Words in reg. 5(6) substituted (1.1.2007) by The Capital Requirements Regulations 2006 (S.I. 2006/3221), reg. 1(1), Sch. 6 para. 17(3)

Word in reg. 3(5) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(4)(a)

Words in reg. 3(5) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(4)(b)

Reg. 3(7) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(5)

Words in reg. 4(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(3)(a)

Words in reg. 4(2) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(3)(b)

Words in reg. 4(3) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(3)(c)

Words in reg. 4(5) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(3)(d)

http://www.legislation.gov.uk/uksi/2004/1045/part/2/2011-05-12The Credit Institutions (Reorganisation and Winding up) Regulations 2004texttext/xmlenStatute Law DatabaseINSOLVENCY;COMPANIES2024-05-16Expert Participation2011-05-12These Regulations implement the directive of the Parliament and the Council on the reorganisation and winding up of credit institutions (2001/24/EC) for all UK credit institutions.PART 2Insolvency Measures and Proceedings: Jurisdiction in Relation to Credit Institutions3Prohibition against winding up etc. EEA credit institutions in the United Kingdom1

On or after the relevant date a court in the United Kingdom may not, in relation to an EEA credit institution or any branch of an EEA credit institution—

a

make a winding-up order pursuant to section 221 of the 1986 Act or Article 185 of the 1989 Order;

b

appoint a provisional liquidator;

c

make an administration order.

2

Paragraph (1)(a) does not prevent—

a

the court from making a winding-up order on or after the relevant date in relation to an EEA credit institution if—

i

a provisional liquidator was appointed in relation to that credit institution before the relevant date, and

ii

that appointment continues in force until immediately before that winding-up order is made;

b

the winding up of an EEA credit institution on or after the relevant date pursuant to a winding-up order which was made, and has not been discharged, before that date.

3

Paragraph (1)(b) does not prevent a provisional liquidator of an EEA credit institution appointed before the relevant date from acting in relation to that credit institution on or after that date.

4

Paragraph (1)(c) does not prevent an administrator appointed before the relevant date from acting on or after that date in a case in which the administration order under which he or his predecessor was appointed remains in force after that date.

5

On or after the relevant date, an administrator may not, in relation to an EEA credit institution, be appointed under paragraphs 14 or 22 of Schedule B1 to the 1986 Act or paragraphs 15 or 23 of Schedule B1 to the 1989 Order.

6

A proposed voluntary arrangement shall not have effect in relation to an EEA credit institution if a decision under section 4 of the 1986 Act or Article 17 of the 1989 Order with respect to the approval of that arrangement was taken on or after the relevant date.

7

An order under section 254 of the Enterprise Act 2002 (application of insolvency law to a foreign company) or under Article 9 of the Insolvency (Northern Ireland) Order 2005 (application of insolvency law to company incorporated outside Northern Ireland) may not provide for any of the following provisions of the 1986 Act or of the 1989 Order to apply in relation to an incorporated EEA credit institution—

a

Part 1 of the 1986 Act or Part 2 of the 1989 Order (company voluntary arrangements);

b

Part 2 of the 1986 Act or Part 3 of the 1989 Order (administration);

c

Chapter 4 of Part 4 of the 1986 Act or chapter 4 of Part 5 of the 1989 Order (creditors’ voluntary winding up);

d

Chapter 6 of Part 4 of the 1986 Act (winding up by the Court).

8

In this regulation and regulation 4, “relevant date” means the 5th May 2004.

4Schemes of arrangement1

For the purposes of section 895(2)(b) of the 2006 Act, an EEA credit institution or a branch of an EEA credit institution is to be treated as a company liable to be wound up under the 1986 Act or the 1989 Order if it would be liable to be wound up under that Act or Order but for the prohibition in regulation 3(1)(a).

2

But a court may not make a relevant order under section 899 of the 2006 Act in relation to an EEA credit institution which is subject to a directive reorganisation measure or directive winding-up proceedings, or a branch of an EEA credit institution which is subject to such a measure or proceedings, unless the conditions set out in paragraph (3) are satisfied.

3

Those conditions are—

a

the person proposing the section 899 compromise or arrangement (“the proposal”) has given—

i

the administrator or liquidator, and

ii

the relevant administrative or judicial authority,

reasonable notice of the details of that proposal; and

b

no person notified in accordance with sub-paragraph (a) has objected to the proposal.

