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The Scottish and Northern Ireland Banknote Regulations 2009

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There are currently no known outstanding effects for the The Scottish and Northern Ireland Banknote Regulations 2009, Paragraph 2. Help about Changes to Legislation

Modifications to the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989U.K.

This section has no associated Explanatory Memorandum

2.  The provisions of the Insolvency Act 1986M1 and the Insolvency (Northern Ireland) Order 1989 M2 apply in relation to an authorised bank—

(a)with any reference to “property” or “asset” modified so that it does not include a reference to the bank's backing assets; and

(b)with the modifications specified in the following table;

but sub-paragraph (a) does not apply to the reference to “assets” in section 123(2) of the Insolvency Act 1986 or article 103(2) of the Insolvency (Northern Ireland) Order 1989.

Provision of Insolvency Act 1986Provision of Insolvency (Northern Ireland) Order 1989SubjectModification
Section 4Article 17Company Voluntary Proposal - Decisions of meetings

A meeting may not approve any proposal or modification which affects—

(a)the rights of the noteholders under regulations 9(1)(b) and 22;

(b)the rights of the Bank of England in relation to the backing assets; or

(c)the backing assets.

Article 52Receivers and managers – General powersA receiver may do anything necessary or expedient for the purpose of ensuring that an authorised bank complies with the directions referred to in regulation 23(1).
Section 55Receivers (Scotland) – PowersA receiver may do anything necessary or expedient for the purpose of ensuring that an authorised bank complies with the directions referred to in regulation 23(1).
Section 126Article 106Liquidation – power to stay or restrain proceedings against companyThis section and article do not prevent the Bank of England from bringing or continuing any action or proceedings under or by virtue of these Regulations in relation to the backing assets.
Section 128Article 108Liquidation – avoidance of attachmentsThis section and article do not apply to anything done by the Bank of England in relation to the backing assets.
Section 130(2) and (3)Article 110(2) and (3)Liquidation – Consequences of Winding-up orderThese subsections and paragraphs do not apply to any action or proceedings brought by the Bank of England under or by virtue of these Regulations in relation to the backing assets.
Section 143Article 121Liquidation – General FunctionsA liquidator must also ensure that an authorised bank complies with the directions referred to in regulation 23(1).
Section 144Liquidation – custody of company's propertyThe reference in this section to “things in action” does not include a reference to an account designated by the Bank of England for the purposes of regulation 6(2)(c).
Section 165Article 140Liquidators – Voluntary winding up

A liquidator—

(a)must also ensure that an authorised bank complies with the directions referred to in regulation 23(1); and

(b)may do anything necessary or expedient to ensure such compliance.

Sections 167Article 142Liquidators – Winding up by the court

A liquidator—

(a)must also ensure that an authorised bank complies with the directions referred to in regulation 23(1); and

(b)may do anything necessary or expedient to ensure such compliance.

Section 436Article 2Expressions used generallyThe definition of “property” shall be modified in accordance with paragraph 2(a) of this Schedule.
Part 3 of Schedule A1 M3Part 3 of Schedule A1 M4Company Voluntary Arrangements – Effects of Moratorium

Nothing in Part 3 shall prevent the Bank of England from—

(a)taking any step; or

(b)bringing or continuing an action or proceedings brought under or by virtue of these Regulations;

against an authorised bank in relation to its backing assets.

Paragraph 43 of Schedule B1 M5Paragraph 44 of Schedule B1 M6Administration – Moratorium on other legal process

Nothing in this paragraph shall prevent the Bank of England from—

(a)taking any step; or

(b)bringing or continuing an action or proceedings brought under or by virtue of these Regulations;

against an authorised bank in relation to its backing assets.

Paragraph 59 of Schedule B1Paragraph 60 of Schedule B1Administration – General powers of administratorsAn administrator may do anything necessary or expedient for the purpose of ensuring that an authorised bank complies with the directions referred to in regulation 23(1).
Paragraphs 67 and 68 of Schedule B1Paragraphs 68 and 69 of Schedule B1Administration – General duties of administratorsAn administrator must ensure that an authorised bank complies with the directions referred to in regulation 23(1).

Marginal Citations

M3Schedule A1 was inserted by section 1 of, and paragraphs 1 and 4 of Schedule 1 to, the Insolvency Act 2000 (c. 39).

M4Schedule A1 was inserted by article 3 of, and schedule 1 to, the Insolvency (Northern Ireland) Order 2002 (S.I. 2002/3152 (N.I. 6)).

M5Schedule B1 was inserted by section 248(2) of, and Schedule 16 to, the Enterprise Act 2002 (c. 45).

M6Schedule B1was inserted by article 3(2) of, and Schedule 1 to, the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)).

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