12. Rights exercisable only in certain circumstances
(1) Rights that are exercisable only in certain circumstances are to be taken into account only:
(a) when the circumstances have arisen, and for so long as they continue to obtain; or
(b) when the circumstances are within the control of the person having the rights, but rights that are exercisable by an administrator, administration manager or by creditors while an ADGM Person or other legal entity is in relevant insolvency proceedings are not to be taken into account even while the person or other entity is in those proceedings.
(2) For the purposes of subparagraph (1), an ADGM Person or other legal entity is in “relevant insolvency proceedings” if:
(a) a liquidator (provisional or otherwise) has been appointed to act;
(b) in the case of a company;
(i) an administration order has been made within the meaning of the Insolvency Regulations 2015; or
(ii) a delegation to creditors or a committee of creditors has been made; or
(c) in the case of an LLP, an administration order has been made within the meaning of the Insolvency Regulations 2015;
(d) in the case of a foundation, there has been a bankruptcy, insolvency or liquidation of a beneficiary within the meaning of the Foundations Regulations;
(e) in the case of a trust, there has been a revocation of the trust; or
(f) it is in proceedings under the insolvency law of another country or territory during which the entity’s assets and affairs are subject to the control or supervision of a third party or creditor.
(3) Rights that are normally exercisable but are temporarily incapable of exercise are to continue to be taken into account.