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Statutory Instruments

2004 No. 1045

INSOLVENCY

COMPANIES

The Credit Institutions (Reorganisation and Winding up) Regulations 2004cross-notes

Made

1st April 2004

Laid before Parliament

5th April 2004

Coming into force

5th May 2004

M1,M2The Treasury, being a government department designated for the purposes of section 2(2) of the European Communities Act 1972 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, hereby make the following Regulations:

PART 1General

Citation and commencement

1. These Regulations may be cited as the Credit Institutions (Reorganisation and Winding up) Regulations 2004, and come into force on 5th May 2004.

Interpretation

2.—(1) In these Regulations—

F1...

M3“the 1986 Act” means the Insolvency Act 1986 ;

M4“the 2000 Act” means the Financial Services and Markets Act 2000 ;

[F2“the 2006 Act” means the Companies Act 2006;F2]

M5“the 1989 Order” means the Insolvency (Northern Ireland) Order 1989 ;

“administrator” has the meaning given by paragraph 13 of Schedule B1 to the 1986 Act[F3, paragraph 14 of Schedule B1 to the 1989 Order,F3] section 8(2) of the 1986 Act[F4or Article 21(2) of the 1989 OrderF4] as the case may be;

F5...

F6...

F7...

F8...

F9...

[F10“capital requirements regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No. 648/2012;F10]

“claim” means a claim submitted by a creditor of a UK credit institution in the course of—

(a)

a winding up,

(b)

an administration, or

(c)

a voluntary arrangement,

with a view to recovering his debt in whole or in part, and includes [F11a proof within the meaning given in rule 1.2 of the Insolvency Rules, a proof of debt within the meaning given in Rule 4.079(4) of the Insolvency Rules (Northern Ireland) or in Scotland a claim made in accordance with rule 7.16 of the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 (in relation to a winding up) or rule 3.105 of the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 (in relation to an administration)F11] ;

F12...

“creditors' voluntary winding up” has the meaning given by section 90 of the 1986 Act or Article 76 of the 1989 Order as the case may be;

“debt”—

(a)

in relation to a winding up or administration of a UK credit institution, has the meaning given by [F13rule 14.1(3)F13] of the Insolvency Rules or Article 5(1) of the 1989 Order except that where the credit institution is not a company, references in [F13rule 14.1(3)F13] or Article 5(1) to a company are to be read as references to the credit institution, and

(b)

[F14in a case where a voluntary arrangement has effect in relation to a UK credit institution, means a debt which would constitute a debt in relation to the winding up (not immediately preceded by an administration) of that credit institution, except that in paragraph (c) of the definition of “relevant date” in rule 14.1(3) of the Insolvency Rules and in paragraph (1A) of Article 5 of the 1989 Order the reference to the date on which the company went into liquidation has effect as a reference to the date on which the voluntary arrangement had effect;F14]

(c)

in Scotland—

(i)

[F15in relation to a winding up of a UK credit institution, shall be interpreted in accordance with rule 7.22 of the Insolvency (Scotland) (Receivership and Winding up) Rules 2018, and, in relation to an administration of a UK credit institution, has the meaning given in rule 1.2 of the Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018 andF15]

(ii)

[F16in a case where a voluntary arrangement has effect in relation to a UK credit institution, means a debt which would constitute a debt in relation to the winding up (not immediately preceded by an administration) of that insurer, except that references in rule 7.22 of the Insolvency (Scotland) (Receivership and Winding up) Rules 2018 to the date on which the company went into liquidation has effect as a reference to the date on which the voluntary arrangement had effect;F16]

F17...

F18...

F19...

F20...

F21...

F22...

F23...

[F24“the FCA” means the Financial Conduct Authority;F24]

F25...

[F26“the Insolvency Rules” means the Insolvency (England and Wales) Rules 2016;F26]

M6“the Insolvency Rules (Northern Ireland)” means the Insolvency Rules (Northern Ireland) 1991 ;

F27...

F28“liquidator”... includes any person or body appointed by the administrative or judicial authorities whose task is to administer winding-up proceedings in respect of a UK credit institution which is not a body corporate;

“officer”, in relation to a company, has the meaning given by [F29section 1173(1) of the Companies Act 2006F29] ;

F30...

[F24“the PRA” means the Prudential Regulation Authority;F24]

[F24“PRA-authorised person” has the meaning given in section 2B of the 2000 Act;F24]

[F31“recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms F32...[F33, as it had effect immediately before IP completion dayF33];F31]

F34...

[F35“section 899 compromise or arrangement” means a compromise or arrangement sanctioned by the court in relation to a UK credit institution under section 899 of the 2006 Act but does not include a compromise or arrangement falling within section 900 (powers of court to facilitate reconstruction or amalgamation) or Part 27 (mergers and divisions of public companies) of that Act;F35]

[F31“stabilisation instrument” means any of the following—

(a)

a “mandatory reduction instrument” made under section 6B of the Banking Act 2009;

(b)

a “resolution instrument” made under section 12A of the Banking Act 2009;

(c)

a “share transfer instrument” as defined in section 15 of the Banking Act 2009;

(d)

a “share transfer order” as defined in section 16 of the Banking Act 2009;

(e)

a “property transfer instrument” as defined in section 33 of the Banking Act 2009; or

(f)

a “third country instrument” made under section 89H of the Banking Act 2009;F31]

“supervisor” has the meaning given by section 7 of the 1986 Act or Article 20 of the 1989 Order as the case may be;

“UK credit institution” means an undertaking whose head office is in the United Kingdom with permission under Part 4 of the 2000 Act to accept deposits or to issue electronic money as the case may be but does not include—

(a)

an undertaking which also has permission under Part 4 of the 2000 Act to effect or carry out contracts of insurance; or

(b)

M7a credit union within the meaning of section 1 of the Credit Unions Act 1979 ;

“voluntary arrangement” means a voluntary arrangement which has effect in relation to a UK credit institution in accordance with section 4A of the 1986 Act or Article 17A of the 1989 Order as the case may be; and

“winding up” means—

(a)

winding up by the court, or

(b)

a creditors' voluntary winding up.

