SCHEDULE 1Modified application of Parts 1 and 2 of the Insolvency Act 1986 to relevant societies

PART 2Modified application of Part 1 of the Insolvency Act 1986 to relevant societies (further modifications)

Part 1 (company voluntary arrangements)

3.

Section 1 of the 1986 Act (those who may propose an arrangement) M1 has effect as if—

(a)

it required any proposal under Part 1 to be so framed as to enable a relevant society to comply with the rules of the society and the provisions of F1the 2014 Act and the Credit Unions Act 1979 M2; and

(b)

in subsection (1) M3 the reference to debts included a reference to any amount owed by the society in respect of a member's shares where—

(i)

the society is an authorised deposit taker; and

(ii)

the amount concerned is owed in respect of a deposit.