4

Nothing in this regulation invalidates a compromise or arrangement which was sanctioned by the court by an order made before the relevant date.

5

For the purposes of paragraph (2), a relevant order means an order sanctioning a a section 899 compromise or arrangement which—

a

is intended to enable the credit institution, and the whole or any part of its undertaking, to survive as a going concern and which affects the rights of persons other than the credit institution or its contributories; or

b

includes among its purposes a realisation of some or all of the assets of the EEA credit institution to which the order relates and the distribution of the proceeds to creditors, with a view to terminating the whole or any part of the business of that credit institution.

6

For the purposes of this regulation—

a

administrator” means an administrator, as defined by Article 2 of the reorganisation and winding up directive, who is appointed in relation to the EEA credit institution in relation to which the proposal is made;

b

liquidator” means a liquidator, as defined by Article 2 of the reorganisation and winding up directive, who is appointed in relation to the EEA credit institution in relation to which the proposal is made;

c

administrative or judicial authority” means the administrative or judicial authority, as defined by Article 2 of the reorganisation and winding up directive, which is competent for the purposes of the directive reorganisation measure or directive winding-up proceedings mentioned in paragraph (2).

5Reorganisation measures and winding-up proceedings in respect of EEA credit institutions effective in the United Kingdom1

An EEA insolvency measure has effect in the United Kingdom in relation to—

a

any branch of an EEA credit institution,

b

any property or other assets of that credit institution,

c

any debt or liability of that credit institution,

as if it were part of the general law of insolvency of the United Kingdom.

2

Subject to paragraph (4)—

a

a competent officer who satisfies the condition mentioned in paragraph (3); or

b

a qualifying agent appointed by a competent officer who satisfies the condition mentioned in paragraph (3),

may exercise in the United Kingdom, in relation to the EEA credit institution which is subject to an EEA insolvency measure, any function which, pursuant to that measure, he is entitled to exercise in relation to that credit institution in the relevant EEA State.

3

The condition mentioned in paragraph (2) is that the appointment of the competent officer is evidenced—

a

by a certified copy of the order or decision by a judicial or administrative authority in the relevant EEA State by or under which the competent officer was appointed; or

b

by any other certificate issued by the judicial or administrative authority which has jurisdiction in relation to the EEA insolvency measure,

and accompanied by a certified translation of that order, decision or certificate (as the case may be).

4

In exercising the functions of the kind mentioned in paragraph (2), the competent officer or qualifying agent—

a

may not take any action which would constitute an unlawful use of force in the part of the United Kingdom in which he is exercising those functions;

b

may not rule on any dispute arising from a matter falling within Part 4 of these Regulations which is justiciable by a court in the part of the United Kingdom in which he is exercising those functions; and

c

notwithstanding the way in which functions may be exercised in the relevant EEA State, must act in accordance with relevant laws or rules as to procedure which have effect in the part of the United Kingdom in which he is exercising those functions.

5

For the purposes of paragraph (4)(c), “relevant laws or rules as to procedure” means—

a

requirements as to consultation with or notification of employees of an EEA credit institution;

b

law and procedures relevant to the realisation of assets;

c

where the competent officer is bringing or defending legal proceedings in the name of, or on behalf of an EEA credit institution, the relevant rules of court.

6

In this regulation—

competent officer” means a person appointed under or in connection with an EEA insolvency measure for the purpose of administering that measure;

qualifying agent” means an agent validly appointed (whether in the United Kingdom or elsewhere) by a competent officer in accordance with the relevant law in the relevant EEA State;

EEA insolvency measure” means, as the case may be, a directive reorganisation measure or directive winding-up proceedings which have effect in relation to an EEA credit institution by virtue of the law of the relevant EEA State;

relevant EEA State”, in relation to an EEA credit institution, means the EEA State in which that credit institution has been authorised in accordance with Article 6 of the banking consolidation directive.

6Confirmation by the court of a creditors' voluntary winding up1

Rule 7.62 of the Insolvency Rules or Rule 7.56 of the Insolvency Rules (Northern Ireland) applies in relation to a UK credit institution with the modification specified in paragraph (2) or (3).

