The Risk Transformation Regulations 2017 No. 1212

SCHEDULE 2 U.K. Administration and liquidation of cells: modification of insolvency legislation

Duties and powers confined to the cell U.K.

1.—(1) The appointment of a relevant office holder in respect of a cell, and the powers and duties of the relevant office holder, are confined to—

(a) the cell;

(b) the business and affairs of the cell; and

(c) the property held by the protected cell company on behalf of the cell.

(2) In sub-paragraph (1), a “relevant office holder” means—

(a) an administrator;

(b) a liquidator;

(c) a provisional liquidator; or

(d) a special manager.