The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019

[F1InsolvencyU.K.

This section has no associated Explanatory Memorandum

9A.—(1) To enable anything to be done in connection with—

(a)any insolvency and restructuring proceedings relating to an insolvent person,

(b)any other relevant proceedings relating to a person other than an individual, or

(c)proceedings under the insolvency law of a country other than the United Kingdom that correspond to the proceedings in paragraph (a) or (b),

provided that any payments made directly or indirectly to a designated person are credited to a frozen account.

(2) In this paragraph—

“enactment” has the meaning given in section 54(6) of the Act;

“insolvency and restructuring proceedings” includes—

(a)

the regimes and proceedings set out in Parts A1 to 6 of the Insolvency Act 1986, Parts 1A to 7 of the Insolvency (Northern Ireland) Order 1989 and so much of Part 1 of that Order as applies for the purposes of those Parts, but excluding—

(i)

proceedings under Chapter 3 of Part 4 (members’ voluntary winding up) of the Insolvency Act 1986, and

(ii)

proceedings under Chapter 3 of Part 5 (members’ voluntary winding up) of the Insolvency (Northern Ireland) Order 1989;

(b)

arrangements and reconstructions under Part 26 of the Companies Act 2006;

(c)

arrangements and reconstructions for companies in financial difficulty under Part 26A of the Companies Act 2006;

(d)

the proceedings and arrangements set out in the Bankruptcy (Scotland) Act 2016;

“insolvent person” means a person (“P”), other than an individual, where—

(a)

P is unable to pay its debts as they fall due, or

(b)

the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities;

“other relevant proceedings” means—

(a)

the regimes and proceedings set out in—

(i)

sections 367 and 377A to 377J of, or Schedule 19C to, the Financial Services and Markets Act 2000;

(ii)

the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005;

(iii)

Parts 1 to 3 of the Banking Act 2009 (including Parts 2 and 3 as applied to building societies by section 90C of the Building Societies Act 1986);

(iv)

the Investment Bank Special Administration Regulations 2011;

(v)

Part 6 of the Financial Services (Banking Reform) Act 2013;

(vi)

the Payment and Electronic Money Institution Insolvency Regulations 2021;

(vii)

Schedule 11 to the Financial Services and Markets Act 2023;

(b)

proceedings under any other special administration regime;

“special administration regime” means provision made by an enactment for an insolvency procedure that—

(a)

is similar or corresponds to the ordinary administration procedure provided for by Schedule B1 to the Insolvency Act 1986 or Schedule B1 to the Insolvency (Northern Ireland) Order 1989, and

(b)

provides for the administrator to have one or more special objectives instead of or in addition to the objectives of ordinary administration.]

Textual Amendments