Statutory Instruments
2003 No. 1468
INSOLVENCY
COMPANIES
The Insolvency Act 1986 (Amendment) (Administrative Receivership and Capital Market Arrangements) Order 2003
Made
4th June 2003
Laid before Parliament
5th June 2003
Coming into force in accordance with Article 1
The Secretary of State, in exercise of the powers conferred upon her by section 72H of the Insolvency Act 1986( 1 ), hereby makes the following Order:
Citation and commencement
1. This Order may be cited as the Insolvency Act 1986 (Amendment) (Administrative Receivership and Capital Market Arrangements) Order 2003 and shall come into force immediately after the insertion into the Insolvency Act 1986 of sections 72A to 72G and Schedule 2A has effect( 2 ).
Amendments to Schedule 2A to the Insolvency Act 1986
2. In paragraph 1(1) of Schedule 2A to the Insolvency Act 1986 (capital market arrangement) after paragraph (a) insert—
“ (aa) it involves a grant of security to—
(i) a party to the arrangement who issues a capital market investment, or
(ii) a person who holds the security as trustee for a party to the arrangement in connection with the issue of a capital market investment, or
(ab) it involves a grant of security to a person who holds the security as trustee for a party to the arrangement who agrees to provide finance to another party, or ”
3. After the words “beneficial interest in it” in paragraph 1(2)(c) of Schedule 2A to the Insolvency Act 1986 insert—
“ ; and
(d)the reference to the provision of finance includes the provision of an indemnity ” .
Melanie Johnson,
Parliamentary Under-Secretary of State for Competition, Consumers and Markets,
Department of Trade and Industry
4th June 2003
1986 c. 45 . Section 72H was inserted into the Insolvency Act 1986 by section 250 of the Enterprise Act 2002 (c. 40) .
Sections 72A to 72G and Schedule 2A are inserted into the Insolvency Act 1986 by section 250 of, and Schedule 18 to, the Enterprise Act 2002 (c. 40) .