294.—(1) Subject to paragraph (2), “debt” means any of the following—
(a)any debt or liability to which the institution is subject on the date on which the institution entered special administration,
(b)any debt or liability to which the institution may become subject after that date by reason of any obligation incurred before that date, and
(c)any interest provable as mentioned in rule 135.
(2) In paragraph (1)(a), the reference to debt or liability includes a shortfall claim even if the shortfall claim is incurred after the date on which the institution entered special administration.
(3) For the purposes of any provision of the Regulations or these Rules, any liability in tort is a debt provable in the special administration, if either—
(a)the cause of action has accrued at the date on which the institution went into special administration, or
(b)all the elements necessary to establish the cause of action exist at that date except for actionable damage.
(4) For the purposes of references in any provision of the Regulations or these Rules to a debt or liability, it is immaterial whether the debt or liability is present or future, whether it is certain or contingent, or whether its amount is fixed or liquidated, or is capable of being ascertained by fixed rules or as a matter of opinion, and references in any such provision to owing a debt are to be read accordingly.
(5) In any provision of the Regulations or these Rules, except in so far as the context otherwise requires, “liability” means (subject to paragraph (3)) a liability to pay money or money’s worth, including any liability under an enactment, any liability for breach of trust, any liability in contract, tort or bailment, and any liability arising out of an obligation to make restitution.
Commencement Information
I1Rule 294 in force at 12.11.2021, see rule 2