Regulation 25

1. In this Schedule, "the 1994 Order" means the Insolvent Partnerships Order 1994 [S.I. 1994/2421; this instrument was amended by S.I. 2005/1516.].

2. These Regulations apply where the investment bank is a partnership subject to the following modifications.

3. In the application of these Regulations and the Disqualification Act to partnerships, unless the contrary intention appears, the following apply -

(a) references to companies shall be construed as references to partnerships and all references to the registrar of companies shall be omitted;

(b) references to shares of a company shall be construed -

(i) in relation to a partnership with capital, as references to rights to share in that capital, and

(ii) in relation to a partnership without capital, as references to interests -

(aa) conferring any right to share in the profits or liability to contribute to the losses of the partnership, or

(bb) giving rise to an obligation to contribute to the debts or expenses of the partnership in the event of special administration; and