C2C1C3C5C4Part 3Bank Administration

Annotations:
Modifications etc. (not altering text)
C3

Pt. 3 applied (with modifications) by Building Societies Act 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

I1166Interpretation: general

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.

F12

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.