Citation and commencement1

Interpretation2

• “the 1985 Act” means the Companies Act 1985 M1;

• “the 1986 Act” means the Insolvency Act 1986 M2;

• “the 2000 Act” means the Financial Services and Markets Act 2000 M3;

• “the 1989 Order” means the Insolvency (Northern Ireland) Order 1989 M4;

• “administrator” has the meaning given by paragraph 13 of Schedule B1 to the 1986 Act F5, paragraph 14 of Schedule B1 to the 1989 Order, section 8(2) of the 1986 Act F6or Article 21(2) of the 1989 Order as the case may be;

• “Article 418 compromise or arrangement” means a compromise or arrangement sanctioned by the court in relation to a UK credit institution under Article 418 of the Companies Order, but does not include a compromise or arrangement falling within Article 420 or Article 420A of that Order (reconstructions or amalgamations);

• “the Authority” means the Financial Services Authority;

• F1“banking consolidation directive” means Directive 2006/48/EC of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions;

• “branch”, in relation to an EEA or UK credit institution has the meaning given by F2Article 4(3) of the banking consolidation directive;

• “claim” means a claim submitted by a creditor of a UK credit institution in the course of—

  1. a

     a winding up,

  2. b

     an administration, or

  3. c

     a voluntary arrangement,

  with a view to recovering his debt in whole or in part, and includes a proof, within the meaning of rule 2.72 of the Insolvency Rules, or a proof of debt within the meaning of rule 4.73(4) of the Insolvency Rules or Rule 4.079(4) of the Insolvency Rules (Northern Ireland), as the case may be, or in Scotland a claim made in accordance with rule 4.15 of the Insolvency (Scotland) Rules;

• “the Companies Order” means the Companies (Northern Ireland) Order 1986 M5;

• “creditors' voluntary winding up” has the meaning given by section 90 of the 1986 Act or Article 76 of the 1989 Order as the case may be;

• “debt”—

  1. a

     in relation to a winding up or administration of a UK credit institution, has the meaning given by rule 13.12 of the Insolvency Rules or Article 5(1) of the 1989 Order except that where the credit institution is not a company, references in rule 13.12 or Article 5(1) to a company are to be read as references to the credit institution, and

  2. b

     in a case where a voluntary arrangement has effect, in relation to a UK credit institution, means a debt which would constitute a debt in relation to the winding up of that credit institution, except that references in paragraph (1) of rule 13.12 or paragraph (1) of Article 5 of the 1989 Order to the date on which the company goes into liquidation are to be read as references to the date on which the voluntary arrangement has effect;

  3. c

     in Scotland—

     1. i

        in relation to the winding up of a UK credit institution, shall be interpreted in accordance with Schedule 1 of the Bankruptcy (Scotland) Act 1985 as applied by Chapter 5 of Part 4 of the Insolvency (Scotland) Rules; and

     2. ii

        in a case where a voluntary arrangement has effect in relation to a UK credit institution, means a debt which would constitute a debt in relation to the winding up of that credit institution, except that references in Chapter 5 of Part 4 of the Insolvency (Scotland) Rules to the date of commencement of winding up are to be read as references to the date on which the voluntary arrangement has effect;

• “directive reorganisation measure” means a reorganisation measure as defined in Article 2 of the reorganisation and winding up directive which was adopted or imposed on or after the 5th May 2004;

• “directive winding-up proceedings” means winding-up proceedings as defined in Article 2 of the reorganisation and winding up directive which were opened on or after the 5th May 2004;

• “Disclosure Regulations” means the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 M6;

• “EEA credit institution” means an EEA undertaking, other than a UK credit institution, of the kind mentioned in F3Article 4(1) and (3) and subject to the exclusion of the undertakings referred to in Article 2 of the banking consolidation directive;

• “EEA creditor” means a creditor of a UK credit institution who—

  1. a

     in the case of an individual, is ordinarily resident in an EEA State; and

  2. b

     in the case of a body corporate or unincorporated association of persons, has its head office in an EEA State;

• “EEA regulator” means a competent authority (within the meaning of F4Article 4(4) of the banking consolidation directive) of an EEA State;

• “EEA State” means a State, other than the United Kingdom, which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2 May 1992;

• “home state regulator”, in relation to an EEA credit institution, means the relevant EEA regulator in the EEA State where its head office is located;

• “the Insolvency Rules” means the Insolvency Rules 1986 M7;

• “the Insolvency Rules (Northern Ireland)” means the Insolvency Rules (Northern Ireland) 1991 M8;

• “the Insolvency (Scotland) Rules” means the Insolvency (Scotland) Rules 1986 M9;

• “liquidator”, except for the purposes of regulation 4, includes any person or body appointed by the administrative or judicial authorities whose task is to administer winding-up proceedings in respect of a UK credit institution which is not a body corporate;

• “officer”, in relation to a company, has the meaning given by section 744 of the 1985 Act or Article 2 of the Companies Order;

• “official language” means a language specified in Article 1 of Council Regulation No 1 of 15 April 1958 determining the languages to be used by the European Economic Community (Regulation 1/58/EEC) M10, most recently amended by paragraph (a) of Part XVIII of Annex I to the Act of Accession 1994 (194 N) M11;

• “the reorganisation and winding up directive” means the directive of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions (2001/24/EC) M12;

• “section 425 compromise or arrangement” means a compromise or arrangement sanctioned by the court in relation to a UK credit institution under section 425 of the 1985 Act, but does not include a compromise or arrangement falling within section 427 or section 427A of that Act (reconstructions or amalgamations);

• “supervisor” has the meaning given by section 7 of the 1986 Act or Article 20 of the 1989 Order as the case may be;

• “UK credit institution” means an undertaking whose head office is in the United Kingdom with permission under Part 4 of the 2000 Act to accept deposits or to issue electronic money as the case may be but does not include—

  1. a

     an undertaking which also has permission under Part 4 of the 2000 Act to effect or carry out contracts of insurance; or

  2. b

     a credit union within the meaning of section 1 of the Credit Unions Act 1979 M13;

• “voluntary arrangement” means a voluntary arrangement which has effect in relation to a UK credit institution in accordance with section 4A of the 1986 Act or Article 17A of the 1989 Order as the case may be; and

• “winding up” means—

  1. a

     winding up by the court, or

  2. b

     a creditors' voluntary winding up.