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4. After regulation 6 of the 1991 Regulations there shall be inserted the following regulation—
7. For the purposes of these Regulations a body corporate shall not be regarded as an associate of a company’s auditors in a relevant financial year—
(a)by virtue of regulation 3(2)(e) of these Regulations if the relevant director of the auditors was entitled to exercise, or control the exercise of, 20% or more of the voting rights at any general meeting of such body corporate solely by virtue of acting as an insolvency practitioner in relation to any person, or in his capacity as a receiver, or a receiver or manager, of the property of a company, or a judicial factor on the estate of any person;
(b)by virtue of regulation 3(3)(c) of these Regulations if the auditors or the relevant partner in the auditors were or was entitled to exercise, or control the exercise of, 20% or more of the voting rights at any general meeting of such body corporate solely by virtue of acting as an insolvency pactitioner in relation to any person, or in his capacity as a receiver, or a receiver or manager, of the property of a company, or a judicial factor on the estate of any person;
(c)by virtue of regulation 3(4)(b) of these Regulations if neither the auditor nor any associate of his was entitled to exercise, or control the exercise of, 20% or more of the voting rights at any general meeting of such body corporate otherwise than by virtue of acting as an insolvency practitioner in relation to any person, or in his capacity as a receiver, or a receiver or manager, of the property of a company, or a judicial factor on the estate of any person.”
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