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Banking Act 1987 (repealed)
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- UK Public General Acts
- 1987 c. 22
- Part VI
- Section 92
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Changes over time for: Section 92
Version Superseded: 01/06/1998
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- 01/02/1991- Amendment
- 01/10/1991- Amendment
- 01/10/1992
Point in time - 01/06/1998- Amendment
- Stop date 01/12/2001- Amendment
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92 Winding up on petition from the Bank.U.K.
(1)On a petition presented by the Bank by virtue of this section the court having jurisdiction under the M1Insolvency Act 1986 may wind up an authorised institution or former authorised institution if—
(a)the institution is unable to pay its debts within the meaning of section 123 or, as the case may be, section 221 of that Act; or
(b)the court is of the opinion that it is just and equitable that the institution should be wound up;
and for the purposes of such a petition an institution which defaults in an obligation to pay any sum due and payable in respect of a deposit shall be deemed to be unable to pay its debts as mentioned in paragraph (a) above.
(2)Where a petition is presented under subsection (1) above for the winding up of a partnership on the ground mentioned in paragraph (b) of that subsection or, in Scotland, on the ground mentioned in paragraph (a) or (b) of that subsection, the court shall have jurisdiction and the M2Insolvency Act 1986 shall have effect as if the partnership were an unregistered company within the meaning of section 220 of that Act.
(3)On a petition presented by the Bank by virtue of this section the High Court in Northern Ireland may wind up an authorised institution if—
(a)the institution is unable to pay its debts within the meaning of [F1Article 103 or, as the case may be, Article 185 of the Insolvency (Northern Ireland) Order 1989];or
(b)the court is of the opinion that it is just and equitable that the institution should be wound up;
and for the purposes of such a petition an institution which defaults in an obligation to pay any sum due and payable in respect of a deposit shall be deemed to be unable to pay its debts as mentioned in paragraph (a) above.
(4)Where a petition is presented under subsection (3) above for the winding up of a partnership on the ground mentioned in paragraph (b) of that subsection, the court shall have jurisdiction and the said Order of [F21989] shall have effect as if the partnership were an unregistered company within the meaning of [F2Article184] of that Order.
(5)For the purposes of this section the definition of deposit in section 5 above shall be treated as including any sum that would otherwise be excluded by subsection (3)(a), (b) or (c) of that section.
(6)This section applies to a company or partnership which has contravened section 3 above as it applies to an authorised institution.
Textual Amendments
F1Words in s. 92(3)(a) substituted (01.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 Pt. II, para. 56(a); S.R. 1991/411, art.2
F2Words in s. 92(4) substituted (01.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 Pt. II, para. 56(b)(i)(ii); S.R. 1991/411, art.2
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