[F36(1A)In the definition of “capital requirements regulation” the reference to Regulation (EU) No. 575/2013 is to be treated as a reference to that EU Regulation as it forms part of [F37assimilatedF37] law.F36]

F38(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

M8,M9,M11(3) In these Regulations, references to the law of insolvency of the United Kingdom include references to every provision made by or under the 1986 Act or the 1989 Order as the case may be; and in relation to partnerships, limited liability partnerships or building societies, references to the law of insolvency or to any provision of the 1986 Act or the 1989 Order are to that law as modified by the Insolvent Partnerships Order 1994 , the Insolvent Partnerships Order (Northern Ireland) 1995 , the Limited Liability Partnerships Regulations 2001M10[F39, the Limited Liability Partnerships Regulations (Northern Ireland) 2004F39] or the Building Societies Act 1986 (as the case may be).

(4) References in these Regulations to “accepting deposits” and a “contract of insurance” must be read with—

(a)section 22 of the 2000 Act;

(b)any relevant order made under that section; and

(c)Schedule 2 to that Act.

(5) For the purposes of the 2000 Act, functions imposed or falling on the [F40FCA or the PRAF40] under these Regulations shall be deemed to be functions under the 2000 Act.

F41PART 2Insolvency Measures and Proceedings: Jurisdiction in Relation to Credit Institutions

Prohibition against winding up etc. EEA credit institutions in the United Kingdom

F413. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schemes of arrangement

F414. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reorganisation measures and winding-up proceedings in respect of EEA credit institutions effective in the United Kingdom

F415. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Confirmation by the court of a creditors' voluntary winding up

F416. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 3Modifications of the Law of Insolvency: Notification and Publication

Modifications of the law of insolvency

7. The general law of insolvency has effect in relation to UK credit institutions subject to the provisions of this Part.

Consultation of the [F42FCA and, if the institution is a PRA-authorised person, the PRAF42] prior to a voluntary winding up

8.—(1) Where, on or after 5th May 2004, a UK credit institution (“the institution”) intends to pass a resolution to wind up the institution under paragraph (b) or (c) of section 84(1) of the 1986 Act or sub-paragraph (b) or (c) of Article 70(1) of the 1989 Order, the institution must give written notice of the resolution to the [F42FCA and, if the institution is a PRA-authorised person, the PRAF42] before it passes the resolution.

(2) Where notice is given under paragraph (1), the resolution may be passed only after the end of the period of five business days beginning with the day on which the notice was given.

Notification of relevant decision to the [F43FCA and, if the institution is a PRA-authorised person, the PRAF43]

9.—(1) Where on or after 5th May 2004 the court makes a decision, order or appointment of any of the following kinds—

(a)an administration order under paragraph 13 of Schedule B1 to the 1986 Act[F44, paragraph 14 of Schedule B1 to the 1989 Order,F44] section 8(1) of the 1986 Act[F45or Article 21(1) of the 1989 OrderF45] ;

(b)a winding-up order under section 125 of the 1986 Act or Article 105 of the 1989 Order;

(c)the appointment of a provisional liquidator under section 135(1) of the 1986 Act or Article 115(1) of the 1989 Order;

(d)the appointment of an administrator in an interim order under paragraph 13(1)(d) of Schedule B1 to the 1986 Act[F46, paragraph 14(1)(d) of Schedule B1 to the 1989 Order, section 9(4) of the 1986 ActF46] or Article 22(4) of the 1989 Order,

it must immediately inform the [F47FCA and, if the institution is a PRA-authorised person, the PRAF47] , or cause the [F47FCA and, if the institution is a PRA-authorised person, the PRAF47] to be informed, of the order or appointment which has been made.

(2) Where a decision with respect to the approval of a voluntary arrangement has effect, and the arrangement which is the subject of that decision is a qualifying arrangement, the supervisor must forthwith inform the [F47FCA and, if the institution is a PRA-authorised person, the PRAF47] of the arrangement which has been approved.

(3) Where a liquidator is appointed as mentioned in section 100 of the 1986 Act, paragraph 83 of Schedule B1 to the 1986 Act[F48, paragraph 84 of Schedule B1 to the 1989 OrderF48] or Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up), the liquidator must inform the [F47FCA and, if the institution is a PRA-authorised person, the PRAF47] forthwith of his appointment.

(4) Where in the case of a members' voluntary winding up, section 95 of the 1986 Act (effect of company’s insolvency) or Article 81 of the 1989 Order applies, the liquidator must inform the [F47FCA and, if the institution is a PRA-authorised person, the PRAF47] forthwith that he is of that opinion.

[F49(5)Paragraphs (1), (2) and (3) do not require the FCA to be informed in any case where the FCA was represented at all hearings in connection with the application in relation to which the decision, order or appointment is made.

(5A)Paragraphs (1), (2) and (3) do not require the PRA to be informed in any case where the PRA was represented at all hearings in connection with the application in relation to which the decision, order or appointment is made.F49]

(6) For the purposes of paragraph (2), a “qualifying arrangement” means a voluntary arrangement which—

(a)varies the rights of creditors as against the credit institution and is intended to enable the credit institution, and the whole or any part of its undertaking, to survive as a going concern; or

(b)includes a realisation of some or all of the assets of the credit institution, with a view to terminating the whole or any part of the business of that credit institution.

(7) A supervisor, administrator or liquidator who fails without reasonable excuse to comply with paragraph (2), (3), or (4) (as the case may be) commits an offence and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.

