C1Part II The Deposit Protection Scheme

Annotations:
Modifications etc. (not altering text)
C1

Pt. II (ss. 50-66) modified (1.7.1995temp. to 31.12.1999) by S.I. 1995/1442, reg. 54(2).

Pt. II (ss. 50-66) continued for certain purposes (subject to modifications) (1.12.2001) by S.I. 2001/2967, arts. 1(2), 9, 11, Sch. 1 Pt. 1; S.I. 2001/3538, art. 2(1)

Payments out of the Fund

59 Meaning of insolvency.

1

For the purposes of this Part of this Act a body corporate incorporated in the United Kingdom becomes insolvent—

a

on the making of a winding-up order against it;

b

on the passing of a resolution for a voluntary winding-up in a case in which no statutory declaration has been made under section 89 of the M1Insolvency Act 1986 or F1Article 534 of the M2Companies (Northern Ireland) Order 1986F1Article 75 of the Insolvency (Northern Ireland) Order 1989; or

c

on the holding of a creditors’ meeting summoned under section 95 of that Act or F2Article 541F2Article 81 of that Order; and a body corporate incorporated elsewhere becomes insolvent on the occurrence of an event which appears to the Board to correspond as nearly as may be to any of those mentioned in paragraphs (a), (b) and (c) above.

2

For the purposes of this Part of this Act a partnership formed under the law of any part of the United Kingdom becomes insolvent—

a

in England and Wales, on the making of a winding-up order against it under any provision of the Insolvency Act 1986 as applied by an order under section 420 of that Act;

b

in Scotland, on the making of an award of sequestration on the estate of the partnership or on the making of a winding-up order against it by virtue of section 92 below;

c

in Northern Ireland, on the making of F3an order of adjudication of bankruptcy against any of the partnersF3a winding-up order against it under any provision of the Insolvency (Northern Ireland) Order 1989 as applied by an order under Article 364 of that Order;

and a partnership formed under the law of a member State other than the United Kingdom becomes insolvent on the occurrence of an event which appears to the Board to correspond as nearly as may be to any of those mentioned in paragraphs (a), (b) and (c) above.

3

For the purposes of this Part of this Act an unincorporated association which is formed under the law of another member State and is not a partnership becomes insolvent on the occurrence of any event which appears to the Board to correspond as nearly as may be to any of those mentioned in subsection (1)(a), (b) or (c) or (2)(a), (b) or (c) above.