299. Meaning of "liability", "into liquidation" and "into insolvent liquidation" and "in administration", "enters administration" and "enters insolvent administration"

(1) In any provision of these Regulations about winding-up or administration, except in so far as the context otherwise requires, "liability" means a liability to pay money or money's worth, including, without limitation, any liability under an enactment, any liability for breach of trust, any liability in contract, tort or bailment, and any liability arising out of an obligation to make restitution.
(2) A Company goes "into liquidation" if it passes a resolution for voluntary winding-up or an order for its winding-up is made by the Court at a time when it has not already gone into liquidation by passing such a resolution.
(3) A Company goes "into insolvent liquidation" if at the time the Company goes into liquidation its assets were insufficient for the payment of its debts and other liabilities and the expenses of the winding-up.
(4) References to a Company being "in administration" or that a Company "enters administration" shall be construed in accordance with Section 1(2) (Administration).
(5) A Company enters "insolvent administration" if it enters administration at a time when its assets are insufficient for the payment of its debts and other liabilities and the expenses of the administration.