Building Societies Act 1986 (c. 53)

SCHEDULES

SCHEDULE 15 U.K. Application of Companies Winding Up Legislation to Building Societies

Modifications etc. (not altering text)

C1 Sch. 15 applied (with modifications) (7.4.2010) by The Building Societies (Financial Assistance) Order 2010 (S.I. 2010/1188), arts. 1(2), 9

Part II U.K. Modified Application of Insolvency Act 1986

Parts IV [F1 , 12 and 13] U.K.

Textual Amendments

F1 Words in Sch. 15 Pt. II heading substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 2(3)(b)

Voluntary winding up U.K.

12 (1) Section 107 (distribution of property) of the Act does not apply; and the following applies in its place. U.K.

(2) Subject to the provisions of Part IV relating to preferential payments, a building society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors F2 . . . pari passu and, subject to that application, in accordance with the rules of the society.

[F3 (3) In sub-paragraph (2) the reference to the society’s liabilities to creditors includes a reference to the society’s liabilities to shareholding members of the society in respect of deposits which are not relevant deposits.]

Textual Amendments

F2 Words in Sch. 15 para. 12(2) repealed (1.12.2001) by S.I. 2001/2617, arts. 2(b), 13(2), Sch. 4 (with art. 13(3), Sch. 5); S.I. 2001/3538, art. 2

F3 Sch. 15 para. 12(3) inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 33(4) (with art. 3)