224. Requirement for independent trustee.

The statutory requirement for an independent trustee1 applies in relation to a trust scheme2:

  1.  

    (1)     if a person ('the practitioner') begins to act as an insolvency practitioner3 in relation to a company4 which, or an individual who, is the employer5 in relation to the scheme6; or

  2.  

    (2)     if the official receiver becomes the liquidator or provisional liquidator of a company which is the employer in relation to the scheme, the interim receiver of the property of a person who is the employer in relation to the scheme, or the receiver and the manager, or the trustee, of the estate

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