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Companies Act 2006
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- UK Public General Acts
- 2006 c. 46
- SCHEDULE 1A
- PART 3
- Rights exercisable only in...
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Changes over time for: Cross Heading: Rights exercisable only in certain circumstances etc
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- 26/05/2015- Amendment
- 06/04/2016- Amendment
- 04/01/2024
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Companies Act 2006, Cross Heading: Rights exercisable only in certain circumstances etc is up to date with all changes known to be in force on or before 24 November 2024. 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.
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[F1Rights exercisable only in certain circumstances etcU.K.
Textual Amendments
F1Schs. 1A, 1B inserted (26.5.2015 for specified purposes, 6.4.2016 in so far as not already in force) by Small Business, Enterprise and Employment Act 2015 (c. 26), s. 164(1), Sch. 3 para. 2; S.I. 2015/1329, reg. 3(a); S.I. 2015/2029, reg. 4(a)
22(1)Rights that are exercisable only in certain circumstances are to be taken into account only—U.K.
(a)when the circumstances have arisen, and for so long as they continue to obtain, or
(b)when the circumstances 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,
(b)administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
(c)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 are temporarily incapable of exercise are to continue to be taken into account.]
Modifications etc. (not altering text)
C1Sch. 1A paras. 1-24 applied (with modifications) by S.I. 2009/1804 reg. 31M (as inserted (6.4.2016) by The Limited Liability Partnerships (Register of People with Significant Control) Regulations 2016 (S.I. 2016/340), regs. 1(3), 3, Sch. 1)
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