Word in s. 127(1) omitted (27.6.2017) by virtue of Digital Economy Act 2017 (c. 30), s. 118(2), Sch. 9 para. 45

S. 127 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(c)

http://www.legislation.gov.uk/ukpga/2013/33/section/127/2019-12-09Financial Services (Banking Reform) Act 2013An Act to make further provision about banking and other financial services, including provision about the Financial Services Compensation Scheme; to make provision for the amounts owed in respect of certain deposits to be treated as a preferential debt on insolvency; to make further provision about payment systems and securities settlement systems; to make provision about the accounts of the Bank of England and its wholly owned subsidiaries; to make provision in relation to persons providing claims management services; and for connected purposes.texttext/xmlenStatute Law Database2024-09-06Expert Participation2019-12-09PART 6Special administration for operators of certain infrastructure systemsInterpretation
127Interpretation of Part1

In this Part—

the 1986 Act” means the Insolvency Act 1986;

business”, “member”, “property” and “security” have the same meaning as in the 1986 Act;

company” has the meaning given by section 113;

the court” means—

a

in England and Wales and Northern Ireland, the High Court;

b

in Scotland, the Court of Session;

“FMI administration order” and “FMI administrator” are to be read in accordance with section 114;

infrastructure company” has the meaning given by section 112;

operator”, in relation to a recognised ... payment system, has the meaning given by section 113;

recognised ... payment system” has the meaning given by section 113;

regulated activity” has the same meaning as in FSMA 2000;

the relevant system” has the meaning given by section 113;

securities settlement system” has the meaning given by section 113.

2

In this Part references to the FMI administrator of a company include a person appointed under paragraph 91 or 103 of Schedule B1 to the 1986 Act, as applied by Schedule 6 to this Act, to be the FMI administrator of a company.

3

In this Part references to a person qualified to act as an insolvency practitioner in relation to a company are to be read in accordance with Part 13 of the 1986 Act, but as if references in that Part to a company included a company registered under the Companies Act 2006 in Northern Ireland.

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<note class="commentary F" eId="key-4d3a55f91fa2ade61c3dcdce46755454">
<p>
Word in s. 127(1) omitted (27.6.2017) by virtue of
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30">Digital Economy Act 2017 (c. 30)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/section/118/2">s. 118(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2017/30/schedule/9/paragraph/45">Sch. 9 para. 45</ref>
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<ref href="http://www.legislation.gov.uk/id/ukpga/2013/33/section/127">S. 127</ref>
in force at 13.7.2018 for E.W. by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/848">S.I. 2018/848</ref>
,
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<em>Interpretation</em>
</heading>
<section eId="section-127" period="#period1">
<num>
<noteRef href="#key-b0e51e2ec2c2f38e7bcee7840d04da03" marker="I1" class="commentary I"/>
127
</num>
<heading>Interpretation of Part</heading>
<subsection eId="section-127-1">
<num>1</num>
<content>
<p>In this Part—</p>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-the-1986-act">the 1986 Act</term>
” means the Insolvency Act 1986;
</p>
</item>
<item>
<p>
<term refersTo="#term-business">business</term>
”, “
<term refersTo="#term-member">member</term>
”, “
<term refersTo="#term-property">property</term>
” and “
<term refersTo="#term-security">security</term>
” have the same meaning as in the 1986 Act;
</p>
</item>
<item>
<p>
<term refersTo="#term-company">company</term>
” has the meaning given by section 113;
</p>
</item>
<item>
<p>
<term refersTo="#term-the-court">the court</term>
” means—
</p>
<blockList class="ordered">
<item>
<num>a</num>
<p>in England and Wales and Northern Ireland, the High Court;</p>
</item>
<item>
<num>b</num>
<p>in Scotland, the Court of Session;</p>
</item>
</blockList>
</item>
<item>
<p>“FMI administration order” and “FMI administrator” are to be read in accordance with section 114;</p>
</item>
<item>
<p>
<term refersTo="#term-infrastructure-company">infrastructure company</term>
” has the meaning given by section 112;
</p>
</item>
<item>
<p>
<term refersTo="#term-operator">operator</term>
”, in relation to a recognised
<noteRef href="#key-4d3a55f91fa2ade61c3dcdce46755454" marker="F1" class="commentary F"/>
... payment system, has the meaning given by section 113;
</p>
</item>
<item>
<p>
<term refersTo="#term-recognised-...-payment-system">
recognised
<noteRef href="#key-4d3a55f91fa2ade61c3dcdce46755454" marker="F1" class="commentary F"/>
... payment system
</term>
” has the meaning given by section 113;
</p>
</item>
<item>
<p>
<term refersTo="#term-regulated-activity">regulated activity</term>
” has the same meaning as in FSMA 2000;
</p>
</item>
<item>
<p>
<term refersTo="#term-the-relevant-system">the relevant system</term>
” has the meaning given by section 113;
</p>
</item>
<item>
<p>
<term refersTo="#term-securities-settlement-system">securities settlement system</term>
” has the meaning given by section 113.
</p>
</item>
</blockList>
</content>
</subsection>
<subsection eId="section-127-2">
<num>2</num>
<content>
<p>In this Part references to the FMI administrator of a company include a person appointed under paragraph 91 or 103 of Schedule B1 to the 1986 Act, as applied by Schedule 6 to this Act, to be the FMI administrator of a company.</p>
</content>
</subsection>
<subsection eId="section-127-3">
<num>3</num>
<content>
<p>In this Part references to a person qualified to act as an insolvency practitioner in relation to a company are to be read in accordance with Part 13 of the 1986 Act, but as if references in that Part to a company included a company registered under the Companies Act 2006 in Northern Ireland.</p>
</content>
</subsection>
</section>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>