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The Insolvency Practitioners Regulations 2005

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Changes over time for: Paragraph 8C

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Version Superseded: 31/12/2020

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The Insolvency Practitioners Regulations 2005, Paragraph 8C is up to date with all changes known to be in force on or before 11 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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[F1Procedure for determining compliance of supplementary guaranteeE+W+S

This section has no associated Explanatory Memorandum

8C.(1) Where the Secretary of State has made a determination under paragraph 8B(6), the insolvency practitioner may send to the Secretary of State—

(a)a supplementary guarantee purporting to provide for the matters specified in paragraph 8B(6)(b); and

(b)where the supplementary guarantee is not in English, a translation of it into English.

(2) Where the Secretary of State receives the documents sent under sub-paragraph (1), the Secretary of State must—

(a)as soon as is reasonably practicable, notify the insolvency practitioner of the date and time of their receipt;

(b)consider them; and

(c)determine whether the document sent under sub-paragraph (1)(a) provides for the matters specified in paragraph 8B(6)(b).

(3) Where the Secretary of State determines that the document sent under sub-paragraph (1)(a)—

(a)provides for the matters in specified in paragraph 8B(6)(b); and

(b)together with the document in paragraph 8B(1)(a) complies with paragraph 8A,

the Secretary of State must notify the insolvency practitioner that the documents sent under sub-paragraph (1)(a) and paragraph 8B(1)(a) together comply with paragraph 8A.

(4) Where the Secretary of State determines in accordance with sub-paragraph (3), the Secretary of State must also determine whether the document sent under sub-paragraph (1)(a) or paragraph 8B(1)(a) contains a term equivalent or essentially comparable to a requirement to provide—

(a)a specific penalty sum; or

(b)a cover schedule.

(5) Where the Secretary of State determines under sub-paragraph (4) that the document sent under sub-paragraph (1)(a) or paragraph 8B(1)(a)—

(a)contains a term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule, the notice sent under sub-paragraph (3) must specify—

(i)the term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule;

(ii)the thing in the term in sub-paragraph (i) which is equivalent or essentially comparable to a requirement to a specific penalty sum or a cover schedule; and

(iii)the document in which the term in sub-paragraph (i) and the thing in sub-paragraph (ii) are to be found; or

(b)does not contain a term equivalent or essentially comparable to a requirement to provide a specific penalty sum or a cover schedule, the notice sent under sub-paragraph (3) must state that determination.

(6) Where the Secretary of State determines that the document sent under sub-paragraph (1)(a)—

(a)does not provide for the matters specified in paragraph 8B(6)(b), or

(b)together with the document sent under paragraph 8B(1)(a) does not comply with paragraph 8A,

the Secretary of State must notify the insolvency practitioner that the documents sent under sub-paragraphs (1)(a) and paragraph 8B(1)(a) together do not comply with paragraph 8A.]

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