SCHEDULES
SCHEDULE 1Rules for interpretation of regulation 7(2)
Rights exercisable only in certain circumstances etcI1I213
1
Rights that are exercisable only in certain circumstances are to be taken into account only—
a
when the circumstances have arisen, and for so long as they continue to obtain, or
b
when the circumstances are within the control of the person having the rights.
2
But rights that are exercisable by an administrator or by creditors while a person is subject to relevant insolvency proceedings are not to be taken into account while the person is subject to those proceedings.
3
“Relevant insolvency proceedings” means—
a
administration within the meaning of the Insolvency Act 1986 M1
b
administration within the meaning of the Insolvency (Northern Ireland) Order 1989 M2, or
c
proceedings under the insolvency law of another country during which a person's assets and affairs are subject to the control or supervision of a third party or creditor.
4
Rights that are normally exercisable but are temporarily incapable of exercise are to continue to be taken into account.