Article 97 - Requirement for QFC Entity to be a Going Concern
(1) A QFC Entity may only make a claim under Article 96 at a time when it is a going concern.
(2) If a QFC Entity ceases to be a going concern after making a claim under Article 96, but before payment of the tax credit by the Tax Department , it is treated as if it had not made the claim.
(3) For the purposes of Article 97(1) and Article 97(2), and subject to Article 97(4), a QFC Entity is a going concern if—
(a) its latest accounts prepared in accordance with GAAP and the laws of the QFC were prepared on a going concern basis;
(b) nothing in those accounts indicates that they were only prepared on a going concern basis because of an expectation that the QFC Entity would receive a tax credit in respect of Reimbursable Tax Losses under this Part; and
(c) it is actively seeking business.
(4) A QFC Entity is not a going concern at any time if it is in administration or liquidation.
(5) For the purposes of this Article, a QFC Entity is in administration if—
(a) it is in administration under the Insolvency Regulations 2005, or
(b) a corresponding situation under the law of a country or territory outside the State exists in relation to the QFC Entity .
(6) For the purposes of this Article a QFC Entity is in liquidation if—
(a) it is in liquidation within the meaning of the Insolvency Regulations 2005, or
(b) a corresponding situation under the law of a country or territory outside the State exists in relation to the QFC Entity .
(7) For the purposes of Article 97(3), accounts prepared in accordance with GAAP has the same meaning given by Article 15(2).
| Inserted (as from 18th June 2014) |