SCHEDULE 2Modifications of Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007
9
Section 45 (effect of floating charges on winding up) has effect as if—
a
subsections (2), (6)(a) and (8) were omitted; and
b
for subsection (7) there were substituted—
7
For the purposes of this section a building society goes into liquidation if—
a
it goes into liquidation within the meaning of section 247(2) of the Insolvency Act 1986; or
b
the court makes a building society insolvency order in relation to it under section 94 of the Banking Act 2009 (as applied by section 90C of the Building Societies Act 1986) at a time when it has not already gone into liquidation by passing a special resolution for voluntary winding up under section 88 of the Building Societies Act 1986).