The Cross-Border Insolvency Regulations 2006

PART 1 E+W+S Interpretation

Interpretation E+W+S

1.—(1) In this Schedule—

“the 1986 Act” means the Insolvency Act 1986 M1 ;

“article 21 remedy application” means an application to the court by a foreign representative under article 21(1) or (2) of the Model Law for remedy;

“business day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in Scotland under or by virtue of the Banking and Financial Dealings Act 1971 M2 ;

“the Gazette” means the Edinburgh Gazette;

F1 ...

F1 ...

“the Model Law” means the UNCITRAL Model Law as set out in Schedule 1 to these Regulations;

“modification or termination order” means an order by the court pursuant to its powers under the Model Law modifying or terminating recognition of a foreign proceeding, the sist, restraint or suspension referred to in article 20(1) or any part of it or any remedy granted under article 19 or 21 of the Model Law;

“recognition application” means an application to the court by a foreign representative in accordance with article 15 of the Model Law for an order recognising the foreign proceeding in which he has been appointed;

“recognition order” means an order by the court recognising a proceeding the subject of a recognition application as a foreign main proceeding or foreign non-main proceeding, as appropriate;

[F2 “relevant company” means a company that is—

(a)

registered under the Companies Act 2006,

(b)

subject to a requirement imposed by regulations under section 1043 of that Act (unregistered UK companies) to deliver any documents to the registrar of companies, or

(c)

subject to a requirement imposed by regulations under section 1046 of that Act (overseas companies) to deliver any documents to the registrar of companies;]

“review application” means an application to the court for a modification or termination order.

(2) Expressions defined in the Model Law have the same meaning when used in this Schedule.

[F3 (3) References in this Schedule to a debtor who is of interest to the Financial Conduct Authority are references to a debtor who—

(a) is, or has been, an authorised person within the meaning of the Financial Services and Markets Act 2000;

(b) is, or has been, an appointed representative within the meaning of section 39 of the Financial Services and Markets Act 2000; or

(c) is carrying on, or has carried on, a regulated activity in contravention of the general prohibition.

(3A) References in this Schedule to a debtor who is of interest to the Prudential Regulation Authority are references to a debtor who—

(a) is, or has been, a PRA-authorised person within the meaning of the Financial Services and Markets Act 2000; or

(b) is carrying on, or has carried on, a PRA-regulated activity within the meaning of the Financial Services and Markets Act 2000 in contravention of the general prohibition.]

(4) In [F4 sub-paragraphs (3) and (3A)] “the general prohibition” has the meaning given by section 19 of the Financial Services and Markets Act 2000 and the reference to a “regulated activity” must be construed in accordance with—

(a) section 22 of that Act (classes of regulated activity and categories of investment);

(b) any relevant order under that section; and

(c) Schedule 2 to that Act (regulated activities).

(5) References in this Schedule to a numbered form are to the form that bears that number in Schedule 5.

Textual Amendments

F1 Words in Sch. 3 para. 1(1) omitted (31.12.2020) by virtue of The Insolvency (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/146), reg. 1(3), Sch. para. 127 (with regs. 4, 5); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in Sch. 3 para. 1(1) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941), art. 1(2), Sch. 1 para. 264(4)(a)

F3 Sch. 3 para. 1(3)(3A) substituted for Sch. 3 para. 1(3) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 116(b)(i)(aa)

F4 Words in Sch. 3 para. 1(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 116(b)(i)(bb)

Marginal Citations

M1 1986 c. 45.

M2 1971 c. 80.