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The Risk Transformation Regulations 2017

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The Risk Transformation Regulations 2017, Paragraph 10 is up to date with all changes known to be in force on or before 25 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Further modification to specific provisions of the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989U.K.

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10.—(1) The provisions of the Insolvency Act 1986 specified in the first column of Table 8 and the provisions of the Insolvency (Northern Ireland) Order 1989 specified in the second column of Table 8 apply to the core with the modifications specified in the fourth column of Table 8.

Table 8

Insolvency Act 1986Insolvency (Northern Ireland) Order 1989Subject MatterModification
Section 76Article 63Liability of past directors and shareholdersThese provisions apply where a protected cell company has made a payment (“the relevant payment” for the purposes of these provisions) to redeem or acquire shares issued on behalf of the core in breach of the requirements of regulation 107.
The reference to the directors who signed the statement made in accordance with section 714(1) to (3) of the Companies Act 2006 for the purposes of the redemption or purchase is to be treated as a reference to the directors who authorised the redemption or purchase.
Section 103Article 89Cesser of directors' powersIgnore these provisions.
Section 124Article 104Application for winding upAn administrator of the core may also present a petition for the winding up of the core.
Section 216Article 180Restriction on re-use of namesTreat references to the name of the liquidating company as references to the name of the protected cell company.
Section 222Article 186Inability to pay debts: unpaid creditor for £750 or moreThe written demand must be served on the core by leaving it at the protected cell company's registered office or in such manner as the court may approve or direct.
Section 223Article 187Inability to pay debts: debt remaining unsatisfied after action broughtIgnore these provisions.
Paragraph 45 of Schedule B1 M1Paragraph 46 of Schedule B1PublicityThese paragraphs apply to all business documents issued by or on behalf of the protected cell company and all of the protected cell company's websites.
Paragraph 61 of Schedule B1Paragraph 62 of Schedule B1Administrator's general powers (removal and appointment of directors)Ignore these paragraphs.
Paragraph 69 of Schedule B1Paragraph 70 of Schedule B1Administrator as agentAn administrator of the core acts as agent for the protected cell company (on behalf of the core).
Paragraph 74 of Schedule B1 M2Paragraph 75 of Schedule B1Challenge to administrator's conductThese paragraphs apply to a person who is a creditor or shareholder in respect of the core of the protected cell company or any cell of the protected cell company to which the administrator's powers extend.
Paragraph 75 of Schedule B1Paragraph 76 of Schedule B1MisfeasanceIn sub-paragraphs (2) to (5), references to the company are to be treated as including, where appropriate, references to a cell of the protected cell company.
Paragraph 83 of Schedule B1Paragraph 84 of Schedule B1Moving from administration to liquidationIgnore these paragraphs.
Paragraph 84 of Schedule B1 M3Paragraph 85 of Schedule B1Moving from administration to dissolutionThe notice given under sub-paragraph (1) must also state that the protected cell company has no cells.

Marginal Citations

M2Paragraph 74 was amended by S.I. 2007/2974, S.I. 2008/948 and section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

M3Paragraph 84 was amended by section 126 of and Schedule 9 to the Small Business, Enterprise and Employment Act 2015.

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