S.I. 1994/2421. Schedule 1 was substituted by S.I. 2002/2708.

Art. 12 in force at 1.1.2015, see art. 1(2)

http://www.legislation.gov.uk/uksi/2014/3486/article/12/2015-01-01The Banks and Building Societies (Depositor Preference and Priorities) Order 2014enBANKS AND BANKINGBUILDING SOCIETIESStatute Law Database2024-10-24Expert Participation2015-01-01This Order implements the obligation in Article 108 of Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms (OJ L 173, 12.6.2014, p.190) (“the Directive”) to ensure that both deposits which are eligible for compensation under the financial services compensation scheme (“eligible deposits”) and other deposits which would be eligible deposits but for the fact that they are made in branches of UK banks outside the EEA, are treated as preferential debts, and that eligible deposits are given a higher priority within the class of preferential debts than other deposits.PART 3Amendments of Insolvent Partnerships Order 1994
12Amendments of Schedule 1 to the Insolvent Partnerships Order 19941

Schedule 1 to the Insolvent Partnerships Order 1994 (modified provisions of Part 1 of, and Schedule A1 to, the Insolvency Act 1986 (company voluntary arrangements) as applied by Article 4), is amended as follows.

2

In modified section 4(4) (decisions of meetings)—

a

omit the “or” at the end of paragraph (a);

b

after paragraph (a) insert—

aa

any ordinary preferential debt of the partnership is to be paid otherwise than in priority to any secondary preferential debts that it may have,

;

c

in paragraph (b)—

i

for “a preferential debt”, substitute “an ordinary preferential debt”, and

ii

for “another”, substitute “another ordinary”;

d

at the end of paragraph (b), insert—

or

c

a preferential creditor of the partnership is to be paid an amount in respect of a secondary preferential debt that bears to that debt a smaller proportion than is borne to another secondary preferential debt by the amount that is to be paid in respect of that other debt.

.

3

In modified section 4(7) after “preferential debts” insert “, ordinary preferential debts, secondary preferential debts”.

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Schedule 1 to the Insolvent Partnerships Order 1994 (modified provisions of Part 1 of, and Schedule A1 to, the Insolvency Act 1986 (company voluntary arrangements) as applied by Article 4)
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