PART 1Introductory provisions

Citation, commencement and application1

1

These Regulations may be cited as the Administration (Restrictions on Disposal etc. to Connected Persons) Regulations 2021 and come into force on 30th April 2021.

2

These Regulations apply only to administrations that commence on or after the day on which these Regulations come into force.

3

For the purposes of this regulation an administration commences on—

a

the appointment of an administrator2 under paragraph 14 or paragraph 22 of Schedule B1, or

b

the making of an administration order3.

Interpretation2

In these Regulations—

  • “the Act” means the Insolvency Act 1986;

  • “the company” means the company whose business or assets are the subject of the substantial disposal;

  • “qualifying report” has the meaning given to it in regulation 5;

  • “previous report” has the meaning given to it in regulation 8;

  • “relevant property” means the property being disposed of, hired out or sold by the substantial disposal;

  • “Schedule B1” means Schedule B1 to the Act; and

  • “substantial disposal” has the meaning given to it in regulation 3.