The Banks (Former Authorised Institutions) (Insolvency) Order 2006

Citation and commencement

1.—(1) This Order may be cited as the Banks (Former Authorised Institutions) (Insolvency) Order 2006 and shall come into force on 15th December 2006 (“the commencement date”).

(2) In this Order, “the 1986 Act” means the Insolvency Act 1986.

Revocation of the Banks (Administration Proceedings) Order 1989

2.—(1) Subject to paragraph (2), the Banks (Administration Proceedings) Order 1989(1) (“the 1989 Order”) is revoked.

(2) The 1989 Order shall continue in effect for the purposes of any proceedings begun before the commencement date under the first Group of Parts of the 1986 Act in relation to a former authorised institution within the meaning of Article 1A of that Order.

Modification of first Group of Parts of the Insolvency Act 1986 in their application to companies that are former authorised institutions

3.—(1) This article applies to a person of the kind mentioned in section 422(1) of the 1986 Act that is a company within the meaning of section 735(1) of the Companies Act 1985(2).

(2) The first Group of Parts of the 1986 Act shall apply in relation to a person to which this article applies with the modifications set out in the Schedule to this Order.

Jim Fitzpatrick

Parliamentary Under Secretary of State for Employment Relations

Department of Trade and Industry

7th November 2006

We concur

Kevin Brennan

Dave Watts

Two of the Lords Commissioners of Her Majesty’s Treasury

20th November 2006