Part 6

Venture capital trusts
Chapter 6

Supplementary and general

Supplementary

Meaning of a company being “in administration” or “in receivership”
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1
References in this Part to a company being “in administration” or “in receivership” are to be read as follows.
2
A company is “in administration” if—
a
it is in administration within the meaning of Schedule B1 to the Insolvency Act 1986 (c. 45) or Schedule B1 to the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or
b
there is in force in relation to it under the law of a country or territory outside the United Kingdom any appointment corresponding to an appointment of an administrator under either of those Schedules.
3
A company is “in receivership” if there is in force in relation to it—
a
an order for the appointment of an administrative receiver, a receiver and manager or a receiver under Chapter 1 or 2 of Part 3 of the Insolvency Act 1986 or Part 4 of the Insolvency (Northern Ireland) Order 1989, or
b
any corresponding order under the law of a country or territory outside the United Kingdom.