SCHEDULES
SCHEDULE 12 Banks etc. in compulsory liquidation
Introductory
1
1
This Schedule applies where—
a
a company is being, or has been, wound up by the court in the United Kingdom,
b
the company was, at any time in the period mentioned in sub-paragraph (2) below, lawfully carrying on a F1business of accepting deposits as—
i
a person falling within section 840A(1)(b) of the Taxes Act 1988, or
ii
an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the Financial Services and Markets Act 2000 with permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation by virtue of paragraph 12 of that Schedule) to accept deposits,.
c
the trade of the company that included the F2business of accepting deposits (referred to in this Schedule as"the relevant trade") has been permanently discontinued, and
d
the company is insolvent and either was so when the winding-up proceedings were commenced or became so at any time in the period of twelve months following the day on which they were commenced.
2
The period mentioned in sub-paragraph (1)(b) above is the period of twelve months ending with—
a
the day on which the winding-up proceedings were commenced, or
b
the day on which the relevant trade was discontinued,
whichever was the earlier.