Notification to EEA regulators

F5010. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withdrawal of authorisationcross-notes

11.—(1) For the purposes of this regulation—

(a)a qualifying decision means a decision with respect to the approval of a voluntary arrangement where the voluntary arrangement includes a realisation of some or all of the assets of the credit institution with a view to terminating the whole or any part of the business of that credit institution;

(b)a qualifying order means—

(i)a winding-up order under section 125 of the 1986 Act or Article 105 of the 1989 Order; or

(ii)an administration order under paragraph 13 of Schedule B1 to the 1986 Act[F51or paragraph 14 of Schedule B1 to the 1989 OrderF51] in the prescribed circumstances;

(c)a qualifying appointment means—

(i)the appointment of a provisional liquidator under section 135(1) of the 1986 Act or Article 115(1) of the 1989 Order; or

(ii)the appointment of a liquidator as mentioned in section 100 of the 1986 Act, Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up) or paragraph 83 of Schedule B1 to the 1986 Act[F52or paragraph 84 of Schedule B1 to the 1989 OrderF52] (moving from administration to creditors' voluntary liquidation).

(2) The prescribed circumstances are where, after the appointment of an administrator, the administrator concludes that it is not reasonably practicable to achieve the objective specified in paragraph 3(1)(a) of Schedule B1 to the 1986 Act[F53or paragraph 4(1)(a) of Schedule B1 to the 1989 OrderF53] .

(3) When [F54the FCA or the PRAF54] is informed of a qualifying decision, qualifying order or qualifying appointment, [F55that authorityF55] will as soon as reasonably practicable exercise its power under [F56section 55JF56] of the 2000 Act to vary or to cancel the UK credit institution’s permission under Part 4 of that Act to accept deposits or to issue electronic money as the case may be.

Publication of voluntary arrangement, administration order, winding-up order or scheme of arrangement

F5712. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Honouring of certain obligations

F5813. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notification to creditors: winding-up proceedings

14.—(1) When a relevant order or appointment is made, or a relevant decision is taken, in relation to a UK credit institution on or after 5th May 2004, the appointed officer must, as soon as is reasonably practicable, notify in writing all known creditors of that credit institution—

(a)of the matters mentioned in paragraph (4); and

(b)of the matters mentioned in paragraph (5).

(2) The appointed officer may comply with the requirement in paragraphs (1)(a) and the requirement in paragraph (1)(b) by separate notifications.

(3) For the purposes of this regulation—

(a)“relevant order” means—

(i)an administration order under paragraph 13 of Schedule B1 to the 1986 Act[F59or paragraph 14 of Schedule B1 to the 1989 OrderF59] in the prescribed circumstances or an administration order made for the purposes set out in section 8(3)(b) or (d) of the 1986 Act[F60or Article 21(3) (b) or (d) of the 1989 OrderF60] , as the case may be,

(ii)a winding-up order under section 125 of the 1986 Act (powers of the court on hearing a petition) or Article 105 of the 1989 Order (powers of High Court on hearing of petition),

(iii)the appointment of a liquidator in accordance with section 138 of the 1986 Act (appointment of a liquidator in Scotland), or

(iv)an order appointing a provisional liquidator in accordance with section 135 of that Act or Article 115 of the 1989 Order;

(b)a “relevant appointment” means the appointment of a liquidator as mentioned in section 100 of the 1986 Act or Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up); and

(c)a “relevant decision” means a decision as a result of which a qualifying voluntary arrangement has effect.

(4) The matters which must be notified to all known creditors in accordance with paragraph (1)(a) are as follows—

(a)that a relevant order or appointment has been made, or a relevant decision taken, in relation to the UK credit institution; and

(b)the date from which that order, appointment or decision has effect.

(5) The matters which must be notified to all known creditors in accordance with paragraph (1)(b) are as follows—

(a)if applicable, the date by which a creditor must submit his claim in writing;

(b)the matters which must be stated in a creditor’s claim;

(c)details of any category of debt in relation to which a claim is not required;

(d)the person to whom any such claim or any observations on a claim must be submitted; and

(e)the consequences of any failure to submit a claim by any specified deadline.

F61(6) Where a creditor is notified in accordance with paragraph (1)(b), the notification must be headed with the words “Invitation to lodge a claim. Time limits to be observed”....

F62(7) The obligation under paragraph (1)(b) may be discharged by sending a form of proof in accordance with ... Rule 4.080 of the Insolvency Rules (Northern Ireland)[F63in cases where those rules applyF63] , provided that the form of proof complies with paragraph (6).

[F64(8)The prescribed circumstances are where the administrator includes in the statement required under [F65rule 3.3F65] of the Insolvency Rules or under Rule 2.003 of the Insolvency Rules (Northern Ireland) a statement to the effect that the objective set out in paragraph 3(1)(a) of Schedule B1 to the 1986 Act or in paragraph 4(1)(a) of Schedule B1 to the 1989 Order is not reasonably likely to be achievedF64]

(9) Where, after the appointment of an administrator, the administrator concludes that it is not reasonably practicable to achieve the objective specified in paragraph 3(1)(a) of Schedule B1 to the 1986 Act[F66or paragraph 4(1)(a) of Schedule B1 to the 1989 OrderF66] , he shall inform the court [F67, the FCA and, if the institution is a PRA-authorised person, the PRAF67] in writing of that conclusion and upon so doing the order by which he was appointed shall be a relevant order for the purposes of this regulation and the obligation under paragraph (1) shall apply as from the date on which he so informs the court and the Authority.

(10) An appointed officer commits an offence if he fails without reasonable excuse to comply with a requirement under paragraph (1) of this regulation, and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.

(11) For the purposes of this regulation—

(a)“appointed officer” means—

(i)in the case of a relevant order falling within paragraph (3)(a)(i), the administrator,

(ii)in the case of a relevant order falling within paragraph (3)(a)(ii) or (iii) or a relevant appointment falling within paragraph (3)(b), the liquidator,

(iii)in the case of a relevant order falling within paragraph (3)(a)(iv), the provisional liquidator, or

(iv)in the case of a relevant decision, the supervisor; and

(b)a creditor is a “known” creditor if the appointed officer is aware of—

(i)his identity,

(ii)his claim or potential claim, and

(iii)a recent address where he is likely to receive a communication.

