SCHEDULES
SCHEDULE 7Loan relationships and derivative contracts
PART 1Loan relationships: amendments of Parts 5 and 6 of CTA 2009
17
In section 323 (meaning of expressions relating to insolvency etc.), before subsection (1) insert—
A1
For the purposes of sections 322(5B) and 323A(1)(b) a company is unable to pay its debts if—
a
it is unable to pay its debts as they fall due, or
b
the value of the company's assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.