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PART 2 U.K.Insolvency Measures and Proceedings: Jurisdiction in Relation to Credit Institutions

Prohibition against winding up etc. EEA credit institutions in the United KingdomU.K.

3.—(1) On or after the relevant date a court in the United Kingdom may not, in relation to an EEA credit institution or any branch of an EEA credit institution—

(a)make a winding-up order pursuant to section 221 of the 1986 Act or Article 185 of the 1989 Order;

(b)appoint a provisional liquidator;

(c)make an administration order.

(2) Paragraph (1)(a) does not prevent—

(a)the court from making a winding-up order on or after the relevant date in relation to an EEA credit institution if—

(i)a provisional liquidator was appointed in relation to that credit institution before the relevant date, and

(ii)that appointment continues in force until immediately before that winding-up order is made;

(b)the winding up of an EEA credit institution on or after the relevant date pursuant to a winding-up order which was made, and has not been discharged, before that date.

(3) Paragraph (1)(b) does not prevent a provisional liquidator of an EEA credit institution appointed before the relevant date from acting in relation to that credit institution on or after that date.

(4) Paragraph (1)(c) does not prevent an administrator appointed before the relevant date from acting on or after that date in a case in which the administration order under which he or his predecessor was appointed remains in force after that date.

(5) On or after the relevant date, an administrator may not, in relation to an EEA credit institution, be appointed under paragraphs 14 or 22 of Schedule B1 [F1to] the 1986 Act [F2or paragraphs 15 or 23 of Schedule B1 to the 1989 Order].

(6) A proposed voluntary arrangement shall not have effect in relation to an EEA credit institution if a decision under section 4 of the 1986 Act or Article 17 of the 1989 Order with respect to the approval of that arrangement was taken on or after the relevant date.

[F3(7) An order under section 254 of the Enterprise Act 2002 (application of insolvency law to a foreign company) or under Article 9 of the Insolvency (Northern Ireland) Order 2005 (application of insolvency law to company incorporated outside Northern Ireland) may not provide for any of the following provisions of the 1986 Act or of the 1989 Order to apply in relation to an incorporated EEA credit institution—

(a)Part 1 of the 1986 Act or Part 2 of the 1989 Order (company voluntary arrangements);

(b)Part 2 of the 1986 Act or Part 3 of the 1989 Order (administration);

(c)Chapter 4 of Part 4 of the 1986 Act or chapter 4 of Part 5 of the 1989 Order (creditors’ voluntary winding up);

(d)Chapter 6 of Part 4 of the 1986 Act (winding up by the Court).]

(8) In this regulation and regulation 4, “relevant date” means the 5th May 2004.

Textual Amendments