(12) For the purposes of paragraph (3), a voluntary arrangement is a qualifying voluntary arrangement if its purposes include a realisation of some or all of the assets of the UK credit institution to which the order relates with a view to terminating the whole or any part of the business of that credit institution.

Submission of claims by EEA creditors

F6815. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reports to creditors

16.—(1) This regulation applies where, on or after 5th May 2004—

(a)a liquidator is appointed in accordance with section 100 of the 1986 Act, Article 86 of [F69the 1989 OrderF69] (creditors' voluntary winding up: appointment of liquidator) or paragraph 83 of Schedule B1 to the 1986 Act[F70or paragraph 84 of Schedule B1 to the 1989 OrderF70] (moving from administration to creditors' voluntary liquidation);

(b)a winding-up order is made by the court;

(c)a provisional liquidator is appointed; or

[F71(d)an administrator is appointed under paragraph 13 of Schedule B1 to the 1986 Act or paragraph 14 of Schedule B1 to the 1989 Order.F71]

(2) The liquidator, provisional liquidator or administrator (as the case may be) must send a report to every known creditor once in every 12 months beginning with the date when his appointment has effect.

(3) The requirement in paragraph (2) does not apply where a liquidator, provisional liquidator or administrator is required by order of the court to send a report to creditors at intervals which are more frequent than those required by this regulation.

(4) This regulation is without prejudice to any requirement to send a report to creditors, imposed by the court on the liquidator, provisional liquidator or administrator, which is supplementary to the requirements of this regulation.

(5) A liquidator, provisional liquidator or administrator commits an offence if he fails without reasonable excuse to comply with an applicable requirement under this regulation, and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.

(6) For the purposes of this regulation—

(a)“known creditor” means—

(i)a creditor who is known to the liquidator, provisional liquidator or administrator, and

(ii)in a case falling within paragraph (1)(b) or (c), a creditor who is specified in the credit institution’s statement of affairs (within the meaning of section 131 of the 1986 Act or Article 111 of the 1989 Order);

(b)“report” means a written report setting out the position generally as regards the progress of the winding up, provisional liquidation or administration (as the case may be).

Service of notices and documents

17.—(1) This regulation applies to any notification, report or other document which is required to be sent to a creditor of a UK credit institution by a provision of this Part (“a relevant notification”).

(2) A relevant notification may be sent to a creditor by one of the following methods—

(a)by posting it to the proper address of the creditor;

(b)by transmitting it electronically, in accordance with paragraph (4).

(3) For the purposes of paragraph (2)(a), the proper address of a creditor is any current address provided by that person as an address for service of a relevant notification and, if no such address is provided—

(a)the last known address of that creditor (whether his residence or a place where he carries on business);

(b)in the case of a body corporate, the address of its registered or principal office; or

(c)in the case of an unincorporated association, the address of its principal office.

(4) A relevant notification may be transmitted electronically only if it is sent to—

(a)an electronic address notified to the relevant officer by the creditor for this purpose; or

(b)if no such address has been notified, to an electronic address at which the relevant officer reasonably believes the creditor will receive the notification.

(5) Any requirement in this Part to send a relevant notification to a creditor shall also be treated as satisfied if the conditions set out in paragraph (6) are satisfied.

(6) The conditions of this paragraph are satisfied in the case of a relevant notification if—

(a)the creditor has agreed with—

(i)the UK credit institution which is liable under the creditor’s claim, or

(ii)the relevant officer,

that information which is required to be sent to him (whether pursuant to a statutory or contractual obligation, or otherwise) may instead be accessed by him on a web site;

(b)the agreement applies to the relevant notification in question;

(c)the creditor is notified of—

(i)the publication of the relevant notification on a web site,

(ii)the address of that web site,

(iii)the place on that web site where the relevant notification may be accessed, and how it may be accessed; and

(d)the relevant notification is published on that web site throughout a period of at least one month beginning with the date on which the creditor is notified in accordance with sub-paragraph (c).

(7) Where, in a case in which paragraph (5) is relied on for compliance with a requirement of regulation 14 or 16—

(a)a relevant notification is published for a part, but not all, of the period mentioned in paragraph (6)(d) but

(b)the failure to publish it throughout that period is wholly attributable to circumstances which it would not be reasonable to have expected the relevant officer to prevent or avoid,

no offence is committed under regulation 14(10) or regulation 16(5) (as the case may be) by reason of that failure.

(8) In this regulation—

(a)“electronic address” includes any number or address used for the purposes of receiving electronic communications which are sent electronically;

(b)M12“electronic communication” means an electronic communication within the meaning of the Electronic Communications Act 2000 the processing of which on receipt is intended to produce writing; and

(c)“relevant officer” means (as the case may be) an administrator, liquidator, provisional liquidator or supervisor who is required to send a relevant notification to a creditor by a provision of this Part.

Disclosure of confidential information received from an EEA regulator

F7218. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 4F73Reorganisation or Winding up of UK Credit Institutions...

Application of this Part

19.—(1) This Part applies as follows—

(a)where a decision with respect to the approval of a proposed voluntary arrangement having a qualifying purpose is made under section 4A of the 1986 Act or Article 17A of the 1989 Order on or after 5th May 2004 in relation to a UK credit institution;

(b)where an administration order made under paragraph 13 of Schedule B1 to the 1986 Act[F74, paragraph 14 of Schedule B1 to the 1989 Order,F74] section 8(1) of the 1986 Act[F75or Article 21(1) of the 1989 OrderF75] on or after 5th May 2004 is in force in relation to a UK credit institution;

(c)F76where a UK credit institution is subject to a relevant winding up; ...

