The Payment and Electronic Money Institution Insolvency Regulations 2021

Disqualification of directors

46.—(1) The CDDA 1986 applies to special administration as it applies to any other insolvency proceedings, with the following modifications.

(2) The CDDA 1986 is to be read as if—

(a) references to a provision of the IA 1986 which is applied and modified by these Regulations were to the provision as applied and modified by these Regulations,

(b) references to liquidation include special administration;

(c) references to the winding up of a company include an institution being subject to a special administration order,

(d) references to becoming insolvent include becoming subject to a special administration order, and

(e) references to a liquidator include an administrator.

(3) Section 6 is to be read as if paragraph (2) were omitted.

(4) Section 7A is to be read as if—

(a) the reference to the office-holder were to the administrator,

(b) the reference to insolvency date were to the date on which the special administration order is made, and

(c) subsections (9) to (11) were omitted.

(5) This regulation is subject to paragraph 7 of Schedule 2.