The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023

Dissolution or voluntary arrangement

18.—(1) Regulation 44 is amended as follows.

(2) In paragraph (1), for “section” substitute “regulation”.

(3) In paragraph (2)—

(a) in sub-paragraph (a), after “paragraph 84 of Schedule B1” insert “to the IA 1986 or, as the case may be, paragraph 85 of Schedule B1 to the I(NI)O 1989”;

(b) in sub-paragraph (b), after “Part 1 of the IA 1986” insert “or, as the case may be, Part 2 of the I(NI)O 1989”.

(4) For paragraph (3) substitute—

“(3) The following provisions apply to a proposal made by an administrator—

(a) Part 1 of the IA 1986, with the modifications set out in paragraphs (4) to (6), (7) and (8), or

(b) Part 2 of the I(NI)O 1989, with the modifications set out in paragraphs (6A) to (8).”.

(5) In paragraph (4), for “(and not (1))” substitute “(and not subsection (1))”.

(6) After paragraph (6) insert—

“(6A) Article 16 (summoning of meetings) is to be read as if paragraph (2) (and not paragraph (1)) applies.

(6B) Article 18(3) (effect of approval) is to be read as if the action which may be taken by the court includes suspension of the special administration order.”.

(7) In paragraph (8), after “Part 1 of the IA 1986” insert “and Part 2 of the I(NI)O 1989”.