(d)where a provisional liquidator is appointed in relation to a UK credit institution on or after 5th May 2004; [F77or

(e)where a stabilisation instrument is made in respect of a UK credit institution.F77]

(2) For the purposes of paragraph (1)(a), a voluntary arrangement has a qualifying purpose if it—

(a)varies the rights of the creditors as against the credit institution and is intended to enable the credit institution, and the whole or any part of its undertaking, to survive as a going concern; or

(b)includes a realisation of some or all of the assets of the credit institution to which the compromise or arrangement relates, with a view to terminating the whole or any part of the business of that credit institution.

(3) For the purposes of paragraph (1)(c), a winding up is a relevant winding up if—

(a)in the case of a winding up by the court, the winding-up order is made on or after 5th May 2004; or

(b)in the case of a creditors' voluntary winding up, the liquidator is appointed in accordance with section 100 of the 1986 Act, Article 86 of the 1989 Order or paragraph 83 of Schedule B1 to the 1986 Act[F78or paragraph 84 of Schedule B1 to the 1989 OrderF78] on or after 5th May 2004.

Application of this Part: [F79certain assets excluded from insolvent estate of UK credit institutionF79]

20.—(1) For the purposes of this Part, the insolvent estate of a UK credit institution shall not include any assets which at the commencement date are subject to [F80a relevant compromise or arrangementF80] .

(2) In this regulation—

(a)“assets” has the same meaning as “property” in section 436 of the 1986 Act or Article 2(2) of the 1989 Order;

(b)“commencement date” means the date when a UK credit institution goes into liquidation within the meaning given by section 247(2) of the 1986 Act or Article 6(2) of the 1989 Order;

(c)“insolvent estate” has the meaning given by [F81rule 1.2F81] of the Insolvency Rules or Rule 0.2 of the Insolvency Rules (Northern Ireland) and in Scotland means the company’s assets;

[F82(d)“relevant compromise or arrangement” means—

(i)a compromise or arrangement sanctioned by the court before 5th May 2004 under—

(aa)section 425 of the Companies Act 1985(excluding a compromise or arrangement falling within section 427 or 427A of that Act), or

(bb)Article 418 of the Companies (Northern Ireland) Order 1986(excluding a compromise or arrangement falling within Article 420 or 420A of that Order); or

(ii)any subsequent compromise or arrangement sanctioned by the court to amend or replace a compromise or arrangement of a kind mentioned in paragraph (i) which is—

(aa)itself of a kind mentioned in sub-paragraph (aa) or (bb) of paragraph (i) (whether sanctioned before, on or after 5th May 2004), or

(bb)a section 899 compromise or arrangement.F82]

Interpretation of this Part

21.—(1) For the purposes of this Part—

(a)“affected credit institution” means a UK credit institution which is the subject of a relevant reorganisation or winding up;

(b)F84“relevant reorganisation” or “relevant winding up” means any voluntary arrangement, administration, winding up, [F83making of a stabilisation instrumentF83] or order referred to in regulation 19(1) to which this Part applies; ...

F84(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) In this Part, references to the opening of a relevant reorganisation or a relevant winding up mean—

(a)in the case of winding-up proceedings—

(i)in the case of a winding up by the court, the date on which the winding-up order is made, or

(ii)in the case of a creditors' voluntary winding up, the date on which the liquidator is appointed in accordance with section 100 of the 1986 Act, Article 86 of the 1989 Order or paragraph 83 of Schedule B1 to the 1986 Act[F85or paragraph 84 of Schedule B1 to the 1989 OrderF85] ;

(b)in the case of a voluntary arrangement, the date when a decision with respect to the approval of that voluntary arrangement has effect in accordance with section 4A(2) of the 1986 Act or Article 17A(2) of the 1989 Order;

(c)F88in a case where an administration order under paragraph 13 of Schedule B1 to the 1986 Act[F86, paragraph 14 of Schedule B1 to the 1989 Order,F86] section 8(1) of the 1986 Act[F87or Article 21(1) of the 1989 OrderF87] is in force, the date of the making of that order; ...

(d)in a case where a provisional liquidator has been appointed, the date of that appointment, [F89and

(e)in a case where a stabilisation instrument is made, the date on which that instrument is made,F89]

and references to the time of an opening must be construed accordingly.

[F90Applicable law in the winding up of a UK credit institution

22.The general law of insolvency of the United Kingdom is applicable in a relevant winding up, subject only to the provisions of regulations 28, 29, 34 and 35.F90]

Employment contracts and relationships

F9123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Contracts in connection with immovable property

F9224. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Registrable rights

F9325. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Third parties' rights in rem

F9426. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reservation of title agreements etc.

F9527. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Creditors' rights to set off

28.—(1) A relevant reorganisation or a relevant winding up shall not affect the right of creditors to demand the set-off of their claims against the claims of the affected credit institution, where such a set-off is permitted by the law applicable to the affected credit institution’s claim.

(2) Paragraph (1) does not preclude actions for voidness, voidability or unenforceability of legal acts detrimental to creditors under the general law of insolvency of the United Kingdom.

Regulated markets

F9629.—(1) ... The effects of a relevant reorganisation or winding up on transactions carried out in the context of [F97UK regulated marketF97] must be determined in accordance with the law applicable to those transactions.

[F98(2)For the purposes of this regulation “UK regulated market” has the meaning given by point (13A) of Article 2(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012.F98]

Detrimental acts pursuant to the law of an EEA State

F9930. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Protection of third party purchasers

F10031. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lawsuits pending

F10132. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Lex rei sitae

F10233. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Netting agreements

[F10334.—(1)The effects of a relevant reorganisation or a relevant winding up on a netting agreement shall be determined in accordance with the law applicable to that agreement.

