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Insolvency Act 1986
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- UK Public General Acts
- 1986 c. 45
- Part XII
- Section 386
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386 Categories of preferential debts.E+W+S
(1)A reference in this Act to the preferential debts of a company or an individual is to the debts listed in Schedule 6 to this Act [F1(contributions to occupational pension schemes; remuneration, &c. of employees; levies on coal and steel production [F2; debts owed to the Financial Services Compensation Scheme] [F3; deposits covered by Financial Services Compensation Scheme] [F4; other deposits])]; and references to preferential creditors are to be read accordingly.
[F5(1A)A reference in this Act to the “ordinary preferential debts” of a company or an individual is to the preferential debts listed in any of paragraphs 8 to 15B of Schedule 6 to this Act.
(1B)A reference in this Act to the “secondary preferential debts” of a company or an individual is to the preferential debts listed in paragraph 15BA or 15BB of Schedule 6 to this Act.]
(2)In [F6Schedule 6] “the debtor” means the company or the individual concerned.
(3)Schedule 6 is to be read with [F7Schedule 4 to the Pension Schemes Act 1993] (occupational pension scheme contributions).
Textual Amendments
F1Words in s. 386(1) substituted (15.9.2003) by 2002 c. 40, ss. 251(3), 279 (with s. 249(6)); S.I. 2003/2093, art. 2(1), Sch. 1 (subject to arts. 3-8 (as amended by S.I. 2003/2332, art. 2))
F2Words in s. 386(1) inserted (26.3.2015) by The Deposit Guarantee Scheme Regulations 2015 (S.I. 2015/486), regs. 1(2), 14(2)
F3Words in s. 386(1) inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 13(2), 148(5); S.I. 2014/3160, art. 2(1)(a)
F4Words in s. 386(1) inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 8(2) (with art. 3)
F5S. 386(1A)(1B) inserted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 8(3) (with art. 3)
F6Words in s. 386(2) substituted (1.1.2015) by The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486), arts. 1(2), 8(4) (with art. 3)
F7Words in s. 386(3) substituted (7.2.1994) by 1993 c. 48, s. 190, Sch. 8 para. 18 (with s. 6(8)); S.I. 1994/86, art. 2
Modifications etc. (not altering text)
C1S. 386 applied (with modifications) by S.I. 1986/1999, art. 3, Sch. 1 Pt. II
C2S. 386 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 103, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 2
C3S. 386 applied (with modifications) (17.2.2009 for certain purposes, otherwise 21.2.2009) by Banking Act 2009 (c. 1), ss. 145, 263(1)(2) (with s. 247); S.I. 2009/296, arts. 2, 3, Sch. para. 3
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