Section 213A: Interpretation of Sub-Part IV

213A. Interpretation of Sub-Part IV (1) In this Sub-part,— “administration” means the process for administration of a company that begins when an administrator is appointed under this Sub-Part and ends in terms of section 214; “administrator” means the person who is appointed the administrator of the company in administration; “company” includes a partnership the assets of which, in its balance sheet for its last financial year, have a value of 1,000,000 rupees or more or such other figure as may be prescribed; “convening period” has the meaning assigned to it by section 237 (2); “deed administrator” means the person who is appointed the administrator of a deed of company arrangement; “deed of company arrangement” means the deed that is executed by a company and its creditors providing for payments towards the creditors’ debts; “director”, in the case of a partnership, means a partner; “enforcement process”, in relation to property, means— (a) execution against that property; or I14 – 125 [Issue 3] Insolvency Act (b) any other enforcement process in relation to that property that involves a Court or an usher; “insolvent” in relation to a company, means that the company is unable to pay its debts, as and when they become due and payable; “liquidation or winding up”, in relation to a partnership, means adjudication in bankruptcy. (2) This Sub-part does not apply to a bank or a financial institution within the meaning of the Banking Act.