2

For the purposes of this regulation, rule 7.62 has effect as if there were substituted for paragraph (1)—

1

Where a UK credit institution (within the meaning of the Credit Institutions (Reorganisation and Winding up) Regulations 2004) has passed a resolution for voluntary winding up, and no declaration under section 89 has been made, the liquidator may apply to court for an order confirming the creditors' voluntary winding up for the purposes of Articles 10 and 28 of directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions.

.

3

For the purposes of this regulation, Rule 7.56 of the Insolvency Rules (Northern Ireland) has effect as if there were substituted for paragraph (1)—

1

Where a UK credit institution (within the meaning of the Credit Institutions (Reorganisation and Winding up) Regulations 2004) has passed a resolution for voluntary winding up, and no declaration under Article 75 has been made, the liquidator may apply to court for an order confirming the creditors' voluntary winding up for the purposes of Articles 10 and 28 of directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions.

.

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<note class="commentary F" eId="key-457dab9e1cfee98d3f7650240ab567c0">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/5/6">reg. 5(6)</ref>
substituted (1.1.2007) by
<ref href="http://www.legislation.gov.uk/id/uksi/2006/3221">The Capital Requirements Regulations 2006 (S.I. 2006/3221)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/3221/regulation/1/1">reg. 1(1)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2006/3221/schedule/6/paragraph/17/3">Sch. 6 para. 17(3)</ref>
</p>
</note>
<note class="commentary F" eId="key-f596ec5b8a61e3fcdc6fab9ac92a492a">
<p>
Word in
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/3/5">reg. 3(5)</ref>
substituted (6.4.2007) by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830">The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830/regulation/2/4/a">2(4)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-f45c564e062d5a2003acef41a8ba72d4">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/3/5">reg. 3(5)</ref>
inserted (6.4.2007) by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830">The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830/regulation/2/4/b">2(4)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-dec372871a6b906dcdf1b88a5696c94f">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/3/7">Reg. 3(7)</ref>
substituted (6.4.2007) by
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830">The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2007/830/regulation/2/5">2(5)</ref>
</p>
</note>
<note class="commentary F" eId="key-8fe7f6ea1c4458f67b2e20f653db4f8b">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/4/1">reg. 4(1)</ref>
substituted (12.5.2011) by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265">The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/1/2">arts. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/24/3/a">24(3)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-abbfbddd8d3e619c674d7552ed094bb7">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/4/2">reg. 4(2)</ref>
substituted (12.5.2011) by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265">The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/1/2">arts. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/24/3/b">24(3)(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-c603d49b6c53d3a3d04d3388b4bbebd3">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/4/3">reg. 4(3)</ref>
substituted (12.5.2011) by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265">The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/1/2">arts. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/24/3/c">24(3)(c)</ref>
</p>
</note>
<note class="commentary F" eId="key-60dc41167f3c8266371a4b54db4200f8">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2004/1045/regulation/4/5">reg. 4(5)</ref>
substituted (12.5.2011) by
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265">The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/1/2">arts. 1(2)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2011/1265/article/24/3/d">24(3)(d)</ref>
</p>
</note>
</notes>
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<dc:title>The Credit Institutions (Reorganisation and Winding up) Regulations 2004</dc:title>
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<dc:description>These Regulations implement the directive of the Parliament and the Council on the reorganisation and winding up of credit institutions (2001/24/EC) for all UK credit institutions.</dc:description>
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<num>
<strong>PART 2</strong>
</num>
<heading>
