Amended by S.I.1995/1442 and modified by S.I.1992/3218.

http://www.legislation.gov.uk/uksi/2001/3083/article/12/madeThe Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) (No. 2) Order 2001BankingBuilding societiesBusiness practice and regulationInvestmentFinancial service industriesKing's Printer of Acts of Parliament2014-09-29FINANCIAL SERVICES AND MARKETSThis Order revokes and re-enacts with certain modifications the Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) Order 2001 (S.I. 2001/2657).PART 4PROVISIONS RELATING TO THOSE FORMERLY AUTHORISED IN RELATION TO DEPOSIT TAKING
12Winding-up of former authorised institutions etc.1

Section 367 (winding-up petitions) has effect as if—

a

the reference in subsection (1)(a) to a body which has been an authorised person included a reference to a body which—

i

is not and never has been an authorised person (within the meaning of the Act);

ii

has been an authorised institution within the meaning of the Banking Act;

iii

was not, immediately before commencement, authorised under that Act; and

iv

continues to have any liability in respect of deposits which it accepted when it was authorised under that Act;

b

the reference in subsection (1)(c) to a body which has carried on a regulated activity in contravention of the general prohibition included a reference to a company or partnership which has, before commencement, contravened section 3 of the Banking Act and which continues to have any liability in respect of deposits which it accepted in contravention of that enactment.

2

If a body specified by paragraph (1)(a) or (b) is in default on an obligation to pay a sum due and payable in respect of a deposit, within the meaning of section 5 of the Banking Act (including any sum which would otherwise be excluded by subsection (3)(a), (b) or (e) of that section), it is to be treated for the purpose of subsection (3)(a) of section 367 as unable to pay its debts.

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Amended by
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and modified by
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Winding-up of former authorised institutions
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<p>Section 367 (winding-up petitions) has effect as if—</p>
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is not and never has been an authorised person (within the meaning of
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has been an authorised institution within the meaning of the
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the reference in subsection (1)(c) to a body which has carried on a regulated activity in contravention of the general prohibition included a reference to a company or partnership which has, before commencement, contravened section 3 of the
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If a body specified by paragraph (1)(a) or (b) is in default on an obligation to pay a sum due and payable in respect of a deposit, within the meaning of section 5 of the
<abbr title="Banking Act 1987 c. 22" xml:lang="">Banking Act</abbr>
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(including any sum which would otherwise be excluded by subsection (3)(a), (b) or (e) of that section), it is to be treated for the purpose of subsection (3)(a) of section 367 as unable to pay its debts.
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