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Changes over time for: Section 27
Timeline of Changes
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Version Superseded: 31/12/2020
Status:
Point in time view as at 23/04/2019. This version of this provision has been superseded.
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Changes to legislation:
The Credit Institutions (Reorganisation and Winding up) Regulations 2004, Section 27 is up to date with all changes known to be in force on or before 02 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes to Legislation
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Reservation of title agreements etc.U.K.
27.—(1) The adoption of a relevant reorganisation or opening of a relevant winding up in relation to a credit institution purchasing an asset shall not affect the seller’s rights based on a reservation of title where at the time of that adoption or opening the asset is situated within the territory of an EEA State.
(2) The adoption of a relevant reorganisation or opening of a relevant winding up in relation to a credit institution selling an asset, after delivery of the asset, shall not constitute grounds for rescinding or terminating the sale and shall not prevent the purchaser from acquiring title where at the time of that adoption or opening the asset sold is situated within the territory of an EEA State.
(3) Paragraphs (1) and (2) do not preclude actions for voidness, voidability or unenforceability of legal acts detrimental to creditors under the general law of insolvency of the United Kingdom.
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