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.

S.I. 2021/716.

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

S.I. 2021/1178.

http://www.legislation.gov.uk/uksi/2022/847/madeThe Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022enKing's Printer of Acts of Parliament2022-07-21FINANCIAL SERVICES AND MARKETS, ENGLAND AND WALESINSOLVENCY, ENGLAND AND WALESThese Rules amend the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, S.I. 2021/1178 (“the 2021 Rules”). The 2021 Rules set out the procedure for the payment institution special administration process and the electronic money institution special administration process under the Payment and Electronic Money Institution Insolvency Regulations 2021, S.I. 2021/716 (“the 2021 Regulations”). The amendments made by these Rules include amendments that respond to the Joint Committee on Statutory Instruments’ Twenty-first Report of Session 2021-22 which reported the 2021 Rules for defective drafting.

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.

2022 No. 847

Financial Services And Markets, England And WalesInsolvency, England And Wales

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

Made18th July 2022

Laid before Parliament20th July 2022

Coming into force10th 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, as applied by the Payment and Electronic Money Institution Insolvency Regulations 2021.

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) 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 of the Insolvency Act 1986.

1Citation, commencement and extent1

These Rules may be cited as the Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022.

2

These Rules come into force on 10th August 2022.

3

These Rules extend to England and Wales only.

2Amendment of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 20211

The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 are amended as follows.

2

In rule 22(7)—

a

in the opening words, for “any”, in the second place it occurs, substitute “such”; and

b

for sub-paragraph (d) substitute—

d

other matters,

as it thinks just.

.

3

In rule 26(2)(p), for the words from “paragraph (4)” to the end substitute “paragraph (6)”.

4

In rule 27(7)—

a

in the opening words, for “any”, in the second place it occurs, substitute “such”; and

b

for sub-paragraph (d) substitute—

d

other matters,

as it thinks just.

.

5

In rule 32(4), for “will state” substitute “must state”.

6

In rule 34(2)(d), for “a manners” substitute “manner”.

7

In rule 80(6), for “venue”, in both places it occurs, substitute “place”.

8

In rule 115, in paragraphs (3) and (4), for “either under” in both cases substitute “under either”.

9

In rule 174(2)(e), for “or” substitute “nor a”.

10

In rule 175(b), after “State,”, insert “to”.

11

For the heading of rule 291 substitute “Venue” (and amend the table of contents accordingly).

12

In rule 291—

a

omit paragraph (1); and

b

in paragraph (2), for sub-paragraph (c)(ii) and (iii) substitute—

ii

in the case of a meeting to be conducted and held in accordance with rule 80(2) or section 246A(3) of the IA 1986, is to the time and date for the meeting and the arrangements the administrator proposes to enable persons to exercise their rights to speak and vote at the meeting.

.

Signed by authority of the Lord Chancellor

BellamyParliamentary Under Secretary of StateMinistry of Justice4th July 2022

We concur

Rebecca HarrisGareth JohnsonTwo of the Lords Commissioners of Her Majesty’s Treasury18th July 2022

I concur

Sir Julian FlauxThe Chancellor of the High Court27th June 2022
EXPLANATORY NOTE

(This note is not part of the Rules)

These Rules amend the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, S.I. 2021/1178 (“the 2021 Rules”). The 2021 Rules set out the procedure for the payment institution special administration process and the electronic money institution special administration process under the Payment and Electronic Money Institution Insolvency Regulations 2021, S.I. 2021/716 (“the 2021 Regulations”). The amendments made by these Rules include amendments that respond to the Joint Committee on Statutory Instruments’ Twenty-first Report of Session 2021-22 which reported the 2021 Rules for defective drafting.

Under the 2021 Rules an administrator may apply to the court for an order of limited disclosure in respect of: any part of the whole or any part of a statement of affairs or a statement of concurrence (rule 22); or any specified part of a statement of proposals (rule 27). Rule 2(2) and (4) amends rules 22 and 27 of the 2021 Rules so the phrase “as it thinks just” extends to all conditions to which a court may make a disclosure order subject.