(2)Nothing in paragraph (1) affects the application of—

(a)section 48Z of the Banking Act 2009 ;

(b)section 70C of the Banking Act 2009 ;

F104(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)any instrument made under the provisions referred to in sub-paragraph (a) or (b).F103]

Repurchase agreements

[F10535.—(1)F106... The effects of a relevant reorganisation or a relevant winding up on a repurchase agreement shall be determined in accordance with the law applicable to that agreement.

(2)Nothing in paragraph (1) affects the application of—

(a)section 48Z of the Banking Act 2009;

(b)section 70C of the Banking Act 2009;

F107(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(d)any instrument made under the provisions referred to in sub-paragraph (a) or (b).F105]

PART 5Third Country Credit Institutions

Interpretation of this Part

36.—(1) In this Part—

(a)“relevant measure”, in relation to a third country credit institution, means—

(i)a winding up;

(ii)F108a provisional liquidation; ...

(iii)an administration order made under paragraph 13 of Schedule B1 to the 1986 Act[F109, paragraph 14 of Schedule B1 to the 1989 Order,F109] section 8(1) of the 1986 Act[F110or Article 21(1) of the 1989 OrderF110] as the case may be; [F111or

(iv)the making of a stabilisation instrument.F111]

(b)“third country credit institution” means a person—

(i)who has permission under the 2000 Act to accept deposits or to issue electronic money as the case may be; and

(ii)F112whose head office is not in the United Kingdom ....

(2) In paragraph (1), the definition of “third country credit institution” must be read with—

(a)section 22 of the 2000 Act;

(b)any relevant order made under that section; and

(c)Schedule 2 to that Act.

Application of these Regulations to a third country credit institution

[F11337.Regulation 9 applies where a third country credit institution is subject to a relevant measure, and is to be read for that purpose as if a reference to the institution or, in paragraph (6), to the credit institution included a reference to a third country credit institution.F113]

Disclosure of confidential information: third country credit institution

F11438. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F115PART 6Application to Investment Firms

Interpretation of this Part

39.In this Part—

F116(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)“UK investment firm” means an investment firm as defined in subsections (1) and (2)(a) of section 258A of the Banking Act 2009.

Application to UK investment firms

40.These Regulations apply to UK investment firms as if such firms were UK credit institutions, subject to the modifications set out in this Part.

Application to EEA investment firms

F11741. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Withdrawal of authorisation

42.Paragraph (3) of regulation 11 (withdrawal of authorisation) applies to UK investment firms as if the reference in that paragraph to section 55J of the 2000 Act included a reference to any other power of the FCA or PRA under that Act to vary or cancel any permission of a body or firm.F115]

Reorganisation measures and winding-up proceedings in respect of EEA investment firms effective in the United Kingdom

F11843. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F115PART 7Application to Group Companies

Interpretation of this Part

44.In this Part—

F119(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b)“UK group company” means—

(i)a financial institution as defined in point (26) of Article 4(1) of the capital requirements regulation that is authorised by the PRA or FCA,

(ii)a parent undertaking as defined in Article 4(1)(15)(a) of the capital requirements regulation, or

(iii)any other firm within the scope of Article 1(1) of the recovery and resolution directive,

the head office of which is in the United Kingdom and which is not otherwise subject to these Regulations.

Application to UK group companies

45.These Regulations apply to UK group companies with respect to which a stabilisation instrument has been made, as if they were UK credit institutions.F115]

Application to EEA group companies

F12046. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reorganisation measures and winding-up proceedings in respect of EEA group companies effective in the United Kingdom

F12147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F115PART 8Application to Third Country Investment Firms

[F122Members not established in the United KingdomF122]

48.In this Part “third country investment firm” means an investment firm as defined in point (2) of Article 4(1) of the capital requirements regulation whose head office is not in [F123the United KingdomF123].

Application to third country investment firms

49.Part 5 of these Regulations applies to third country investment firms as if such firms were third country credit institutions (within the meaning given by regulation 36(1)(b) (interpretation of Part 5)).F115]

Nick Ainger

Jim Murphy

Two of the Lords Commissioners of Her Majesty’s Treasury

Status: The Credit Institutions (Reorganisation and Winding up) Regulations 2004 is up to date with all changes known to be in force on or before 29 May 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
The Credit Institutions (Reorganisation and Winding up) Regulations 2004 (2004/1045)

