Economic Crime (Transparency and Enforcement) Act 2022 · PART 5 Supplementary provision about interpretation of Schedule

21 Rights exercisable only in certain circumstances etc

Sch. 2 para. 21 · in force: yes

Captured statutory text (L5)

21 Rights exercisable only in certain circumstances etc

(1)Rights that are exercisable only in certain circumstances are to be taken into account only—

(a)when the circumstances have arisen, and for so long as they continue to obtain, or

(b)when the circumstances are within the control of the person having the rights.

(2)But rights that are exercisable by an administrator or by creditors while a legal entity is in relevant insolvency proceedings are not to be taken into account even while the entity is in those proceedings.

(3)“Relevant insolvency proceedings” means—

(a)administration within the meaning of the Insolvency Act 1986,

(b)administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or

(c)proceedings under the insolvency law of a country or territory outside the United Kingdom during which an entity’s assets and affairs are subject to the control or supervision of a third party or creditor.

(4)Rights that are normally exercisable but are temporarily incapable of exercise are to continue to be taken into account.

Full captured verbatim text

(1) Rights that are exercisable only in certain circumstances are to be taken into account only—

(a) when the circumstances have arisen, and for so long as they continue to obtain, or

(b) when the circumstances are within the control of the person having the rights.

(2) But rights that are exercisable by an administrator or by creditors while a legal entity is in relevant insolvency proceedings are not to be taken into account even while the entity is in those proceedings.

(3) “Relevant insolvency proceedings” means—

(a) administration within the meaning of the Insolvency Act 1986,

(b) administration within the meaning of the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405 (N.I. 19)), or

(c) proceedings under the insolvency law of a country or territory outside the United Kingdom during which an entity’s assets and affairs are subject to the control or supervision of a third party or creditor.

(4) Rights that are normally exercisable but are temporarily incapable of exercise are to continue to be taken into account.

What this provision means

Model summary, checked against the text on the left.

Relevance to Signicat: 2/3 · detailed summary (L4) Status: not needed for a short provision · Stored artifact; current recipe verification unavailable

Conditional rights count only when triggered or controlled, excluding administrator or creditor rights in insolvency proceedings.

Only the one-line summary above is stored for this provision; the text itself is the evidence.

Refers to

No captured references.

Referred to by

schedule ref schedule_ref · Sch. 1 para. 3

schedule ref schedule_ref · Sch. 1 para. 4

schedule ref schedule_ref · Sch. 1 para. 5

schedule ref schedule_ref · s. 4

schedule ref schedule_ref · s. 44

schedule ref schedule_ref · s. 63

Part summaries

0 of 0 parts have a verified summary.

L1 unavailable for current verification: the overall summary needs every part verified. Provisions and the verified summaries remain readable.

Verification findings (173)

synthesis coverage: missing/unverified L2 part-1

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synthesis coverage: missing/unverified L2 part-1

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synthesis coverage: missing/unverified L2 schedule-5

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Instrument tier unavailable

Change history as published

S. 29 omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

S. 29A omitted (26.10.2023 for specified purposes, 4.3.2024 in so far as not already in force) by virtue of Economic Crime and Corporate Transparency Act 2023 (c. 56), ss. 170(1)(b), 219(1)(2)(b); S.I. 2024/269, reg. 2(z54)

Pending effects amendments not yet applied to this text

No captured pending effects.

Provenance

Every claim the system makes about this text is traceable to these identifiers.

Instrument: uk:ukpga/2022/10
Part: PART 5 Supplementary provision about interpretation of Schedule
Version: 182e65dd10498ae86ea06030…
Content hash: sha256 85469f7f048407e77af8d637…
Source: legislation.gov.uk/ukpga/2022/10