Rule 291 of the 2021 Rules made provision for remote attendance at, and the venue of, meetings held under the 2021 Rules. Rule 2(12) omits rule 291(1) of the 2021 Rules, because provision on these matters was made by rules 63, 80 and 81 of the 2021 Rules and section 246A of the Insolvency Act 1986 (c. 45), as modified by the relevant row of the table in regulation 37 of the 2021 Regulations.

The other paragraphs of rule 2 correct other minor drafting errors in the 2021 Rules.

A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. Instead, a de minimis assessment has been prepared as this instrument is likely to entail some costs for businesses, but the net impact is estimated to be below £5 million per year. This is available from HM Treasury, 1 Horseguards Road, London SW1A 2HQ or on www.gov.uk and is published alongside this instrument on www.legislation .gov.uk.

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<ref href="http://www.legislation.gov.uk/id/ukpga/1986/45">1986 c. 45</ref>
. In section 411, subsections (1A) and (2C) were inserted, and subsections (2) and (3) were amended, by section 125 of the Banking Act
<ref href="http://www.legislation.gov.uk/id/ukpga/2009/1">2009 (c. 1)</ref>
. Subsection (2) was also amended by section 160 of the Banking Act 2009 and
<ref href="http://www.legislation.gov.uk/id/uksi/2009/1941">S.I. 2009/1941</ref>
. 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
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/12">2020 (c. 12)</ref>
and
<ref href="http://www.legislation.gov.uk/id/uksi/2007/2194">S.I. 2007/2194</ref>
.
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<note class="footnote" eId="f00002">
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<ref href="http://www.legislation.gov.uk/id/uksi/2021/716">S.I. 2021/716</ref>
.
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<note class="footnote" eId="f00003">
<p>
Subsection (7) of section 411 was inserted by paragraph 188 of Schedule 4 to the Constitutional Reform Act
<ref href="http://www.legislation.gov.uk/id/ukpga/2005/4">2005 (c. 4)</ref>
.
</p>
</note>
<note class="footnote" eId="f00004">
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Relevant amendments to section 413 were made by
<ref href="http://www.legislation.gov.uk/id/uksi/2018/130">S.I. 2018/130</ref>
and paragraph 190 of Schedule 4 to the Constitutional Reform Act 2005.
</p>
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<note class="footnote" eId="f00005">
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<ref href="http://www.legislation.gov.uk/id/uksi/2021/1178">S.I. 2021/1178</ref>
.
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<p>
This Statutory Instrument has been made in consequence of defects in
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1178">S.I. 2021/1178</ref>
and is being issued free of charge to all known recipients of that Statutory Instrument.
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<block name="subject">
<concept class="title" refersTo="#d4e79">Financial Services And Markets, England And Wales</concept>
</block>
<block name="subject">
<concept class="title" refersTo="#d4e82">Insolvency, England And Wales</concept>
</block>
<p class="title">
<shortTitle>The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022</shortTitle>
</p>
<p class="MadeDate">
<span>Made</span>
<docDate date="2022-07-18">18th July 2022</docDate>
</p>
<p class="LaidDate">
<span>Laid before Parliament</span>
<docDate date="2022-07-20">20th July 2022</docDate>
</p>
<p class="ComingIntoForce">
<span>Coming into force</span>
<docDate date="2022-08-10">10th August 2022</docDate>
</p>
</preface>
<preamble>
<p>
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
<noteRef href="#f00001" class="footnote" marker="1"/>
, as applied by the Payment and Electronic Money Institution Insolvency Regulations 2021
<noteRef href="#f00002" class="footnote" marker="2"/>
.
</p>
<p>The Treasury concur in the making of these Rules.</p>
<p>
The Chancellor of the High Court (by the authority of the Lord Chief Justice under section 411(7)
<noteRef href="#f00003" class="footnote" marker="3"/>
