- Latest available (Revised)
- Original (As made)
The Payment and Electronic Money Institution Insolvency Regulations 2021
You are here:
- UK Statutory Instruments
- 2021 No. 716
- Regulation 44
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
More Resources
Changes to legislation:
There are currently no known outstanding effects for the The Payment and Electronic Money Institution Insolvency Regulations 2021, Section 44.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
Dissolution or voluntary arrangementU.K.
This section has no associated Explanatory Memorandum
44.—(1) This [F1regulation] applies if the administrator—
(a)believes that Objectives 1 and 2 have been sufficiently achieved, and
(b)in pursuit of Objective 3, pursues the winding up of the institution in the best interests of the creditors.
(2) The administrator may—
(a)give a notice in accordance with paragraph 84 of Schedule B1 [F2to the IA 1986 or, as the case may be, paragraph 85 of Schedule B1 to the I(NI)O 1989] as applied and modified by these Regulations; or
(b)make a proposal in accordance with Part 1 of the IA 1986 [F3or, as the case may be, Part 2 of the I(NI)O 1989] (company voluntary arrangement).
[F4(3) The following provisions apply to a proposal made by an administrator—
(a)Part 1 of the IA 1986, with the modifications set out in paragraphs (4) to (6), (7) and (8), or
(b)Part 2 of the I(NI)O 1989, with the modifications set out in paragraphs (6A) to (8).]
(4) Section 3 (consideration of proposals) is to be read as if subsection (2) [F5(and not subsection (1))] applies.
(5) Section 5(3) (effect of approval) is to be read as if the action that may be taken by a court includes suspension of the special administration order.
(6) Sections 2 to 6 and 7 have effect without the amendments of those provisions made by paragraphs 2 to 8 of Schedule 9 to the SBEEA 2015 (company voluntary arrangements).
[F6(6A) Article 16 (summoning of meetings) is to be read as if paragraph (2) (and not paragraph (1)) applies.
(6B) Article 18(3) (effect of approval) is to be read as if the action which may be taken by the court includes suspension of the special administration order.]
(7) On the termination of a company voluntary arrangement the administrator may apply to the court to lift the suspension of the special administration order.
(8) For the purposes of this regulation, references in Part 1 of the IA 1986 [F7and Part 2 of the I(NI)O 1989] to administration include special administration.
Textual Amendments
F1Word in reg. 44(1) substituted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18(2)
F2Words in reg. 44(2)(a) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18(3)(a)
F3Words in reg. 44(2)(b) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18(3)(b)
F4Reg. 44(3) substituted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18(4)
F5Words in reg. 44(4) substituted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18(5)
F6Reg. 44(6A)(6B) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18(6)
F7Words in reg. 44(8) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 18(7)
Commencement Information
I1Reg. 44 in force at 8.7.2021, see reg. 2
Options/Help
Print Options
PrintThe Whole Instrument
PrintThis Section only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
See additional information alongside the content
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Timeline of Changes
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.