<em>Insolvency Measures and Proceedings: Jurisdiction in Relation to Credit Institutions</em>
</heading>
<hcontainer name="regulation" eId="regulation-3" period="#period3">
<num>3</num>
<heading>Prohibition against winding up etc. EEA credit institutions in the United Kingdom</heading>
<paragraph eId="regulation-3-1">
<num>1</num>
<intro>
<p>On or after the relevant date a court in the United Kingdom may not, in relation to an EEA credit institution or any branch of an EEA credit institution—</p>
</intro>
<subparagraph eId="regulation-3-1-a">
<num>a</num>
<content>
<p>make a winding-up order pursuant to section 221 of the 1986 Act or Article 185 of the 1989 Order;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-1-b">
<num>b</num>
<content>
<p>appoint a provisional liquidator;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-1-c">
<num>c</num>
<content>
<p>make an administration order.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-3-2">
<num>2</num>
<intro>
<p>Paragraph (1)(a) does not prevent—</p>
</intro>
<subparagraph eId="regulation-3-2-a">
<num>a</num>
<intro>
<p>the court from making a winding-up order on or after the relevant date in relation to an EEA credit institution if—</p>
</intro>
<clause eId="regulation-3-2-a-i">
<num>i</num>
<content>
<p>a provisional liquidator was appointed in relation to that credit institution before the relevant date, and</p>
</content>
</clause>
<clause eId="regulation-3-2-a-ii">
<num>ii</num>
<content>
<p>that appointment continues in force until immediately before that winding-up order is made;</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-3-2-b">
<num>b</num>
<content>
<p>the winding up of an EEA credit institution on or after the relevant date pursuant to a winding-up order which was made, and has not been discharged, before that date.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-3-3">
<num>3</num>
<content>
<p>Paragraph (1)(b) does not prevent a provisional liquidator of an EEA credit institution appointed before the relevant date from acting in relation to that credit institution on or after that date.</p>
</content>
</paragraph>
<paragraph eId="regulation-3-4">
<num>4</num>
<content>
<p>Paragraph (1)(c) does not prevent an administrator appointed before the relevant date from acting on or after that date in a case in which the administration order under which he or his predecessor was appointed remains in force after that date.</p>
</content>
</paragraph>
<paragraph eId="regulation-3-5">
<num>5</num>
<content>
<p>
On or after the relevant date, an administrator may not, in relation to an EEA credit institution, be appointed under paragraphs 14 or 22 of Schedule B1
<ins class="substitution key-f596ec5b8a61e3fcdc6fab9ac92a492a-1570523719976 first last">
<noteRef href="#key-f596ec5b8a61e3fcdc6fab9ac92a492a" marker="F2" class="commentary attribute F"/>
to
</ins>
the 1986 Act
<ins class="key-f45c564e062d5a2003acef41a8ba72d4-1570523755605 first last">
<noteRef href="#key-f45c564e062d5a2003acef41a8ba72d4" marker="F3" class="commentary attribute F"/>
or paragraphs 15 or 23 of Schedule B1 to the 1989 Order
</ins>
.
</p>
</content>
</paragraph>
<paragraph eId="regulation-3-6">
<num>6</num>
<content>
<p>A proposed voluntary arrangement shall not have effect in relation to an EEA credit institution if a decision under section 4 of the 1986 Act or Article 17 of the 1989 Order with respect to the approval of that arrangement was taken on or after the relevant date.</p>
</content>
</paragraph>
<paragraph eId="regulation-3-7">
<num>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190 first">
<noteRef href="#key-dec372871a6b906dcdf1b88a5696c94f" marker="F4" class="commentary attribute F"/>
7
</ins>
</num>
<intro>
<p>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">An order under section 254 of the Enterprise Act 2002 (application of insolvency law to a foreign company) or under Article 9 of the Insolvency (Northern Ireland) Order 2005</ins>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190"> (application of insolvency law to company incorporated outside Northern Ireland) may not provide for any of the following provisions of the 1986 Act or of the 1989 Order to apply in relation to an incorporated </ins>
<abbr class="Acronym" title="European Economic Area">
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">EEA</ins>
</abbr>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190"> credit institution—</ins>
</p>
</intro>
<subparagraph eId="regulation-3-7-a">
<num>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">a</ins>
</num>
<content>
<p>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">Part 1 of the 1986 Act or Part 2 of the 1989 Order (company voluntary arrangements);</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-7-b">
