Schedule 5, paragraph 12

A supplier is “undergoing insolvency proceedings” if it has— become bankrupt or, in Scotland, the estate of the supplier has been sequestrated, become subject to insolvency or winding-up proceedings, had its assets subject to administration or receivership, including by a liquidator or court, entered into an arrangement with its creditors, become subject to a petition or application for any such procedures or arrangements, or in any jurisdiction, been subject to a procedure or an application that corresponds to any procedure or application mentioned in paragraphs (a) to (e).

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