2.—(1) In these Regulations—
“the Act” means the Insolvency Act 1986;
“commencement date” means the date on which these Regulations come into force;
“initial capacity” shall be construed in accordance with regulation 3;
“insolvency practitioner” means [F1a person who is authorised to act as an insolvency practitioner under section 390A of the Act];
“insolvent” means a person in respect of whom an insolvency practitioner is acting;
“interim trustee”, “permanent trustee” and “trust deed for creditors” have the same meanings as in the Bankruptcy (Scotland) Act 1985 M1;
“subsequent capacity” shall be construed in accordance with regulation 3.
(2) In these Regulations a reference to the date of release or discharge of an insolvency practitioner includes—
[F2(za)where the insolvency practitioner acts as the monitor in relation to a moratorium under Part A1 of the Act, whichever is the earlier of the date on which—
(i)the moratorium comes to an end, or
(ii)the insolvency practitioner otherwise ceases to act as the monitor in relation to the moratorium;]
(a)where the insolvency practitioner acts as nominee in relation to proposals for a voluntary arrangement under Part I or VIII of the Act, whichever is the earlier of the date on which—
(i)the proposals are rejected by creditors;
(ii)he is replaced as nominee by another insolvency practitioner; or
(iii)the arrangement takes effect without his becoming supervisor in relation to it; and
(b)where an insolvency practitioner acts as supervisor of a voluntary arrangement, whichever is the earlier of the date on which —
(i)the arrangement is completed or terminated; or
(ii)the insolvency practitioner otherwise ceases to act as supervisor in relation to the arrangement.
Textual Amendments
F1Words in reg. 2(1) substituted (1.10.2015) by The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015 (S.I. 2015/1641), art. 3, Sch. 1 para. 5(2) (with arts. 8, 9)
F2Reg. 2(2)(za) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 41 (with ss. 2(2), 5(2))
Marginal Citations