<num>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">b</ins>
</num>
<content>
<p>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">Part 2 of the 1986 Act or Part 3 of the 1989 Order (administration);</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-7-c">
<num>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">c</ins>
</num>
<content>
<p>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">Chapter 4 of Part 4 of the 1986 Act or chapter 4 of Part 5 of the 1989 Order (creditors’ voluntary winding up);</ins>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-7-d">
<num>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190">d</ins>
</num>
<content>
<p>
<ins class="substitution key-dec372871a6b906dcdf1b88a5696c94f-1570523781190 last">Chapter 6 of Part 4 of the 1986 Act (winding up by the Court).</ins>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-3-8">
<num>8</num>
<content>
<p>
In this regulation and regulation 4, “
<term refersTo="#term-relevant-date">relevant date</term>
” means the 5th May 2004.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-4" period="#period7">
<num>4</num>
<heading>Schemes of arrangement</heading>
<paragraph eId="regulation-4-1">
<num>1</num>
<content>
<p>
For the purposes of
<ins class="substitution key-8fe7f6ea1c4458f67b2e20f653db4f8b-1570530466786 first">
<noteRef href="#key-8fe7f6ea1c4458f67b2e20f653db4f8b" marker="F5" class="commentary attribute F"/>
section 895(2)(b) of the
</ins>
<abbr title="Companies Act 2006 c. 46" xml:lang="">
<ins class="substitution key-8fe7f6ea1c4458f67b2e20f653db4f8b-1570530466786 last">2006 Act</ins>
</abbr>
, an EEA credit institution or a branch of an EEA credit institution is to be treated as a company liable to be wound up under the 1986 Act or the 1989 Order if it would be liable to be wound up under that Act or Order but for the prohibition in regulation 3(1)(a).
</p>
</content>
</paragraph>
<paragraph eId="regulation-4-2">
<num>2</num>
<content>
<p>
But a court may not make a relevant order under
<ins class="substitution key-abbfbddd8d3e619c674d7552ed094bb7-1570530508064 first">
<noteRef href="#key-abbfbddd8d3e619c674d7552ed094bb7" marker="F6" class="commentary attribute F"/>
section 899 of the
</ins>
<abbr title="Companies Act 2006 c. 46" xml:lang="">
<ins class="substitution key-abbfbddd8d3e619c674d7552ed094bb7-1570530508064 last">2006 Act</ins>
</abbr>
in relation to an EEA credit institution which is subject to a directive reorganisation measure or directive winding-up proceedings, or a branch of an EEA credit institution which is subject to such a measure or proceedings, unless the conditions set out in paragraph (3) are satisfied.
</p>
</content>
</paragraph>
<paragraph eId="regulation-4-3">
<num>3</num>
<intro>
<p>Those conditions are—</p>
</intro>
<subparagraph eId="regulation-4-3-a">
<num>a</num>
<intro>
<p>
the person proposing
<ins class="substitution key-c603d49b6c53d3a3d04d3388b4bbebd3-1570530555035 first last">
<noteRef href="#key-c603d49b6c53d3a3d04d3388b4bbebd3" marker="F7" class="commentary attribute F"/>
the section 899 compromise or arrangement
</ins>
(“
<term refersTo="#term-the-proposal">the proposal</term>
”) has given—
</p>
</intro>
<clause eId="regulation-4-3-a-i">
<num>i</num>
<content>
<p>the administrator or liquidator, and</p>
</content>
</clause>
<clause eId="regulation-4-3-a-ii">
<num>ii</num>
<content>
<p>the relevant administrative or judicial authority,</p>
</content>
</clause>
<wrapUp>
<p>reasonable notice of the details of that proposal; and</p>
</wrapUp>
</subparagraph>
<subparagraph eId="regulation-4-3-b">
<num>b</num>
<content>
<p>no person notified in accordance with sub-paragraph (a) has objected to the proposal.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-4-4">
<num>4</num>
<content>
<p>Nothing in this regulation invalidates a compromise or arrangement which was sanctioned by the court by an order made before the relevant date.</p>
</content>
</paragraph>
<paragraph eId="regulation-4-5">
<num>5</num>
<intro>
<p>
For the purposes of paragraph (2), a relevant order means an order sanctioning a
<ins class="substitution key-60dc41167f3c8266371a4b54db4200f8-1570530581306 first last">
<noteRef href="#key-60dc41167f3c8266371a4b54db4200f8" marker="F8" class="commentary attribute F"/>
a section 899 compromise or arrangement
</ins>
which—
</p>
</intro>
<subparagraph eId="regulation-4-5-a">
<num>a</num>
<content>
<p>is intended to enable the credit institution, and the whole or any part of its undertaking, to survive as a going concern and which affects the rights of persons other than the credit institution or its contributories; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-5-b">
<num>b</num>
<content>
