The Investment Bank Special Administration Regulations 2011

Disqualification of directors U.K.

23.—(1) In the Disqualification Act—

(a) a reference to liquidation includes a reference to special administration;

(b) a reference to the winding up of a company includes a reference to an investment bank being subject to a special administration order;

(c) a reference to becoming insolvent includes a reference to becoming subject to a special administration order; and

(d) a reference to a liquidator includes a reference to an administrator.

(2) Section 6(2) is not applied.

[F1 (3)  For the purposes of the application of section 7A of the Disqualification Act (office-holder’s report on conduct of directors) to an investment bank which is in special administration—

(a) the “office-holder” is the administrator;

(b) the “insolvency date” means the date on which the special administration order is made; and

(c) subsections (9) to (11) are omitted.]

(4) In section 21 of the Disqualification Act M1 (interaction with the Insolvency Act), the references to the provisions of the Insolvency Act include those provisions as applied by these Regulations.

Textual Amendments

F1 Reg. 23(3) substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 10(6)

Marginal Citations

M1 Section 21 was amended by the Companies Act 1989, section 212, Schedule 24, the Insolvency Act 2000, section 8, Schedule 4, paragraphs 1, 14(1) to (3)(a) and S.I. 2009/1941.