The Companies Act 1985 (Disclosure of Remuneration for Non-Audit Work) (Amendment) Regulations 1995

• Citation: S.I. 1995/1520
• Sections: 4

Section 1 Citation and commencement

These Regulations may be cited as the Companies Act 1985 (Disclosure of Remuneration for Non-Audit Work) (Amendment) Regulations 1995 and shall come into force on 10th July 1995.

Section 2 Interpretation

In these Regulations—

“the 1991 Regulations ” means the Companies Act 1985 (Disclosure of Remunera-tion for Non-Audit Work) Regulations 1991 ;

“acting as an insolvency practitioner” shall be construed in accordance with section 388 of the Insolvency Act 1986 ;

any reference to “a receiver, or a receiver or manager, of the property of a company” includes a receiver, or (as the case may be) a receiver or manager, of part only of that property.

Section 3 Amendment of the 1991 Regulations

In regulation 3 of the 1991 Regulations, in paragraph 1, after the words “This regulation applies” there shall be inserted “, subject to regulation 7 below,”.

Section 4 Amendment of the 1991 Regulations

After regulation 6 of the 1991 Regulations there shall be inserted the following regulation—

Persons who are not to be regarded as associates of a company’s auditors

(7) For the purposes of these Regulations a body corporate shall not be regarded as an associate of a company’s auditors in a relevant financial year—

(a) by virtue of regulation 3(2)(e) of these Regulations if the relevant director of the auditors was entitled to exercise, or control the exercise of, 20% or more of the voting rights at any general meeting of such body corporate solely by virtue of acting as an insolvency practitioner in relation to any person, or in his capacity as a receiver, or a receiver or manager, of the property of a company, or a judicial factor on the estate of any person;

(b) by virtue of regulation 3(3)(c) of these Regulations if the auditors or the relevant partner in the auditors were or was entitled to exercise, or control the exercise of, 20% or more of the voting rights at any general meeting of such body corporate solely by virtue of acting as an insolvency pactitioner in relation to any person, or in his capacity as a receiver, or a receiver or manager, of the property of a company, or a judicial factor on the estate of any person;

(c) by virtue of regulation 3(4)(b) of these Regulations if neither the auditor nor any associate of his was entitled to exercise, or control the exercise of, 20% or more of the voting rights at any general meeting of such body corporate otherwise than by virtue of acting as an insolvency practitioner in relation to any person, or in his capacity as a receiver, or a receiver or manager, of the property of a company, or a judicial factor on the estate of any person.