The Banks and Building Societies (Depositor Preference and Priorities) Order 2014

Amendments of Schedule 2 to the Insolvent Partnerships Order 1994 U.K.

13.—(1) Paragraph 25 of Schedule 2 to the Insolvent Partnerships Order 1994 (modified provisions of Part 2 of, and Schedule B1 to, the Insolvency Act 1986 (Administration) as applied by Article 6)(1) is amended as follows.

(2) In modified paragraph 73(1)—

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

(b) after paragraph (b) insert—

“(bb) would result in an ordinary preferential debt of the partnership being paid otherwise than in priority to any secondary preferential debts that it may have,”;

(c) in paragraph (c), for “his debt” substitute “an ordinary preferential debt”;

(d) at the end of paragraph (c), insert—

“or

(d) would result in one preferential creditor of the partnership being paid a smaller proportion of a secondary preferential debt than another.”.

Commencement Information

I1 Art. 13 in force at 1.1.2015, see art. 1(2)

(1)

Schedule 2 was substituted by S.I. 2005/1516.