insolvency event

(in accordance with regulation 22(3) of the Electronic Money Regulations and regulation 23(18) of the Payment Services Regulations) any of the following procedures in relation to a safeguarding institution:

1. (a) the making of a winding-up order;

2. (b) the passing of a resolution for voluntary winding-up;

3. (c) the entry of the institution into administration;

4. (d) the appointment of a receiver or manager of the institution’s property;

5. (e) the approval of a proposed voluntary arrangement (being a composition in satisfaction of debts or a scheme of arrangement);

6. (f) the making of a bankruptcy order;

7. (g) in Scotland, the award of sequestration;

8. (h) the making of any deed of arrangement for the benefit of creditors or, in Scotland, the execution of a trust deed for creditors;

9. (i) the conclusion of any composition contract with creditors;

10. (j) the making of an insolvency administration order or, in Scotland, sequestration, in respect of the estate of a deceased person;

11. (k) the entry of the institution into special administration under the PEMII Regulations; or

12. (l) the entry of the institution into special administration under the IBSA Regulations.