all or part of the project,
(c)it is one of a number of companies which together carry out the project,
(d)it has the purpose of supplying finance to enable the project to be carried out, or
(e)it is the holding company of a company within any of paragraphs (a) to (d).
(2)But a company is not a “project company” of a project if—
(a)it performs a function within sub-paragraph (1)(a) to (d) or is within sub-paragraph (1)(e), but
(b)it also performs a function which is not—
(i)within sub-paragraph (1)(a) to (d),
(ii)related to a function within sub-paragraph (1)(a) to (d), or
(iii)related to the project.
(3)For the purposes of this paragraph a company carries out all or part of a project whether or not it acts wholly or partly through agents.]
Textual Amendments
F1Sch. 2A inserted (15.9.2003) by 2002 c. 40, s. 250(2), 279, Sch. 18 (with s. 249(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))
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