SCHEDULES

C1SCHEDULE 15 Application of Companies Winding Up Legislation to Building Societies

Annotations:
Modifications etc. (not altering text)
C1

Sch. 15 applied (with modifications) (7.4.2010) by The Building Societies (Financial Assistance) Order 2010 (S.I. 2010/1188), arts. 1(2), 9

Part II Modified Application of Insolvency Act 1986

Parts IV F2, F56, 7, 12 and 13F5and Schedule 10

Annotations:
Amendments (Textual)

Preliminary

6

In this Part of this Schedule, Part IV of the Insolvency Act 1986 is referred to as “Part IV”; and that"Act is referred to as “the Act”.

F66ZA

Parts 4, 6, 7 and 12 of, and Schedule 10 to, the Act, in their application to building societies, have effect without the amendments of those Parts and that Schedule made by—

a

section 122 of the Small Business, Enterprise and Employment Act 2015 (abolition of requirements to hold meetings: company insolvency);

b

section 124 of that Act (ability for creditors to opt not to receive certain notices: company insolvency); and

c

Part 1 of Schedule 9 to that Act (sections 122 to 125: further amendments).

F16A

In the following provisions of the Act a reference to the creditors, general creditors or unsecured creditors of a company includes a reference to every shareholding member of the building society to whom a sum due from the society in relation to the member’s shareholding is due in respect of a deposit—

a

subsection (1) of section 143 (general functions of liquidator in winding up by the court);

b

subsection (3) of section 149 (debts due from contributory to company);

c

subsection (4) of section 168 (supplementary powers (England and Wales));

d

subsection (2)(b) of section 175 (preferential debts (general provision));

e

subsection (1) of section 176ZA (payment of expenses of winding up (England and Wales)); F3...

f

subsections (3)(b) and (5)(a) of section 176A (share of assets for unsecured creditors);

F4g

subsection (1)(e) of section 391O (direct sanctions orders);

h

subsection (5) of section 391Q (direct sanctions order: conditions); and

i

subsection (3)(e) of section 391R (direct sanctions direction instead of order).