Part VII Interpretation for First Group of Parts (ss 247-251)
Part VII Interpretation for First Group of Parts (ss 247-251)

247 “Insolvency” and “go into liquidation”

(1)     In this Group of Parts, except in so far as the context otherwise requires, “insolvency”, in relation to a company, includes the approval of a voluntary arrangement under Part I, [or the appointment of an administrator or administrative receiver].

(2)     For the purposes of any provision in this Group of Parts, a company goes into liquidation if it passes a resolution for voluntary winding up or an order for its winding up is made by the court at a time when it has not already gone into liquidation by passing such a resolution.

[(3)     The reference to a resolution for voluntary winding up in subsection (2) includes a reference to a resolution which is deemed to occur by virtue of—

(a)     paragraph 83(6)(b) of Schedule B1, or

(b)     an order made following conversion of administration or a voluntary arrangement into winding up by virtue of [Article 51 of the EU Regulation].]


248 “Secured creditor”, etc

In this Group of Parts, except in so far as the context otherwise requires—

(a)     “secured creditor”, in relation to a company, means a creditor of the company who holds in respect of his debt a security over property of the company, and “unsecured creditor” is to be read accordingly; and

(b)     “security” means—

(i)     in relation to England and Wales, any mortgage, charge, lien or other security, and