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The Credit Institutions (Reorganisation and Winding up) Regulations 2004
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- Offerynnau Statudol y Deyrnas Unedig
- 2004 No. 1045
- PART 3
- Regulation 9
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Changes over time for: Section 9
Alternative versions:
- 05/05/2004- Amendment
- 06/04/2007- Amendment
- 01/04/2013- Amendment
- 01/04/2013
Point in time
Status:
Point in time view as at 01/04/2013.
Changes to legislation:
The Credit Institutions (Reorganisation and Winding up) Regulations 2004, Section 9 is up to date with all changes known to be in force on or before 03 August 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.
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Notification of relevant decision to the [F1FCA and, if the institution is a PRA-authorised person, the PRA] U.K.
9.—(1) Where on or after 5th May 2004 the court makes a decision, order or appointment of any of the following kinds—
(a)an administration order under paragraph 13 of Schedule B1 to the 1986 Act [F2, paragraph 14 of Schedule B1 to the 1989 Order,] section 8(1) of the 1986 Act [F3or Article 21(1) of the 1989 Order];
(b)a winding-up order under section 125 of the 1986 Act or Article 105 of the 1989 Order;
(c)the appointment of a provisional liquidator under section 135(1) of the 1986 Act or Article 115(1) of the 1989 Order;
(d)the appointment of an administrator in an interim order under paragraph 13(1)(d) of Schedule B1 to the 1986 Act [F4, paragraph 14(1)(d) of Schedule B1 to the 1989 Order, section 9(4) of the 1986 Act] or Article 22(4) of the 1989 Order,
it must immediately inform the [F5FCA and, if the institution is a PRA-authorised person, the PRA], or cause the [F5FCA and, if the institution is a PRA-authorised person, the PRA] to be informed, of the order or appointment which has been made.
(2) Where a decision with respect to the approval of a voluntary arrangement has effect, and the arrangement which is the subject of that decision is a qualifying arrangement, the supervisor must forthwith inform the [F5FCA and, if the institution is a PRA-authorised person, the PRA] of the arrangement which has been approved.
(3) Where a liquidator is appointed as mentioned in section 100 of the 1986 Act, paragraph 83 of Schedule B1 to the 1986 Act [F6, paragraph 84 of Schedule B1 to the 1989 Order] or Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up), the liquidator must inform the [F5FCA and, if the institution is a PRA-authorised person, the PRA] forthwith of his appointment.
(4) Where in the case of a members' voluntary winding up, section 95 of the 1986 Act (effect of company’s insolvency) or Article 81 of the 1989 Order applies, the liquidator must inform the [F5FCA and, if the institution is a PRA-authorised person, the PRA] forthwith that he is of that opinion.
[F7(5) Paragraphs (1), (2) and (3) do not require the FCA to be informed in any case where the FCA was represented at all hearings in connection with the application in relation to which the decision, order or appointment is made.
(5A) Paragraphs (1), (2) and (3) do not require the PRA to be informed in any case where the PRA was represented at all hearings in connection with the application in relation to which the decision, order or appointment is made.]
(6) For the purposes of paragraph (2), a “qualifying arrangement” means a voluntary arrangement which—
(a)varies the rights of creditors as against the credit institution and is intended to enable the credit institution, and the whole or any part of its undertaking, to survive as a going concern; or
(b)includes a realisation of some or all of the assets of the credit institution, with a view to terminating the whole or any part of the business of that credit institution.
(7) A supervisor, administrator or liquidator who fails without reasonable excuse to comply with paragraph (2), (3), or (4) (as the case may be) commits an offence and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
Textual Amendments
F1Words in reg. 9 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(d) (with Sch. 2 para. 92)
F2Words in reg. 9(1)(a) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(6)(a)
F3Words in reg. 9(1)(a) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(6)(b)
F4Words in reg. 9(1)(d) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(6)(c)
F5Words in reg. 9(1)-(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(d) (with Sch. 2 para. 92)
F6Words in reg. 9(3) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(7)
F7Reg. 9(5)(5A) substituted for reg. 9(5) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(e) (with Sch. 2 para. 92)
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