The Loan Relationships and Derivative Contracts (Change of Accounting Practice) (Amendment) Regulations 2014
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Change 1
3 Amendment to regulation 3C: distressed debt
In regulation 3C (prescribed debits and credits not brought into account)— (a) in paragraph (2)— (i) for sub-paragraph (e) and the “and” at the end of that sub-paragraph substitute— (e) debits and credits in relation to an interest rate, currency, commodity or debt contract to which regulation 9A of the Disregard Regulations applies; , and (ii) after sub-paragraph (f) insert— , and (g) credits in respect of the modification or replacement of a loan relationship specified in paragraph (3B). , (b) after paragraph (3) insert— (3A) Debits in respect of the reversal of a credit specified in paragraph (2)(g) shall not be brought into account in determining a company’s profit or loss for any period. (3B) A loan relationship is specified if— (a) the company is party to the relationship as debtor, (b) the debtor relationship is modified or replaced by another, (c) immediately before the modification or replacement it is reasonable to assume that, without the modification or replacement and any arrangements of which the modification or replacement forms part, there would be a material risk that at some time within the next 12 months the company would be unable to pay its debts, and (d) the modification or replacement is treated for accounting purposes as a substantial modification of the terms of a loan relationship of the company. (3C) For the purposes of paragraph (3B)(c), a company is unable to pay its debts if— (a) it is unable to pay its debts as they fall due, or (b) the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.
3 Amendment to regulation 3C: distressed debt
In regulation 3C (prescribed debits and credits not brought into account)— (a) in paragraph (2)— (i) for sub-paragraph (e) and the “and” at the end of that sub-paragraph substitute— (e) debits and credits in relation to an interest rate, currency, commodity or debt contract to which regulation 9A of the Disregard Regulations applies; , and (ii) after sub-paragraph (f) insert— , and (g) credits in respect of the modification or replacement of a loan relationship specified in paragraph (3B). , (b) after paragraph (3) insert— (3A) Debits in respect of the reversal of a credit specified in paragraph (2)(g) shall not be brought into account in determining a company’s profit or loss for any period. (3B) A loan relationship is specified if— (a) the company is party to the relationship as debtor, (b) the debtor relationship is modified or replaced by another, (c) immediately before the modification or replacement it is reasonable to assume that, without the modification or replacement and any arrangements of which the modification or replacement forms part, there would be a material risk that at some time within the next 12 months the company would be unable to pay its debts, and (d) the modification or replacement is treated for accounting purposes as a substantial modification of the terms of a loan relationship of the company. (3C) For the purposes of paragraph (3B)(c), a company is unable to pay its debts if— (a) it is unable to pay its debts as they fall due, or (b) the value of the company’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.
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