PART 3U.K.Modifications of the Law of Insolvency: Notification and Publication

Withdrawal of authorisationU.K.

11.—(1) For the purposes of this regulation—

(a)a qualifying decision means a decision with respect to the approval of a voluntary arrangement where the voluntary arrangement includes a realisation of some or all of the assets of the credit institution with a view to terminating the whole or any part of the business of that credit institution;

(b)a qualifying order means—

(i)a winding-up order under section 125 of the 1986 Act or Article 105 of the 1989 Order; or

(ii)an administration order under paragraph 13 of Schedule B1 to the 1986 Act [F1or paragraph 14 of Schedule B1 to the 1989 Order] in the prescribed circumstances;

(c)a qualifying appointment means—

(i)the appointment of a provisional liquidator under section 135(1) of the 1986 Act or Article 115(1) of the 1989 Order; or

(ii)the appointment of a liquidator as mentioned in section 100 of the 1986 Act, Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up) or paragraph 83 of Schedule B1 to the 1986 Act [F2or paragraph 84 of Schedule B1 to the 1989 Order] (moving from administration to creditors' voluntary liquidation).

(2) The prescribed circumstances are where, after the appointment of an administrator, the administrator concludes that it is not reasonably practicable to achieve the objective specified in paragraph 3(1)(a) of Schedule B1 to the 1986 Act [F3or paragraph 4(1)(a) of Schedule B1 to the 1989 Order].

(3) When [F4the FCA or the PRA] is informed of a qualifying decision, qualifying order or qualifying appointment, [F5that authority] will as soon as reasonably practicable exercise its power under [F6section 55J] of the 2000 Act to vary or to cancel the UK credit institution’s permission under Part 4 of that Act to accept deposits or to issue electronic money as the case may be.

Textual Amendments

Modifications etc. (not altering text)