The Banks and Building Societies (Depositor Preference and Priorities) Order 2014

Amendments of Schedule 1 to the Insolvent Partnerships Order 1994 U.K.

12.—(1) Schedule 1 to the Insolvent Partnerships Order 1994 (modified provisions of Part 1 of, and Schedule A1 to, the Insolvency Act 1986 (company voluntary arrangements) as applied by Article 4)(1), is amended as follows.

(2) In modified section 4(4) (decisions of meetings)—

(a) omit the “or” at the end of paragraph (a);

(b) after paragraph (a) insert—

“(aa) any ordinary preferential debt of the partnership is to be paid otherwise than in priority to any secondary preferential debts that it may have,”;

(c) in paragraph (b)—

(i) for “a preferential debt”, substitute “an ordinary preferential debt”, and

(ii) for “another”, substitute “another ordinary”;

(d) at the end of paragraph (b), insert—

“or

(c) a preferential creditor of the partnership is to be paid an amount in respect of a secondary preferential debt that bears to that debt a smaller proportion than is borne to another secondary preferential debt by the amount that is to be paid in respect of that other debt.”.

(3) In modified section 4(7) after “preferential debts” insert “, ordinary preferential debts, secondary preferential debts”.

Commencement Information

I1 Art. 12 in force at 1.1.2015, see art. 1(2)

(1)

S.I. 1994/2421. Schedule 1 was substituted by S.I. 2002/2708.