PART 1Introductory Provisions
Citation and commencementI11
1
This Order may be cited as the Banks and Building Societies (Depositor Preference and Priorities) Order 2014.
2
This Order comes into force on 1st January 2015.
ExtentI22
The amendments made by this Order have the same extent as the enactments amended.
Transitional provisionI33
1
This Order has no effect in relation to any insolvency proceedings commenced before the date on which this Order comes into force.
2
For this purpose—
a
“insolvency proceedings” means——
i
proceedings under the Bankruptcy (Scotland) Act 19854;
ii
proceedings under the Insolvency Act 19865;
iii
proceedings under the Insolvency (Northern Ireland) Order 19896;
iv
proceedings under the Insolvent Partnerships Order 19947;
v
proceedings under the Insolvent Partnerships Order (Northern Ireland) 19958; or
b
insolvency proceedings commence on—
i
the date of presentation of a petition for a winding-up order, bank insolvency order, building society insolvency order, bankruptcy order or award of sequestration;
ii
the date on which an application is made for an administration order, bank administration order or building society administration order;
iii
iv
the date on which a proposal is made by the directors of a company for a company voluntary arrangement under Part 1 of the Insolvency Act 1986 or Part 2 of the Insolvency (Northern Ireland) Order 1989 or by an individual debtor for an individual voluntary arrangement under Part 8 of the Insolvency Act 1986 or Part 8 of the Insolvency (Northern Ireland) Order 1989;
v
the date on which a resolution for voluntary winding up is passed.