The Financial Services and Markets Act 2000 (Transitional Provisions and Savings) (Civil Remedies, Discipline, Criminal Offences etc.) Order 2001

Winding-up of former authorised institutions etc.

12.—(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) In that section as it has effect by virtue of paragraph (1), for subsections (4) and (5) substitute—

“(4) If a body is in default on an obligation to pay a sum due and payable in respect of a deposit, within the meaning of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (including any sum that would otherwise be excluded by article 6 of that Order), it is to be treated for the purpose of subsection (3)(a) as unable to pay its debts.”.