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.