173Connected persons: cell companiesU.K.
(1)For the purposes of this Part a person is to be treated as connected to a cell company where, if any cell of the company were a separate company, the person would be connected to that separate company.
(2)For the purposes of this section a company is a “cell company” if it meets the first or second condition.
(3)The first condition is that under the law under which the company is incorporated or formed, under the company's articles of association or other document regulating the company or under arrangements entered into by or in relation to the company—
(a)some or all of the assets of the company are available primarily, or only, to meet particular liabilities of the company, and
(b)some or all of the members of the company, and some or all of its creditors, have rights primarily, or only, in relation to particular assets of the company.
(4)The second condition is that the company's articles of association, or other document regulating it, establish an entity (by whatever name known) which—
(a)under the law under which the company is incorporated or formed, has legal personality distinct from that of the company, and
(b)which is not itself a company.
(5)For the purposes of this section a “cell”, in relation to a cell company, is—
(a)an identifiable part of the company (by whatever name known) that carries on distinct business activities and to which particular assets and liabilities of the company are primarily or wholly attributable, or
(b)an entity of the kind specified in subsection (4).