123 Interpretation of Chapter II
Pension Schemes Act 1993 (1993 c 48) | Legislation

Chapter II
Payment by Secretary of State of Unpaid Scheme Contributions

123  Interpretation of Chapter II

(1)     For the purposes of this Chapter, an employer shall be taken to be insolvent if, but only if, in England and Wales—

(a)     he has been [made] bankrupt or has made a composition or arrangement with his creditors;

(b)     he has died and his estate falls to be administered in accordance with an order under section 421 of the Insolvency Act 1986; . . .

(c)     where the employer is a company—

(i)     a winding-up order . . . is made or a resolution for voluntary winding up is passed with respect to it [or the company enters administration],

(ii)     a receiver or manager of its undertaking is duly appointed,

(iii)     possession is taken, by or on behalf of the holders of any debentures secured by a floating charge, of any property of the company comprised in or subject to the charge, or

(iv)     a voluntary arrangement proposed for the purpose of Part I of the Insolvency Act 1986 is approved under that Part[; or]

[(d)     subsection (2A) or (2ZA) is satisfied].

(2)     For the purposes of this Chapter, an

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