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The Banks and Building Societies (Depositor Preference and Priorities) Order 2014
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The Banks and Building Societies (Depositor Preference and Priorities) Order 2014, Section 8 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Categories of preferential debtsU.K.
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8.—(1) Section 386(1) of the Insolvency Act 1986 (categories of preferential debts) is amended as follows.
(2) In subsection (1), after “Compensation Scheme”, insert “; other deposits”.
(3) After subsection (1), insert—
“(1A) A reference in this Act to the “ordinary preferential debts” of a company or an individual is to the preferential debts listed in any of paragraphs 8 to 15B of Schedule 6 to this Act.
(1B) A reference in this Act to the “secondary preferential debts” of a company or an individual is to the preferential debts listed in paragraph 15BA or 15BB of Schedule 6 to this Act.”.
(4) In subsection (2), for “that Schedule” substitute “Schedule 6”.
Commencement Information
I1Art. 8 in force at 1.1.2015, see art. 1(2)
(1)
Section 386 was amended by the Enterprise Act 2002 (c.40), section 251(3), the Financial Services (Banking Reform) Act 2013 (c.33), section 13, and the Pension Schemes Act 1993 (c.48), Schedule 8, paragraph 18.
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