of the Insolvency Act 1986) concurs in the making of these Rules in so far as they affect court procedure.
</p>
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<p>
Before making these Rules, the Lord Chancellor consulted the committee existing for the purposes of section 413
<noteRef href="#f00004" class="footnote" marker="4"/>
of the Insolvency Act 1986.
</p>
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</preamble>
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<num>1</num>
<heading>Citation, commencement and extent</heading>
<paragraph eId="rule-1-1">
<num>1</num>
<content>
<p>These Rules may be cited as the Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022.</p>
</content>
</paragraph>
<paragraph eId="rule-1-2">
<num>2</num>
<content>
<p>These Rules come into force on 10th August 2022.</p>
</content>
</paragraph>
<paragraph eId="rule-1-3">
<num>3</num>
<content>
<p>These Rules extend to England and Wales only.</p>
</content>
</paragraph>
</rule>
<rule eId="rule-2">
<num>2</num>
<heading>Amendment of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021</heading>
<paragraph eId="rule-2-1">
<num>1</num>
<content>
<p>
The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021
<noteRef href="#f00005" class="footnote" marker="5"/>
are amended as follows.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-2">
<num>2</num>
<intro>
<p>In rule 22(7)—</p>
</intro>
<subparagraph eId="rule-2-2-a">
<num>a</num>
<content>
<p>
in the opening words, for “any”, in the second place it occurs, substitute
<mod>
<quotedText>“such”</quotedText>
</mod>
; and
</p>
</content>
</subparagraph>
<subparagraph eId="rule-2-2-b">
<num>b</num>
<content>
<p>for sub-paragraph (d) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown double" startQuote="" endQuote="">
<subparagraph eId="d4e188">
<num>d</num>
<content>
<p>other matters,</p>
</content>
</subparagraph>
<p>as it thinks just.</p>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="rule-2-3">
<num>3</num>
<content>
<p>
In rule 26(2)(p), for the words from “paragraph (4)” to the end substitute
<mod>
<quotedText>“paragraph (6)”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-4">
<num>4</num>
<intro>
<p>In rule 27(7)—</p>
</intro>
<subparagraph eId="rule-2-4-a">
<num>a</num>
<content>
<p>
in the opening words, for “any”, in the second place it occurs, substitute
<mod>
<quotedText>“such”</quotedText>
</mod>
; and
</p>
</content>
</subparagraph>
<subparagraph eId="rule-2-4-b">
<num>b</num>
<content>
<p>for sub-paragraph (d) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown double" startQuote="" endQuote="">
<subparagraph eId="d4e230">
<num>d</num>
<content>
<p>other matters,</p>
</content>
</subparagraph>
<p>as it thinks just.</p>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="rule-2-5">
<num>5</num>
<content>
<p>
In rule 32(4), for “will state” substitute
<mod>
<quotedText>“must state”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-6">
<num>6</num>
<content>
<p>
In rule 34(2)(d), for “a manners” substitute
<mod>
<quotedText>“manner”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-7">
<num>7</num>
<content>
<p>
In rule 80(6), for “venue”, in both places it occurs, substitute
<mod>
<quotedText>“place”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-8">
<num>8</num>
<content>
<p>
In rule 115, in paragraphs (3) and (4), for “either under” in both cases substitute
<mod>
<quotedText>“under either”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-9">
<num>9</num>
<content>
<p>
In rule 174(2)(e), for “or” substitute
<mod>
<quotedText>“nor a”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-10">
<num>10</num>
<content>
<p>
In rule 175(b), after “State,”, insert
<mod>
<quotedText>“to”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
<paragraph eId="rule-2-11">
<num>11</num>
<content>
<p>
For the heading of rule 291 substitute
<mod>
<quotedText>“Venue”</quotedText>
</mod>
(and amend the table of contents accordingly).
</p>
</content>
</paragraph>
<paragraph eId="rule-2-12">
<num>12</num>
<intro>
<p>In rule 291—</p>
</intro>
<subparagraph eId="rule-2-12-a">
<num>a</num>
<content>
<p>omit paragraph (1); and</p>
</content>
