Part 2 U.K. Bank Insolvency

Modifications etc. (not altering text)

C1 Pt. 2 applied (with modifications) by 1986 c. 53, s. 90C (as inserted (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 2)

C2 Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 1

C3 Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 6

Other processes U.K.

121 Disqualification of directors U.K.

(1) In this section “the Disqualification Act” means the Company Directors Disqualification Act 1986.

(2) In the Disqualification Act—

(a) a reference to liquidation includes a reference to bank insolvency,

(b) a reference to winding up includes a reference to making or being subject to a bank insolvency order,

(c) a reference to becoming insolvent includes a reference to becoming subject to a bank insolvency order, and

(d) a reference to a liquidator includes a reference to a bank liquidator.

(3) For the purposes of the application of section 7(3) of the Disqualification Act (disqualification order or undertaking) to a bank which is subject to a bank insolvency order, the responsible office-holder is the bank liquidator.

(4) After section 21 of the Disqualification Act (interaction with Insolvency Act) insert—

“21A Bank insolvency

Section 121 of the Banking Act 2009 provides for this Act to apply in relation to bank insolvency as it applies in relation to liquidation.”

Commencement Information

I1 S. 121 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2