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Banking Act 2009

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Changes over time for: Section 166

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Changes to legislation:

Banking Act 2009, Section 166 is up to date with all changes known to be in force on or before 10 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

166Interpretation: generalU.K.

This section has no associated Explanatory Notes

(1)In this Part “the court” means—

(a)in England and Wales, the High Court,

(b)in Scotland, the Court of Session, and

(c)in Northern Ireland, the High Court.

[F1(2)In this Part—

  • the FCA” means the Financial Conduct Authority, and

  • the PRA” means the Prudential Regulation Authority.]

(3)For the purposes of a reference in this Part to inability to pay debts—

(a)a bank that is in default on an obligation to pay a sum due and payable under an agreement, is to be treated as unable to pay its debts, and

(b)section 123 of the Insolvency Act 1986 (inability to pay debts) also applies; and

for the purposes of paragraph (a) “agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the bank.

(4)Expressions used in this Part and in the Insolvency Act 1986 have the same meaning as in that Act.

(5)Expressions used in this Part and in the Companies Act 2006 have the same meaning as in that Act.

(6)A reference in this Part to action includes a reference to inaction.

Textual Amendments

Commencement Information

I1S. 166 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3

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