<p>includes among its purposes a realisation of some or all of the assets of the EEA credit institution to which the order relates and the distribution of the proceeds to creditors, with a view to terminating the whole or any part of the business of that credit institution.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-4-6">
<num>6</num>
<intro>
<p>For the purposes of this regulation—</p>
</intro>
<subparagraph eId="regulation-4-6-a">
<num>a</num>
<content>
<p>
<term refersTo="#term-administrator">administrator</term>
” means an administrator, as defined by Article 2 of the reorganisation and winding up directive, who is appointed in relation to the EEA credit institution in relation to which the proposal is made;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-6-b">
<num>b</num>
<content>
<p>
<term refersTo="#term-liquidator">liquidator</term>
” means a liquidator, as defined by Article 2 of the reorganisation and winding up directive, who is appointed in relation to the EEA credit institution in relation to which the proposal is made;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-6-c">
<num>c</num>
<content>
<p>
<term refersTo="#term-administrative-or-judicial-authority">administrative or judicial authority</term>
” means the administrative or judicial authority, as defined by Article 2 of the reorganisation and winding up directive, which is competent for the purposes of the directive reorganisation measure or directive winding-up proceedings mentioned in paragraph (2).
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-5" period="#period2">
<num>5</num>
<heading>Reorganisation measures and winding-up proceedings in respect of EEA credit institutions effective in the United Kingdom</heading>
<paragraph eId="regulation-5-1">
<num>1</num>
<intro>
<p>An EEA insolvency measure has effect in the United Kingdom in relation to—</p>
</intro>
<subparagraph eId="regulation-5-1-a">
<num>a</num>
<content>
<p>any branch of an EEA credit institution,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-1-b">
<num>b</num>
<content>
<p>any property or other assets of that credit institution,</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-1-c">
<num>c</num>
<content>
<p>any debt or liability of that credit institution,</p>
</content>
</subparagraph>
<wrapUp>
<p>as if it were part of the general law of insolvency of the United Kingdom.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-5-2">
<num>2</num>
<intro>
<p>Subject to paragraph (4)—</p>
</intro>
<subparagraph eId="regulation-5-2-a">
<num>a</num>
<content>
<p>a competent officer who satisfies the condition mentioned in paragraph (3); or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-2-b">
<num>b</num>
<content>
<p>a qualifying agent appointed by a competent officer who satisfies the condition mentioned in paragraph (3),</p>
</content>
</subparagraph>
<wrapUp>
<p>may exercise in the United Kingdom, in relation to the EEA credit institution which is subject to an EEA insolvency measure, any function which, pursuant to that measure, he is entitled to exercise in relation to that credit institution in the relevant EEA State.</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-5-3">
<num>3</num>
<intro>
<p>The condition mentioned in paragraph (2) is that the appointment of the competent officer is evidenced—</p>
</intro>
<subparagraph eId="regulation-5-3-a">
<num>a</num>
<content>
<p>by a certified copy of the order or decision by a judicial or administrative authority in the relevant EEA State by or under which the competent officer was appointed; or</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-3-b">
<num>b</num>
<content>
<p>by any other certificate issued by the judicial or administrative authority which has jurisdiction in relation to the EEA insolvency measure,</p>
</content>
</subparagraph>
<wrapUp>
<p>and accompanied by a certified translation of that order, decision or certificate (as the case may be).</p>
</wrapUp>
</paragraph>
<paragraph eId="regulation-5-4">
<num>4</num>
<intro>
<p>In exercising the functions of the kind mentioned in paragraph (2), the competent officer or qualifying agent—</p>
</intro>
<subparagraph eId="regulation-5-4-a">
<num>a</num>
<content>
<p>may not take any action which would constitute an unlawful use of force in the part of the United Kingdom in which he is exercising those functions;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-4-b">
<num>b</num>
<content>
<p>may not rule on any dispute arising from a matter falling within Part 4 of these Regulations which is justiciable by a court in the part of the United Kingdom in which he is exercising those functions; and</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-4-c">
<num>c</num>
<content>
