The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007

Publication Date:January 01, 2007

2007No. 830

INSOLVENCY

COMPANIES

The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007

13thMarch2007

14thMarch2007

6thApril2007

The Treasury are the government department designated 1 for the purposes of section 2(2) of the European Communities Act 1972 2 in relation to measures relating to credit and financial institutions and to the taking of deposits or other repayable funds from the public. In exercise of the powers conferred by that section, the Treasury hereby make the following Regulations:

Citation and commencement

1.These Regulations may be cited as the Credit Institutions (Reorganisation and Winding Up)(Amendment) Regulations 2007, and come into force on 6th April 2007.

Amendments to Credit Institutions (Reorganisation and Winding Up) Regulations 2004

2.-

(1) The Credit Institutions (Reorganisation and Winding Up) Regulations 2004 3 are amended as set out in this regulation.

(2) In regulation 2(1) (interpretation), in the definition of "administrator"-

(a) After the first occurrence of "the 1986 Act", for "or", substitute ", paragraph 14 of Schedule B1 to the 1989 Order," 4;(b) After the second occurrence of "the 1986 Act", insert "or Article 21(2) of the 1989 Order".

(3) In regulation 2(3), after "the Limited Liability Partnerships Regulations 2001", insert 5", the Limited Liability Partnerships Regulations (Northern Ireland) 2004".

(4) In regulation 3(5) (prohibition against winding up etc. EEA credit institutions in the UK)-

(a) After "Schedule B1", for "of", substitute "to"; and(b) After "the 1986 Act", insert "or paragraphs 15 or 23 of Schedule B1 to the 1989 Order".

(5) For regulation 3(7), substitute-

(7) An order under section 254 of the Enterprise Act 2002 (application of insolvency law to a foreign company) or under Article 9 of the Insolvency (Northern Ireland) Order 2005 6 (application of insolvency law to company incorporated outside Northern Ireland) may not provide for any of the following provisions of the 1986 Act or of the 1989 Order to apply in relation to an incorporated EEA credit institution-

(a) Part 1 of the 1986 Act or Part 2 of the 1989 Order (company voluntary arrangements);(b) Part 2 of the 1986 Act or Part 3 of the 1989 Order (administration);(c) Chapter 4 of Part 4 of the 1986 Act or chapter 4 of Part 5 of the 1989 Order (creditors' voluntary winding up);(d) Chapter 6 of Part 4 of the 1986 Act (winding up by the Court).

(6) In regulation 9(1) (notification of relevant decision to the Authority)-

(a) in sub-paragraph (a), after the first occurrence of "the 1986 Act", for "or" substitute ", paragraph 14 of Schedule B1 to the 1989 Order,";(b) in sub-paragraph (a), after the second occurrence of "the 1986 Act", insert "or Article 21(1) of the 1989 Order".(c) in sub-paragraph (d), after "the 1986 Act", insert ", paragraph 14(1)(d) of Schedule B1 to the 1989 Order, section 9(4) of the 1986 Act".

(7) In regulation 9(3) after the second occurrence of "the 1986 Act" insert ", paragraph 84 of Schedule B1 to the 1989 Order".

(8) In regulation 11(1)-

(a) in paragraph (b)(ii) (withdrawal of authorisation), after "the 1986 Act", insert "or paragraph 14 of Schedule B1 to the 1989 Order"; and(b) in paragraph (c)(ii), after the second occurrence of "the 1986 Act", insert "or paragraph 84 of Schedule B1 to the...

To continue reading

Request your trial