SCHEDULES
F1SCHEDULE 1AEXCEPTIONS TO PROHIBITION ON APPOINTMENT OF ADMINISTRATIVE RECEIVER: SUPPLEMENTARY PROVISIONS
Annotations:
Amendments (Textual)
Step-in rights
6
1
For the purposes of Articles 59C to 59F a project has “step-in rights” if a person who provides finance in connection with the project has a conditional entitlement under an agreement to—
a
assume sole or principal responsibility under an agreement for carrying out all or part of the project, or
b
make arrangements for carrying out all or part of the project.
2
In sub-paragraph (1) a reference to the provision of finance includes a reference to the provision of an indemnity.
Sch. 1A inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 5(2), Sch. 3 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2 - 7)