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)

Introduction

I193Interpretation: other expressions

F11

In this Part—

a

“the PRA” means the Prudential Regulation Authority, and

b

“the FCA” means the Financial Conduct Authority.

2

In this Part a reference to “the FSCS” is a reference to—

a

the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000), or

b

where appropriate, the scheme manager of that Scheme.

3

In this Part “eligible depositors” means depositors who are eligible for compensation under the FSCS.

C6C54

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.

5

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

6

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

7

A reference in this Part to action includes a reference to inaction.

8

The expression “fair” is used in this Part as a shorter modern equivalent of the expression “just and equitable” (and is not therefore intended to exclude the application of any judicial or other practice relating to the construction and application of that expression).