Displaying information

Status of this instrument

footnotecommentarytransitional and savingsin force statusrelated provisionsgeo extentinsert/omitsource countin force adj
C1Regulations applied (with modifications) (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.
C2Regulations applied (with modifications) (1.1.2010) by The Northern Rock plc Transfer Order 2009 (S.I. 2009/3226), art. 8, Sch. 2
C3Regulations applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))
C4Regulations applied (with modifications) (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 3, Sch. 2; 2020 c. 1, Sch. 5 para. 1(1) (as amended (31.12.2020) by S.I. 2020/1385, regs. 1(4), 60(2)(4) and S.I. 2020/1301, regs. 1, 3, Sch. para. 40(h)(iv))
C5Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
C6Reg. 11(2) applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 para. 7(2) (with reg. 27(a))
F1Words in reg. 2(1) omitted (12.5.2011) by virtue of The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(2)(a)omitted
F2Words in reg. 2(1) inserted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(2)(b)inserted
F3Words in reg. 2(1) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(2)(a)substituted
F4Words in reg. 2(1) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(2)(b)inserted
F5Words in reg. 2(1) omitted (12.5.2011) by virtue of The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(2)(c)omitted
F6Words in reg. 2(1) omitted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(a)(i) (with Sch. 2 para. 92)this amendment (text omitted) should be read in conjunction with other related provisions, see the commentary.omitted
F7Words in reg. 2(1) omitted (1.1.2014) by virtue of The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 63(2)(a)omitted
F8Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(aa) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F9Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(bb) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F10Words in reg. 2(1) inserted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 63(2)(b)inserted
F11Words in reg. 2(1) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(2)(a)substituted
F12Words in reg. 2(1) omitted (12.5.2011) by virtue of The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(2)(d)omitted
F13Words in reg. 2(1) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(2)(b)(i)substituted
F14Words in reg. 2(1) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(2)(b)(ii)substituted
F15Words in reg. 2(1) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(2)(b)(iii)substituted
F16Words in reg. 2(1) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(2)(b)(iv)substituted
F17Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(cc) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F18Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(dd) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F19Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(ee) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F20Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(ff) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F21Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(gg) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F22Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(hh) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F23Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(ii) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F24Words in reg. 2(1) inserted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(a)(ii) (with Sch. 2 para. 92)this amendment (text inserted) should be read in conjunction with other related provisions, see the commentary.inserted
F25Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(jj) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F26Words in reg. 2(1) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(2)(c)substituted
F27Words in reg. 2(1) omitted (23.4.2019) by virtue of The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(2)(d)omitted
F28Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(ii) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F29Words in reg. 2(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(2)(e)substituted
F30Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(kk) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F31Words in reg. 2(1) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(2)(a)inserted
F32Words in reg. 2(1) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(3), 73(2)omitted
F33Words in reg. 2(1) inserted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(iii) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 13(a)); 2020 c. 1, Sch. 5 para. 1(1)inserted
F34Words in reg. 2(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(a)(i)(ll) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F35Words in reg. 2(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(2)(f)substituted
F36Reg. 2(1A) inserted (31.12.2020 immediately before IP completion day) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38),regs. 1(2), 3(2)(b) (as amended by S.I. 2019/710, regs. 1(2), 18 and S.I. 2020/1385, reg. 1(4), Sch. para. 1(1)(2)(m)); 2020 c. 1, Sch. 5 para. 1(1)inserted
F37Word in reg. 2(1A) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 5substituted
F38Reg. 2(2) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(2)(c) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F39Words in reg. 2(3) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(3)inserted
F40Words in reg. 2(5) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(b) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F41Pt. 2 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(3) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F42Words in reg. 8 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(c) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F43Words in reg. 9 heading substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(d) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F44Words in reg. 9(1)(a) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(6)(a)substituted
F45Words in reg. 9(1)(a) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(6)(b)inserted
F46Words in reg. 9(1)(d) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(6)(c)inserted
F47Words in reg. 9(1)-(4) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(d) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F48Words in reg. 9(3) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(7)inserted
F49Reg. 9(5)(5A) substituted for reg. 9(5) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(e) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F50Reg. 10 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(4); 2020 c. 1, Sch. 5 para. 1(1)omitted
F51Words in reg. 11(1)(b)(ii) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(8)(a)inserted
F52Words in reg. 11(1)(c)(ii) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(8)(b)inserted
F53Words in reg. 11(2) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(9)inserted
F54Words in reg. 11(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(h)(i)(aa) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F55Words in reg. 11(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(h)(i)(bb) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F56Words in reg. 11(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(h)(ii) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F57Reg. 12 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(5); 2020 c. 1, Sch. 5 para. 1(1)omitted
F58Reg. 13 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(6); 2020 c. 1, Sch. 5 para. 1(1)omitted
F59Words in reg. 14(3)(a)(i) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(12)(a)(i)inserted
F60Words in reg. 14(3)(a)(i) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(12)(a)(ii)inserted
F61Words in reg. 14(6) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(7); 2020 c. 1, Sch. 5 para. 1(1)omitted
F62Words in reg. 14(7) omitted (23.4.2019) by virtue of The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(4)(a)(i)omitted
F63Words in reg. 14(7) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(4)(a)(ii)substituted
F64Reg. 14(8) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(12)(b)substituted
F65Words in reg. 14(8) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(4)(b)substituted
F66Words in reg. 14(9) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(12)(c)inserted
F67Words in reg. 14(9) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), reg. 1(1), Sch. 2 para. 91(i) (with Sch. 2 para. 92)this amendment (text substituted) should be read in conjunction with other related provisions, see the commentary.substituted
F68Reg. 15 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(8); 2020 c. 1, Sch. 5 para. 1(1)omitted
F69Words in reg. 16(1)(a) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(13)(a)substituted
