(1) This section applies where -
(a) the conditions specified in subsection (2) are met in relation to an eligible company, and
(b) the directors of the eligible company wish to avail of a rescue plan.
(2) The conditions referred to in subsection (1) are -
(a) the eligible company is, or is likely to be, unable to pay its debts,
(b) no resolution subsists for the winding up of the eligible company,
(c) no order has been made for the winding up of the eligible company,
(d) the directors of the eligible company have not passed a resolution for the appointment of a process adviser in respect of the eligible company during the period of 5 years ending on the date on which it is proposed that such a resolution be passed by the eligible company,
(e) no examiner has been appointed to the eligible company during the period of 5 years referred to in paragraph (d).
(3) For the purposes of subsection (2)(a), an eligible company is unable to pay its debts if -
(a) it is unable to pay its debts as
…