The Risk Transformation Regulations 2017

General application of the insolvency legislation

2.  The insolvency legislation applies to a cell as if—

(a) the cell is a body corporate with distinct legal personality;

(b) the cell was incorporated on its creation;

(c) the cell is registered in the part of the United Kingdom in which the protected cell company has its registered office;

(d) the registered office of the cell is the registered office of the protected cell company;

(e) the registered name of the cell is the name or number of the cell followed by “of” and the name of the protected cell company;

(f) the registrar of companies is the FCA;

(g) a person who is or was a director, shadow director, officer, employee or agent of the protected cell company is or was a director, shadow director, officer, employee or agent of the cell (as the case may be);

(h) shares issued by the protected cell company on behalf of the cell are shares issued by the cell;

(i) the cell’s property, assets, liabilities, debts and creditors are determined in accordance with regulation 48(6);

(j) arrangements made between the cell and another cell in accordance with regulations 68 and 69 are contracts entered into between the cell and the protected cell company acting on behalf of that other cell;

(k) things done by the protected cell company on behalf of the cell are things done by the cell;

(l) things done to the protected cell company in respect of the cell are things done to the cell;

(m) judgments or orders made against the protected cell company in respect of the cell are judgments or orders made against the cell;

(n) the books, papers, records, registers and other documents of the protected cell company are, insofar as they relate to the cell, books, papers, records, registers and documents of the cell; and

(o) an associate of the protected cell company (within the meaning given by section 435 of the Insolvency Act 1986(1) or Article 4 of the Insolvency (Northern Ireland) Order 1989) is an associate of the cell.

(1)

Section 435 was amended by section 261 and Schedule 27 to the Civil Partnership Act 2004 (c. 33), S.I. 2005/3129, S.I. 2009/1941 and S.I. 2016/1034.