In force2020 Revised Edition

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Insolvency, Restructuring and Dissolution Act 2018 · 2020 Revised Edition · Part 4 · Corporate Insolvency, Restructuring and Dissolution — Preliminary

61. Interpretation of Parts 4 to 12

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(1)

In Parts 4 to 12, unless the context otherwise requires —

“accounts” has the meaning given by section 4(1) of the Companies Act 1967;

“books” has the meaning given by section 4(1) of the Companies Act 1967;

“business day” means any day other than a Saturday, Sunday or public holiday;

“certified” —

(a)

in relation to a copy of a document, means certified in the prescribed manner to be a true copy of the document; and

(b)

in relation to a translation of a document, means certified in the prescribed manner to be a correct translation of the document into the English language;

“charge” has the meaning given by section 4(1) of the Companies Act 1967;

“chief executive officer” has the meaning given by section 4(1) of the Companies Act 1967;

“company limited by guarantee” has the meaning given by section 4(1) of the Companies Act 1967;

“company limited by shares” has the meaning given by section 4(1) of the Companies Act 1967;

“constitution”, in relation to a company, has the meaning given by section 4(1) of the Companies Act 1967;

“creditors’ voluntary winding up” means a winding up under Division 3 of Part 8, other than a members’ voluntary winding up;

“debenture” has the meaning given by section 4(1) of the Companies Act 1967;

“default penalty” means a default penalty within the meaning given by section 267;

“director” has the meaning given by section 4(1) of the Companies Act 1967;

“document” includes any summons, order or other legal process, any notice and any register;

“holding company” has the meaning given by section 5 of the Companies Act 1967;

“limited company” has the meaning given by section 4(1) of the Companies Act 1967;

“members’ voluntary winding up” means a winding up under Division 3 of Part 8, for which a declaration has been made and lodged under section 163;

“netting arrangement” means an arrangement under which 2 or more claims or obligations can be converted into a net claim or obligation, and includes a close‑out netting arrangement (under which actual or theoretical debts are calculated during the course of a contract for the purpose of enabling them to be set off against each other or to be converted into a net debt);

“officer”, in relation to a corporation, includes —

(a)

a director or secretary of the corporation, or a person employed in an executive capacity by the corporation;

(b)

a receiver and manager of any part of the undertaking of the corporation appointed under a power contained in any instrument; and

(c)

a liquidator of a company appointed in a voluntary winding up,but does not include —

(d)

a receiver who is not also a manager;

(e)

a receiver and manager appointed by the Court;

(f)

a liquidator appointed by the Court or by the creditors; or

(g)

a judicial manager appointed under Part 7;

“preferential debt” means any debt that is to be paid in priority to all other unsecured debts, and is specified in section 203;

“registered”, in relation to a corporation, means registered under the Companies Act 1967 or any corresponding previous enactment;

“resolution for voluntary winding up” means the resolution mentioned in section 160;

“scheme manager”, in relation to any scheme of arrangement between a company and the company’s creditors or any class of those creditors, under Part 7 of the Companies Act 1967 or Part 5 of this Act, means any person appointed by the Court or the company under the scheme of arrangement to administer and manage the scheme of arrangement;

“scheme of arrangement” means any compromise or arrangement, between a company and the company’s creditors or any class of those creditors, approved under Part 7 of the Companies Act 1967 or Part 5 of this Act;

“security” means any mortgage, charge, pledge, lien or other security recognised by law;

“set‑off arrangement” means an arrangement under which 2 or more debts, claims or obligations can be set off against each other;

“share” has the meaning given by section 4(1) of the Companies Act 1967;

“special notice” has the meaning given by section 185 of the Companies Act 1967;

“special resolution” means a special resolution mentioned in section 184 of the Companies Act 1967;

“statutory meeting” has the meaning given by section 4(1) of the Companies Act 1967;

“statutory report” has the meaning given by section 4(1) of the Companies Act 1967;

“treasury share” has the meaning given by section 4(1) of the Companies Act 1967;

“ultimate holding company” has the meaning given by section 5A of the Companies Act 1967;

“unit” has the meaning given by section 4(1) of the Companies Act 1967;

“unlimited company” has the meaning given by section 4(1) of the Companies Act 1967.

(2)

A reference in Parts 4 to 12 to the directors of a company is, in the case of a company that has only one director, to be construed as a reference to that director.

(3)

A reference in Parts 4 to 12 to the doing of any act by 2 or more directors of a company is, in the case of a company that has only one director, to be construed as the doing of that act by that director.