Section 9(5)

After paragraph 61 insert— Regulations may make provision for— the disposal, hiring out or sale of property of a company by the administrator to a connected person in circumstances specified in the regulations. prohibiting, or imposing requirements or conditions in relation to, Regulations under this paragraph may in particular require the approval of, or provide for the imposition of requirements or conditions by— creditors of the company, the High Court, or a person of a description specified in the regulations. In sub-paragraph (1), “connected person”, in relation to a company, means— a relevant person in relation to the company, or a company connected with the company. For the purposes of sub-paragraph (3)— “relevant person”, in relation to a company, means— a director or other officer, or shadow director, of the company; a non-employee associate of such a person; a non-employee associate of the company; a company is connected with another if any relevant person of one is or has been a relevant person of the other. In sub-paragraph (4), “non-employee associate” of a person means a person who is an associate of that person otherwise than by virtue of employing or being employed by that person. Paragraph (11) of Article 4 (extended definition of company) applies for the purposes of sub-paragraphs (3) to (5) as it applies for the purposes of that Article. Regulations under this paragraph may make incidental, consequential, supplemental and transitional provision. Regulations may not be made under this paragraph unless a draft of the regulations has been laid before, and approved by a resolution of, the Assembly. This paragraph expires at the end of June 2021 unless the power conferred by it is exercised before then.

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Source: legislation.gov.uk · retrieved 2026-09-04