Banking Act 2009

160 Rules U.K.

(1) Section 411 of the Insolvency Act 1986 (company insolvency rules) is amended as follows.

(2) After subsection (1A) (inserted by section 125 above) insert—

“(1B) Rules may also be made for the purpose of giving effect to Part 3 of the Banking Act 2009 (bank administration); and rules for that purpose shall be made—

(a) in relation to England and Wales, by the Lord Chancellor with the concurrence of—

(i) the Treasury, and

(ii) in the case of rules that affect court procedure, the Lord Chief Justice, or

(b) in relation to Scotland, by the Treasury.”

(3) In subsection (2), after “(1A)” (inserted by section 125 above) insert “ or (1B) ”.

(4) After subsection (2C) (inserted by section 125 above) insert—

“(2D) For the purposes of subsection (2), a reference in Schedule 8 to this Act to doing anything under or for the purposes of a provision of this Act includes a reference to doing anything under or for the purposes of Part 3 of the Banking Act 2009.”

(5) In subsection (3)—

(a) after “bank liquidator” (inserted by section 125 above) insert “ or administrator ”, and

(b) after “Part 2” (inserted by section 125 above) insert “ or 3 ”.

(6) Section 413(2) of the Insolvency Act 1986 (rules: duty to consult Insolvency Rules Committee) shall not apply to the first set of rules which is made in reliance on this section.

Modifications etc. (not altering text)

C1 Pt. 3 modified (21.2.2009) by Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009 (S.I. 2009/313), regs. 1(1), 2, 3, Sch. 1

C2 Pt. 3 modified (21.2.2009) by The Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312), regs. 1(1), 2-4, Sch.

Commencement Information

I1 S. 160 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3