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The Building Societies (Insolvency and Special Administration) (Amendment) Order 2010

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Consequential amendment: Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005

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4.—(1) The Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005 are amended as follows.

(2) In regulation 5 (prescribed insolvency events), in paragraph (1)(c), at the end insert “, where a building society insolvency order is made under Part 2 of the Banking Act 2009 (bank insolvency) (as applied in relation to building societies by an Order under section 130 of that Act) or where a building society special administration order is made under Part 3 of that Act (bank administration) (as applied in relation to building societies by an Order made under section 158 of that Act)”.

(3) In regulation 6 (circumstances in which insolvency proceedings in relation to the employer are stayed or come to an end), in paragraph (1), after sub-paragraph (c) insert—

“(d)in a case where the employer is a building society, where—

(i)the appointment of a building society special administrator under Part 3 of the Banking Act 2009 (bank administration) (as applied in relation to building societies by an order under section 158 of that Act) in respect of the building society ceases to have effect, or

(ii)the building society insolvency procedure is stayed under Article 110 of the Insolvency Order (as applied by sections 103 and 134 of the Banking Act 2009(1) and an order made under section 130 of that Act), or the building society insolvency order is rescinded or discharged, except in circumstances where the court has made an administration order in accordance with section 114 of the Banking Act 2009 (as applied by an order made under section 130 of that Act).”.

(1)

Article 110 of the Insolvency (Northern Ireland) Order 1989 (No. 2405 (N.I. 19)) is the equivalent provision to section 130 of the Insolvency Act 1986 (c. 45) (consequences of winding up order) and is therefore applied by sections 103 (general powers, duties and effect) and 134 (Northern Ireland) of the Banking Act 2009.

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