The requirement of this section is that the relevant company is not, at the time of the issue of the relevant holding, in difficulty.

The relevant company is “in difficulty” if it is reasonable to assume that it would be regarded as a firm in difficulty for the purposes of the Community Guidelines on State Aid for Rescuing and Restructuring Firms in Difficulty (2004/C 244/02) F2as those guidelines had effect in the United Kingdom immediately before IP completion day.