</subparagraph>
<subparagraph eId="rule-2-12-b">
<num>b</num>
<content>
<p>in paragraph (2), for sub-paragraph (c)(ii) and (iii) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown double" startQuote="" endQuote="">
<clause eId="d4e323">
<num>ii</num>
<content>
<p>in the case of a meeting to be conducted and held in accordance with rule 80(2) or section 246A(3) of the IA 1986, is to the time and date for the meeting and the arrangements the administrator proposes to enable persons to exercise their rights to speak and vote at the meeting.</p>
</content>
</clause>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
</paragraph>
</rule>
<hcontainer name="signatures">
<content>
<p>Signed by authority of the Lord Chancellor</p>
<block name="signature">
<signature>
<person refersTo="#ref-d4e337">Bellamy</person>
<role refersTo="#ref-d4e339">Parliamentary Under Secretary of State</role>
<organization refersTo="#ref-d4e341">Ministry of Justice</organization>
<date date="2022-07-04">4th July 2022</date>
</signature>
</block>
<p>We concur</p>
<block name="signature">
<signature>
<person refersTo="#ref-d4e351">Rebecca Harris</person>
<person refersTo="#ref-d4e353">Gareth Johnson</person>
<role refersTo="#ref-d4e355">Two of the Lords Commissioners of Her Majesty’s Treasury</role>
<date date="2022-07-18">18th July 2022</date>
</signature>
</block>
<p>I concur</p>
<block name="signature">
<signature>
<person refersTo="#ref-d4e365">Sir Julian Flaux</person>
<role refersTo="#ref-d4e367">The Chancellor of the High Court</role>
<date date="2022-06-27">27th June 2022</date>
</signature>
</block>
</content>
</hcontainer>
</body>
<conclusions>
<blockContainer class="ExplanatoryNotes">
<heading>EXPLANATORY NOTE</heading>
<intro>
<p>(This note is not part of the Rules)</p>
</intro>
<p>
<authorialNote>
<p>
These Rules amend the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/1178">S.I. 2021/1178</ref>
(“
<term refersTo="#term-the-2021-rules">the 2021 Rules</term>
”). The 2021 Rules set out the procedure for the payment institution special administration process and the electronic money institution special administration process under the Payment and Electronic Money Institution Insolvency Regulations 2021,
<ref href="http://www.legislation.gov.uk/id/uksi/2021/716">S.I. 2021/716</ref>
(“
<term refersTo="#term-the-2021-regulations">the 2021 Regulations</term>
”). The amendments made by these Rules include amendments that respond to the Joint Committee on Statutory Instruments’ Twenty-first Report of Session 2021-22 which reported the 2021 Rules for defective drafting.
</p>
<p>Under the 2021 Rules an administrator may apply to the court for an order of limited disclosure in respect of: any part of the whole or any part of a statement of affairs or a statement of concurrence (rule 22); or any specified part of a statement of proposals (rule 27). Rule 2(2) and (4) amends rules 22 and 27 of the 2021 Rules so the phrase “as it thinks just” extends to all conditions to which a court may make a disclosure order subject.</p>
<p>
Rule 291 of the 2021 Rules made provision for remote attendance at, and the venue of, meetings held under the 2021 Rules. Rule 2(12) omits rule 291(1) of the 2021 Rules, because provision on these matters was made by rules 63, 80 and 81 of the 2021 Rules and section 246A of the Insolvency Act
<ref href="http://www.legislation.gov.uk/id/ukpga/1986/45">1986 (c. 45)</ref>
, as modified by the relevant row of the table in regulation 37 of the 2021 Regulations.
</p>
<p>The other paragraphs of rule 2 correct other minor drafting errors in the 2021 Rules.</p>
<p>
A full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. Instead, a de minimis assessment has been prepared as this instrument is likely to entail some costs for businesses, but the net impact is estimated to be below £5 million per year. This is available from HM Treasury, 1 Horseguards Road, London SW1A 2HQ or on
<a href="http://www.gov.uk">www.gov.uk</a>
and is published alongside this instrument on
<a href="http://www.legislation.gov.uk">www.legislation .gov.uk</a>
.
</p>
</authorialNote>
</p>
</blockContainer>
</conclusions>
</act>
</akomaNtoso>