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The Banks and Building Societies (Depositor Preference and Priorities) Order 2014
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The Banks and Building Societies (Depositor Preference and Priorities) Order 2014, Section 32 is up to date with all changes known to be in force on or before 15 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.
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General mode of application of the companies winding up legislationU.K.
This section has no associated Explanatory Memorandum
32.—(1) Part 1 of Schedule 15 to the Building Societies Act 1986(1) (general mode of application) is amended as follows.
(2) After paragraph 1 insert—
“1A. In this Schedule—
“deposit” means rights of the kind described in—
(a)
paragraph 22 of Schedule 2 to the Financial Services and Markets Act 2000 (deposits); or
(b)
section 1(2)(b) of the Dormant Bank and Building Society Accounts Act 2008 (balances transferred under that Act to authorised reclaim fund); and
“relevant deposit” means—
(a)
an “eligible deposit” within the meaning given by paragraph 15C(1) of Schedule 6 to the Insolvency Act 1986 (categories of preferential debts) or a deposit of the kind mentioned in paragraph 15BB of that Schedule(2); or
(b)
an “eligible deposit” within the meaning given by paragraph 21(1) of Schedule 4 to the Insolvency (Northern Ireland) Order 1989 (categories of preferential debts) or a deposit of the kind mentioned in paragraph 20 of that Schedule(3).”.
(3) In paragraph 3(2), after paragraph (aa) insert—
“(ab)a reference to the debts of a company includes a reference to sums due to shareholding members of a building society in respect of deposits;”.
Commencement Information
I1Art. 32 in force at 1.1.2015, see art. 1(2)
(1)
(2)
Paragraph 15BB is inserted into Schedule 6 to the Act by article 11 of this Order.
(3)
Paragraph 20 is inserted into Schedule 4 to the 1989 Order by article 23 of this Order.
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