The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021

PART 13 E+W General interpretation and application

Introduction E+W

289.  Any definition given in this Part applies except and in so far as the context otherwise requires.

Commencement Information

I1 Rule 289 in force at 12.11.2021, see rule 2

“The court” and “the registrar” E+W

290.—(1) Anything to be done under or by virtue of the Regulations or these Rules by, to or before the court may be done by, to or before a judge or the registrar.

(2) The registrar may authorise any act of a formal or administrative character which is not by statute the registrar’s responsibility to be carried out by the chief clerk or any other officer of the court acting on the registrar’s behalf, in accordance with directions given by the Lord Chancellor.

Commencement Information

I2 Rule 290 in force at 12.11.2021, see rule 2

[F1 Venue] E+W

291.—F2 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) Reference to a “venue”—

(a) in relation to any proceeding or attendance before the court is to the time, date and place or platform for the proceeding or attendance,

(b) in relation to an examination under rule 235 is to the time, date and place for the examination, and

(c) in relation to a meeting—

(i) is to the time, date and place for the meeting, or

[F3 (ii) in the case of a meeting to be conducted and held in accordance with rule 80(2) or section 246A(3) of the IA 1986, is to the time and date for the meeting and the arrangements the administrator proposes to enable persons to exercise their rights to speak and vote at the meeting.]

Textual Amendments

F1 Rule 291 heading substituted (10.8.2022) by The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 (S.I. 2022/847), rules 1(2), 2(11)

F2 Rule 291(1) omitted (10.8.2022) by virtue of The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 (S.I. 2022/847), rules 1(2), 2(12)(a)

F3 Rule 291(2)(c)(ii) substituted for rule 291(2)(c)(ii)(iii) (10.8.2022) by The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 (S.I. 2022/847), rules 1(2), 2(12)(b)

Commencement Information

I3 Rule 291 in force at 12.11.2021, see rule 2

Insolvent estate E+W

292.  References to “the insolvent estate” are to the institution’s assets.

Commencement Information

I4 Rule 292 in force at 12.11.2021, see rule 2

The appropriate fee E+W

293.  ”The appropriate fee” means 15 pence per A4 or A5 page, and 30 pence per A3 page.

Commencement Information

I5 Rule 293 in force at 12.11.2021, see rule 2

“Debt” and “liability” E+W

294.—(1) Subject to paragraph (2), “debt” means any of the following—

(a) any debt or liability to which the institution is subject on the date on which the institution entered special administration,

(b) any debt or liability to which the institution may become subject after that date by reason of any obligation incurred before that date, and

(c) any interest provable as mentioned in rule 135.

(2) In paragraph (1)(a), the reference to debt or liability includes a shortfall claim even if the shortfall claim is incurred after the date on which the institution entered special administration.

(3) For the purposes of any provision of the Regulations or these Rules, any liability in tort is a debt provable in the special administration, if either—

(a) the cause of action has accrued at the date on which the institution went into special administration, or

(b) all the elements necessary to establish the cause of action exist at that date except for actionable damage.

(4) For the purposes of references in any provision of the Regulations or these Rules to a debt or liability, it is immaterial whether the debt or liability is present or future, whether it is certain or contingent, or whether its amount is fixed or liquidated, or is capable of being ascertained by fixed rules or as a matter of opinion, and references in any such provision to owing a debt are to be read accordingly.

(5) In any provision of the Regulations or these Rules, except in so far as the context otherwise requires, “liability” means (subject to paragraph (3)) a liability to pay money or money’s worth, including any liability under an enactment, any liability for breach of trust, any liability in contract, tort or bailment, and any liability arising out of an obligation to make restitution.

Commencement Information

I6 Rule 294 in force at 12.11.2021, see rule 2

Application of the IA 1986 and the Company Directors Disqualification Act E+W

295.  For the purposes of these Rules, any reference in IA 1986 or the Company Directors Disqualification Act 1986(1) to “leave” of the court is to be construed as meaning “permission” of the court.

Commencement Information

I7 Rule 295 in force at 12.11.2021, see rule 2

(1)

1986 c. 46.