C1C4C2C3Part 2Bank Insolvency

Annotations:
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)

Miscellaneous

I1125Rules

1

Section 411 of the Insolvency Act 1986 (company insolvency rules) is amended as follows.

2

After subsection (1) insert—

1A

Rules may also be made for the purpose of giving effect to Part 2 of the Banking Act 2009 (bank insolvency orders); and rules for that purpose shall be made—

a

in relation to England and Wales, by the Lord Chancellor with the concurrence of—

i

the Treasury, and

ii

in the case of rules that affect court procedure, the Lord Chief Justice, or

b

in relation to Scotland, by the Treasury.

3

In subsection (2)—

a

after “subsection (1),” insert “ (1A) ”;

b

in paragraph (b), after “Secretary of State” insert “ or the Treasury ”.

4

After subsection (2B) insert—

2C

For the purposes of subsection (2), a reference in Schedule 8 to this Act to doing anything under or for the purposes of a provision of this Act includes a reference to doing anything under or for the purposes of Part 2 of the Banking Act 2009.

5

In subsection (3)—

a

after “provisional liquidator” insert “ or bank liquidator ”, and

b

after “Parts I to VII of this Act” insert “ or Part 2 of the Banking Act 2009 ”.

6

In subsection (5), after “the Secretary of State” insert “ or the Treasury ”.

7

In paragraph 27 of Schedule 8 to the Insolvency Act 1986 (provisions capable of inclusion in company insolvency rules), after “Secretary of State” insert “ or the Treasury ”.

8

Section 413(2) of the Insolvency Act 1986 (rules: duty to consult Insolvency Rules Committee) shall not apply to the first set of rules which is made in reliance on this section.