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Insolvency Act 1986
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Changes over time for: Section 422
Changes to legislation:
Insolvency Act 1986, Section 422 is up to date with all changes known to be in force on or before 21 November 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act amendment to earlier affecting provision S.I. 1986/1999, art. 3, Sch. 1 Pt. 2 by S.I. 2017/1119 Sch. 3 para. 1
- Act savings and transitional provisions for amendments by S.I. 2022/1166 by S.I. 2022/1172 Regulations
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 41HB(2) words substituted by 2018 c. 14 s. 1(3)(b)
422[F1Formerly authorised banks].E+W+S
[F2(1)The Secretary of State may by order made with the concurrence of the Treasury and after consultation with the [F3Financial Conduct Authority and the Prudential Regulation Authority] provide that specified provisions in the first Group of Parts shall apply with specified modifications in relation to any person who—
(a)has a liability in respect of a deposit which he accepted in accordance with the Banking Act 1979 (c. 37) or 1987 (c. 22), but
(b)does not have permission under [F4Part 4A] of the Financial Services and Markets Act 2000 (c. 8) (regulated activities) to accept deposits.
(1A)Subsection (1)(b) shall be construed in accordance with—
(a)section 22 of the Financial Services and Markets Act 2000 (classes of regulated activity and categories of investment),
(b)any relevant order under that section, and
(c)Schedule 2 to that Act (regulated activities).]
(1A)F5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(2)An order under this section may make different provision for different cases and may contain such incidental, supplemental and transitional provisions as may appear to the Secretary of State necessary or expedient.
(3)An order under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.
Textual Amendments
F1S. 422 cross-heading substituted (3.7.2002) by S.I. 2002/1555, art. 16(2)
F2S. 422(1)(1A) substituted (15.9.2003) for s. 422(1) by 2002 c. 40, ss. 248(3), 279, Sch. 17 para. 35 (with s. 249(1)-(3)(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2002/2332, art. 2))
F3Words in s. 422(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 53(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F4Words in s. 422(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 53(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5S. 422(1A) omitted (15.9.2003) by virtue of The Enterprise Act 2002 (Insolvency) Order 2003 (S.I. 2003/2096), art. 4, Sch. Pt. 1 para. 11 (with art. 6)
Modifications etc. (not altering text)
C1S. 422 extended by Company Directors Disqualification Act 1986 (c. 46, SIF 27), ss. 21(2), 25
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