The Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) (Amendment) and Consequential Amendments Order 2020

Amendment of Schedule 4

13.  In Schedule 4—

(a) in paragraph 1, in the definition of “applied provisions”, after subparagraph (b) insert—

“(c) in Part 4, means the parts of Part 3 of Schedule 4 to the Corporate Insolvency and Governance Act 2020 which are applied by article 11(6).”

(b) in paragraph 1, for the definition “Schedule A1” substitute—

““Part A1” means Part A1 of the 1986 Act as applied in relation to a relevant society;”;

(c) in paragraph 4—

(i) in subparagraph (a), after “a reference to Part 1” insert “, Part A1”;

(ii) for “Schedule A1” in both places it occurs substitute “Part A1 of the 1986 Act”;

(d) in paragraph 5(a), after “for the purposes of Part 1” insert “, 1A”;

(e) omit paragraph 8;

(f) omit paragraph 38;

(g) after paragraph 58 insert—

“PART 4 Modified application of Part 3 of Schedule 4 to the Corporate Insolvency and Governance Act 2020

59.   This Part modifies Part 3 of Schedule 4 to the Corporate Insolvency and Governance Act 2020 which are applied by article 11(6) in relation to a relevant CCBS.

60.   Unless the context otherwise requires and subject to any further modification in this Part, the applied provisions have effect with the following general modifications—

(a) a reference to Part A1 or any provision of Part A1, 4 or 6 of the 1986 Act is a reference to that Part or provision as applied in relation to a relevant CCBS;

(b) an expression defined in the 1986 Act (but not an expression modified by this paragraph) has the meaning given in that Act;

(c) a reference to an administrative receiver is a reference to an administrative receiver within the meaning given in Part A1 of the 1986 Act in relation to a CCBS whose registered office is situated in England or Wales;

(d) a reference to the articles of a company is a reference to the rules of a relevant CCBS;

(e) a reference to a class of creditors includes a reference to a single class of members of a relevant CCBS that consists of the member-depositors of the CCBS, but only in so far as the member-depositors are owed amounts in respect of deposits;

(f) a reference to a company includes a reference to a relevant CCBS;

(g) a reference to a company’s creditors, other than in a reference to a class of creditors, does not include a reference to a member of a relevant CCBS to whom an amount is owed by the CCBS if, but only in so far as, the amount concerned is owed in respect of the member’s shares;

(h) a reference to the directors of a company is a reference to the members of the committee of a relevant CCBS;

(i) a reference to a floating charge is a reference to a floating charge within the meaning given in Part A1 in relation to a relevant CCBS whose registered office is situated in England or Wales or Scotland;

(j) a reference to a meeting of a company or of the members of a company is a reference to a general meeting of a relevant CCBS and, in relation to a CCBS whose rules allow the members to appoint delegates for meetings of the CCBS or its members, includes a reference to a general meeting for which delegates have been appointed;

(k) a reference to an officer of a company is a reference to an officer of a relevant CCBS; and

(l) a reference to the registrar of companies is a reference to the FCA.

61.   The applied provisions have effect as if they provided that a person appointed for the purpose by the FCA is entitled—

(a) to attend any meeting of creditors of a relevant CCBS summoned for the purposes of Part A1 of the 1986 Act (as applied in relation to a CCBS); and

(b) to make representations as to any matter for decision at such a meeting.

62.   The applied provisions have effect with the further modifications set out in this Part and with any other necessary modification.”.