The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 No. 3486

PART 2 U.K. Amendments of Insolvency Act 1986

Categories of preferential debts U.K.

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

I1 Art. 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.