SCHEDULES
SCHEDULE 2Transitionals and savings
Part 8Venture capital trusts
Meaning of a company being “in administration”
89
1
Sub-paragraph (2) applies in relation to—
a
an administration order under Part 3 of the Insolvency (Northern Ireland) Order 1989 the petition for which was presented before 6 April 2007, or
b
any corresponding order under the law of a country or territory outside the United Kingdom the proceedings for which were instituted before that date.
2
Section 331 applies with the substitution for subsection (2) of—
2
A company is “in administration” if—
a
it is in administration within the meaning of Schedule B1 to the Insolvency Act 1986, or
b
there is in force in relation to it—
i
an administration order under Part 3 of the Insolvency (Northern Ireland) Order 1989, or
ii
any corresponding order under the law of a country or territory outside the United Kingdom.
3
In relation to an administration order under Part 2 of the Insolvency Act 1986 the petition for which was presented before 15 September 2003, section 331 applies with the substitution for subsection (2) of—
2
A company is “in administration” if there is in force in relation to it—
a
an administration order under Part 2 of the Insolvency Act 1986 or Part 3 of the Insolvency (Northern Ireland) Order 1989, or
b
any corresponding order under the law of a country or territory outside the United Kingdom.