<p>notwithstanding the way in which functions may be exercised in the relevant EEA State, must act in accordance with relevant laws or rules as to procedure which have effect in the part of the United Kingdom in which he is exercising those functions.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-5-5">
<num>5</num>
<intro>
<p>
For the purposes of paragraph (4)(c), “
<term refersTo="#term-relevant-laws-or-rules-as-to-procedure">relevant laws or rules as to procedure</term>
” means—
</p>
</intro>
<subparagraph eId="regulation-5-5-a">
<num>a</num>
<content>
<p>requirements as to consultation with or notification of employees of an EEA credit institution;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-5-b">
<num>b</num>
<content>
<p>law and procedures relevant to the realisation of assets;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-5-c">
<num>c</num>
<content>
<p>where the competent officer is bringing or defending legal proceedings in the name of, or on behalf of an EEA credit institution, the relevant rules of court.</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-5-6">
<num>6</num>
<content>
<p>In this regulation—</p>
</content>
</paragraph>
<wrapUp>
<blockList class="unordered">
<item>
<p>
<term refersTo="#term-competent-officer">competent officer</term>
” means a person appointed under or in connection with an EEA insolvency measure for the purpose of administering that measure;
</p>
</item>
<item>
<p>
<term refersTo="#term-qualifying-agent">qualifying agent</term>
” means an agent validly appointed (whether in the United Kingdom or elsewhere) by a competent officer in accordance with the relevant law in the relevant EEA State;
</p>
</item>
<item>
<p>
<term refersTo="#term-eea-insolvency-measure">EEA insolvency measure</term>
” means, as the case may be, a directive reorganisation measure or directive winding-up proceedings which have effect in relation to an EEA credit institution by virtue of the law of the relevant EEA State;
</p>
</item>
<item>
<p>
<term refersTo="#term-relevant-eea-state">relevant EEA State</term>
”, in relation to an EEA credit institution, means the EEA State in which that credit institution has been authorised in accordance with
<ins class="substitution key-457dab9e1cfee98d3f7650240ab567c0-1569850878527 first last">
<noteRef href="#key-457dab9e1cfee98d3f7650240ab567c0" marker="F1" class="commentary attribute F"/>
Article 6
</ins>
of the banking consolidation directive.
</p>
</item>
</blockList>
</wrapUp>
</hcontainer>
<hcontainer name="regulation" eId="regulation-6" period="#period1">
<num>6</num>
<heading>Confirmation by the court of a creditors' voluntary winding up</heading>
<paragraph eId="regulation-6-1">
<num>1</num>
<content>
<p>Rule 7.62 of the Insolvency Rules or Rule 7.56 of the Insolvency Rules (Northern Ireland) applies in relation to a UK credit institution with the modification specified in paragraph (2) or (3).</p>
</content>
</paragraph>
<paragraph eId="regulation-6-2">
<num>2</num>
<content>
<p>For the purposes of this regulation, rule 7.62 has effect as if there were substituted for paragraph (1)—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<paragraph eId="d4e569">
<num>1</num>
<content>
<p>
Where a UK credit institution (within the meaning of the Credit Institutions (Reorganisation and Winding up) Regulations 2004) has passed a resolution for voluntary winding up, and no declaration under section 89 has been made, the liquidator may apply to court for an order confirming the creditors' voluntary winding up for the purposes of Articles 10 and 28 of directive
<ref href="http://www.legislation.gov.uk/european/directive/2001/0024">2001/24/EC</ref>
of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions.
</p>
</content>
</paragraph>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</paragraph>
<paragraph eId="regulation-6-3">
<num>3</num>
<content>
<p>For the purposes of this regulation, Rule 7.56 of the Insolvency Rules (Northern Ireland) has effect as if there were substituted for paragraph (1)—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<paragraph eId="d4e587">
<num>1</num>
<content>
<p>
Where a UK credit institution (within the meaning of the Credit Institutions (Reorganisation and Winding up) Regulations 2004) has passed a resolution for voluntary winding up, and no declaration under Article 75 has been made, the liquidator may apply to court for an order confirming the creditors' voluntary winding up for the purposes of Articles 10 and 28 of directive
<ref href="http://www.legislation.gov.uk/european/directive/2001/0024">2001/24/EC</ref>
of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions.
</p>
</content>
</paragraph>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</paragraph>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>