The Financial Collateral Arrangements (No.2) Regulations 2003

Certain Northern Ireland legislation restricting enforcement of security not to apply to financial collateral arrangements U.K.

9.—(1) The following provisions of the Insolvency (Northern Ireland) Order 1989 (administration) shall not apply to any security interest created or otherwise arising under a financial collateral arrangement—

(a) Article 23(1)(b) and Article 24(3)(c) (restriction on enforcement of security while petition for administration order pending or order in force); F1 ...

(b) Article 28(1) and (2) (power of administrator to deal with charged property);

[F2 (c) Article 31(4) and (5) (administrator’s remuneration, expenses and liabilities); and

(d) Paragraphs 44(2), 45 (restriction on enforcement of security), 66(2) (distribution), 71, 72 (power of administrator to deal with charged property), 100(3) and (4) (administrator’s remuneration, expenses and liabilities) of Schedule B1 to the Order.]

(2) Article 24(2) of that Order (receiver to vacate office at request of administrator) shall not apply to a receiver appointed under a charge created or otherwise arising under a financial collateral arrangement.

Textual Amendments

F1 Word in reg. 9(1)(a) omitted (6.4.2011) by virtue of The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 4(7)(a) (with reg. 3)

F2 Reg. 9(1)(c)(d) inserted (6.4.2011) by The Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010 (S.I. 2010/2993), regs. 1, 4(7)(b) (with reg. 3)