Regulation 2 (interpretation)

3.—(1) Regulation 2(1) is amended as follows.

(2) After the definition of “force majeure application” insert—

““insolvent” in relation to a person means circumstances where—

(a)

the person is unable to pay their debts as those debts fall due, or

(b)

the value of the person’s assets is less than the amount of the person’s liabilities, taking into account the person’s contingent and prospective liabilities;”.