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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 7 is up to date with all changes known to be in force on or before 22 December 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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Changes and effects yet to be applied to Article 7:
- Order revoked by 2023 c. 29 Sch. 1 Pt. 2
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- Order revoked by 2023 c. 29 Sch. 1 Pt. 2
Priority of debtsU.K.
This section has no associated Explanatory Memorandum
7.—(1) Section 328 of the Insolvency Act 1986 (priority of debts) is amended as follows.
(2) In subsection (1) omit “(within the meaning given by section 386 in Part XII)”.
(3) After subsection (1) insert—
“(1A) Ordinary preferential debts rank equally among themselves after the expenses of the bankruptcy and shall be paid in full, unless the bankrupt’s estate is insufficient to meet them, in which case they abate in equal proportions between themselves.
(1B) Secondary preferential debts rank equally among themselves after the ordinary preferential debts and shall be paid in full, unless the bankrupt’s estate is insufficient to meet them, in which case they abate in equal proportions between themselves.”.
(4) Omit subsection (2).
(5) After subsection (6) insert—
“(7) In this section “preferential debts”, “ordinary preferential debts” and “secondary preferential debts” each has the meaning given in section 386 in Part 12.”.
Commencement Information
I1Art. 7 in force at 1.1.2015, see art. 1(2)
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