C1Part II The Deposit Protection Scheme
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
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
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.
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)