PART 4Reorganisation or Winding up of UK Credit InstitutionsF5...
Application of this Part: F1certain assets excluded from insolvent estate of UK credit institution20
1
For the purposes of this Part, the insolvent estate of a UK credit institution shall not include any assets which at the commencement date are subject to F2a relevant compromise or arrangement.
2
In this regulation—
a
“assets” has the same meaning as “property” in section 436 of the 1986 Act or Article 2(2) of the 1989 Order;
b
“commencement date” means the date when a UK credit institution goes into liquidation within the meaning given by section 247(2) of the 1986 Act or Article 6(2) of the 1989 Order;
c
“insolvent estate” has the meaning given by F4rule 1.2 of the Insolvency Rules or Rule 0.2 of the Insolvency Rules (Northern Ireland) and in Scotland means the company’s assets;
F3d
“relevant compromise or arrangement” means—
i
a compromise or arrangement sanctioned by the court before 5th May 2004 under—
aa
section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act), or
bb
Article 418 of the Companies (Northern Ireland) Order 1986 (excluding a compromise or arrangement falling within Article 420 or 420A of that Order); or
ii
any subsequent compromise or arrangement sanctioned by the court to amend or replace a compromise or arrangement of a kind mentioned in paragraph (i) which is—
aa
itself of a kind mentioned in sub-paragraph (aa) or (bb) of paragraph (i) (whether sanctioned before, on or after 5th May 2004), or
bb
a section 899 compromise or arrangement.
Words in Pt. 4 heading omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(10) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)