Part 6Venture capital trusts
Chapter 4Qualifying holdings
The requirements
292Ceasing to meet requirements because of administration or receivership
1
A company is not regarded as ceasing to meet the requirement of section 290 or 291 merely because of anything done in consequence of its being in administration or receivership.
2
Subsection (1) applies only if—
a
the entry into administration or receivership, and
b
everything done as a consequence of the company being in administration or receivership,
is for genuine commercial reasons, and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.