Clause 8

if the relevant period is a business year that consists of 12 months, the sales turnover of the undertaking in the relevant period; or

if the relevant period is a business year that does not consist of 12 months or is a period mentioned in paragraph (b) of the definition of “relevant period”, the amount calculated using the formula where —

S is the sales turnover of the undertaking in the relevant period; and

B is the number of months in the relevant period;“business year” means a period in respect of which an undertaking prepares or is required to prepare accounts;“employee” means an individual who has entered into or works under a contract of service with an employer;“institutional creditor”, in relation to a bankrupt, means a creditor that is —

a banking corporation;

a finance company licensed under the Finance Companies Act 1967;

a holder of a capital markets services licence granted under section 86 of the Securities and Futures Act 2001; or

an undertaking that —

in the relevant period, has an annual sales turnover of more than $100 million; and

at the date of the bankruptcy application on which the bankrupt was adjudged bankrupt, has more than 200 employees;“relevant condition”, in relation to a bankrupt, means a majority in value of the total debts of the bankrupt that have been proved (and are not withdrawn) are owed to one or more persons who are either an institutional creditor or a subsidiary of an institutional creditor;“relevant period”, in relation to an undertaking, means —

the business year of the undertaking immediately preceding the date of the bankruptcy application on which the bankrupt was adjudged bankrupt; or

if there is no such business year, the period between the date of commencement of the business operations of the undertaking and the date of the bankruptcy application on which the bankrupt was adjudged bankrupt (both dates inclusive);“sales turnover”, in relation to an undertaking, means the aggregate of the following amounts, after deducting sales rebates, goods and services tax and other taxes directly related to those amounts:

the amounts derived by that undertaking from the sale of products and the provision of services falling within the ordinary activities of that undertaking;

any other amounts derived from the business operations of that undertaking, but excluding gains from the sale of fixed assets, donations, grants, subsidies, subscriptions, interest, dividends, goods purchased for resale and investment income;“undertaking” means any individual, or any body corporate, unincorporated body of persons or other entity, that is capable of carrying on commercial or economic activities relating to goods or services, but excludes a body corporate or unincorporate established by or under any public Act to perform or discharge a public function.”.