Section 252 — Income Tax Act 2007: Meaning of a company being “in administration” or “in receivership”

Meaning of a company being “in administration” or “in receivership” 252 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.