Subsidy Control Act 2022
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Change 1
24 Meaning of “ailing or insolvent”
(1) For the purposes of sections 19 to 23, a deposit taker, insurance company or other enterprise is “ailing or insolvent” if— (a) it would almost certainly go out of business in the short to medium term without subsidies, (b) it is unable to pay its debts as they fall due, or (c) the value of its assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities. (2) The Secretary of State may by regulations make provision as to when a deposit taker, insurance company or other enterprise is, or is not, to be regarded as meeting the condition in paragraph (a) of subsection (1). (3) Regulations under subsection (2) are subject to the affirmative procedure.
24 Meaning of “ailing or insolvent”
(1) For the purposes of sections 19 to 23, a deposit taker, insurance company or other enterprise is “ailing or insolvent” if— (a) it would almost certainly go out of business in the short to medium term without subsidies, (b) it is unable to pay its debts as they fall due, or (c) the value of its assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities. (2) The Secretary of State may by regulations make provision as to when a deposit taker, insurance company or other enterprise is, or is not, to be regarded as meeting the condition in paragraph (a) of subsection (1). (3) Regulations under subsection (2) are subject to the affirmative procedure.
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