The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022

This Statutory Instrument has been made in consequence of defects in S.I. 2021/1178 and is being issued free of charge to all known recipients of that Statutory Instrument.

Statutory Instruments

2022 No. 847

Financial Services And Markets, England And Wales

Insolvency, England And Wales

The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022

Made

18th July 2022

Laid before Parliament

20th July 2022

Coming into force

10th August 2022

The Lord Chancellor makes the following Rules in exercise of the powers conferred by section 411(1A)(a), (2), (2C) and (3) of the Insolvency Act 1986(1), as applied by the Payment and Electronic Money Institution Insolvency Regulations 2021(2).

The Treasury concur in the making of these Rules.

The Chancellor of the High Court (by the authority of the Lord Chief Justice under section 411(7)(3) of the Insolvency Act 1986) concurs in the making of these Rules in so far as they affect court procedure.

Before making these Rules, the Lord Chancellor consulted the committee existing for the purposes of section 413(4) of the Insolvency Act 1986.

(1)

1986 c. 45. In section 411, subsections (1A) and (2C) were inserted, and subsections (2) and (3) were amended, by section 125 of the Banking Act 2009 (c. 1). Subsection (2) was also amended by section 160 of the Banking Act 2009 and S.I. 2009/1941. Subsection (3) was also amended by section 160 of the Banking Act 2009, paragraph 22 of Schedule 3 to the Corporate Insolvency and Governance Act 2020 (c. 12) and S.I. 2007/2194.

(2)

S.I. 2021/716.

(3)

Subsection (7) of section 411 was inserted by paragraph 188 of Schedule 4 to the Constitutional Reform Act 2005 (c. 4).

(4)

Relevant amendments to section 413 were made by S.I. 2018/130 and paragraph 190 of Schedule 4 to the Constitutional Reform Act 2005.