- Draft legislation
The Bradford & Bingley plc Compensation Scheme (Amendment) Order 2009
You are here:
- UK Draft Statutory Instruments
- ISBN 978-0-11-147464-8
- Explanatory Note
What Version
Opening Options
More Resources
Draft Legislation:
This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Bradford & Bingley plc Compensation Scheme (Amendment) Order 2009 No. 790
EXPLANATORY NOTE
(This note is not part of the Order)
This Order is made under the Banking (Special Provisions) Act 2008 (c.2). It amends the Schedule to the Bradford & Bingley plc Compensation Scheme Order 2008 (S.I.2008/3249) (“the Compensation Scheme Order”).
The Compensation Scheme Order provides a Scheme for determining the amount of compensation, if any, payable by the Treasury to those whose securities were transferred, or whose rights were extinguished, by the Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 (S.I.2008/2546).
The Compensation Scheme Order provides for the appointment of an independent valuer to determine the amount of compensation, if any, payable by the Treasury.
New paragraph 8A of the Schedule provides that the court may, on an application by the valuer, make an order requiring a person to provide any information that is reasonably required for the purpose of assessing the amount of any compensation payable by the Treasury, subject to certain specified exceptions.
New paragraph 8B provides that a person is not to be liable for breach of confidence where information is given to the valuer for the purposes of the assessment of compensation.
New paragraphs 8C and 8D provide that information which has been obtained by the valuer for the purpose of assessing the amount of any compensation payable by the Treasury may only be disclosed by the valuer in specified circumstances.
In addition, article 3 makes a minor amendment to the Compensation Scheme Order which is consequential on the amendment of article 6 (modification of interests, rights and liabilities in relevant instruments) of the Bradford & Bingley plc Transfer of Securities and Property etc. Order 2008 by the Bradford & Bingley plc Transfer of Securities and Property etc. (Amendment) Order 2009 (S.I.2009/320).
An Impact Assessment has not been prepared for this instrument as no significant impact on business, charities or voluntary bodies is foreseen.
Options/Help
Print Options
PrintThe Whole Instrument
PrintThis Explanatory Note only
Legislation is available in different versions:
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Opening Options
Different options to open legislation in order to view more content on screen at once
Draft Explanatory Memorandum
Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.