F70Words in reg. 16(1)(a) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(13)(b)inserted
F71Reg. 16(1)(d) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(13)(c)substituted
F72Reg. 18 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(9); 2020 c. 1, Sch. 5 para. 1(1)omitted
F73Words in Pt. 4 heading omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(10) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F74Words in reg. 19(1)(b) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(14)(a)substituted
F75Words in reg. 19(1)(b) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(14)(b)inserted
F76Word in reg. 19(1) deleted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(6)(a)deleted
F77Reg. 19(1)(e) and word added (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(6)(b)added
F78Words in reg. 19(3)(b) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(15)inserted
F79Words in reg. 20 heading substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(4)substituted
F80Words in reg. 20(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(5)(a)substituted
F81Words in reg. 20(2)(c) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(6)substituted
F82Reg. 20(2)(d) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(5)(b)substituted
F83Words in reg. 21(1)(b) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(7)(a)inserted
F84Reg. 21(1)(c) and word omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(11) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F85Words in reg. 21(2)(a)(ii) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(16)(a)inserted
F86Words in reg. 21(2)(c) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(16)(b)substituted
F87Words in reg. 21(2)(c) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(16)(c)inserted
F88Word in reg. 21(2) omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(7)(b)omitted
F89Reg. 21(2)(e) and word inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(7)(c)inserted
F90Reg. 22 substituted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(12) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)substituted
F91Reg. 23 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(13)(a) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F92Reg. 24 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(13)(b) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F93Reg. 25 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(13)(c) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F94Reg. 26 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(13)(d) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F95Reg. 27 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(13)(e) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F96Words in reg. 29(1) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(14)(a)(i) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F97Words in reg. 29(1) substituted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(14)(a)(ii) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)substituted
F98Reg. 29(2) substituted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(14)(b) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)substituted
F99Reg. 30 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(15)(a) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F100Reg. 31 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(15)(b) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F101Reg. 32 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(15)(c) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F102Reg. 33 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(15)(d) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F103Reg. 34 substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(9)substituted
F104Reg. 34(2)(c) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(16) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F105Reg. 35 substituted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(10)substituted
F106Words in reg. 35 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(17)(a) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F107Reg. 35(2)(c) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(17)(b) (with Pt. 3 Ch. 1) (as amended by S.I. 2020/1301, reg. 3, Sch. para. 13(c)-(f)); 2020 c. 1, Sch. 5 para. 1(1)omitted
F108Word in reg. 36(1)(a) omitted (10.1.2015) by virtue of The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(11)(a)omitted
F109Words in reg. 36(1)(a)(iii) substituted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(17)(a)substituted
F110Words in reg. 36(1)(a)(iii) inserted (6.4.2007) by The Credit Institutions (Reorganisation and Winding Up) (Amendment) Regulations 2007 (S.I. 2007/830), regs. 1, 2(17)(b)inserted
F111Reg. 36(1)(a)(iv) and word added (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(11)(b)added
F112Words in reg. 36(1)(b)(ii) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(18); 2020 c. 1, Sch. 5 para. 1(1)omitted
F113Reg. 37 substituted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(19); 2020 c. 1, Sch. 5 para. 1(1)substituted
F114Reg. 38 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(20); 2020 c. 1, Sch. 5 para. 1(1)omitted
F115Pts. 6-8 inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 10(13)inserted
F116Reg. 39(a) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(21); 2020 c. 1, Sch. 5 para. 1(1)omitted
F117Reg. 41 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(22)(a); 2020 c. 1, Sch. 5 para. 1(1)omitted
F118Reg. 43 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(22)(b); 2020 c. 1, Sch. 5 para. 1(1)omitted
F119Reg. 44(a) omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(23); 2020 c. 1, Sch. 5 para. 1(1)omitted
F120Reg. 46 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(24)(a); 2020 c. 1, Sch. 5 para. 1(1)omitted
F121Reg. 47 omitted (31.12.2020) by virtue of The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(24)(b); 2020 c. 1, Sch. 5 para. 1(1)omitted
F122Reg. 48 heading substituted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(25)(a); 2020 c. 1, Sch. 5 para. 1(1)substituted
F123Words in reg. 48 substituted (31.12.2020) by The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38), regs. 1(3), 3(25)(b); 2020 c. 1, Sch. 5 para. 1(1)substituted
M1By S.I. 2001/3495.
M21972 c. 68; by virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183). Section 57(1) Scotland Act 1998 (1998 c. 46) provides that despite the transfer to the Scottish Ministers of functions in relation to observing and implementing obligations under Community law, any function of a Minister of the Crown shall continue to be exercisable by him as regards Scotland for the purposes specified in section 2(2) of the European Communities Act 1972.
M31986 c. 45 as amended by the Insolvency Act 2000 (c. 39), the Enterprise Act 2002 (c. 40), S.I. 2002/1037 and S.I. 2002/1240; Part II was replaced by the Enterprise Act 2002, section 248 and Schedule 16. The provisions of Part II continue to apply by virtue of the Enterprise Act 2002 (Commencement No. 4 and Transitional Provisions and Savings) Order 2003 (S.I. 2003/2093) insofar as is necessary to give effect to the Insolvent Partnerships Order 1994 (S.I. 1994/2421) and the Limited Liability Partnerships Regulations 2001 (S.I. 2001/1090). The provisions of Part II (as modified) continue to apply to building societies by virtue of sections 249(l)(e) and 249(2) of the Enterprise Act 2002.
M42000 c. 8.
M5S.I. 1989/2504 (N.I. 19).
M6S.R. 1991 No. 364.
M71979 c. 34.
M8S.I. 1994/2421.
M9S.R. 1995 No. 225.
M10S.I. 2001/1090.
M111986 c. 53.
M122000 c. 7.
Defined TermSection/ArticleIDScope of Application
a relevant notificationreg. 17. of PART 3(“_prnkQ4Lh
accepting depositsreg. 2. of PART 1accepting__rttd2ff
administratorreg. 2. of PART 1administra_lg3bAEx
affected credit institutionreg. 21. of PART 4affected_c_lg36Fnq
appointed officerreg. 14. of PART 3appointed__lgXILjj
assetsreg. 20. of PART 4assets_lgo7eY5
capital requirements regulationreg. 2. of PART 1capital_re_rtWtMgV
claimreg. 2. of PART 1claim_lgI9FXE
commencement datereg. 20. of PART 4commenceme_lghCRZn
contract of insurancereg. 2. of PART 1contract_o_rtR9hKe
creditors' voluntary winding upreg. 2. of PART 1creditors'_lgRq6yV
debtreg. 2. of PART 1debt_lgwLOTI
electronic addressreg. 17. of PART 3electronic_lg9LEnY
electronic communicationreg. 17. of PART 3electronic_lgm6U0v
insolvent estatereg. 20. of PART 4insolvent__lgNUWoz
Invitation to lodge a claim. Time limits to be observedreg. 14. of PART 3Invitation_rtSDxyt
knownreg. 14. of PART 3known_rtYse7w
known creditorreg. 16. of PART 3known_cred_lgwSWz5
liquidatorreg. 2. of PART 1liquidator_lgVtWoH
officerreg. 2. of PART 1officer_lgUlBoH
propertyreg. 20. of PART 4property_lgdtpal
property transfer instrumentreg. 2. of PART 1property_t_lgmONuA
qualifying arrangementreg. 9. of PART 3qualifying_lgsqkPF
recovery and resolution directivereg. 2. of PART 1recovery_a_lgdp1eN
relevant appointmentreg. 14. of PART 3relevant_a_lgkUxNH
relevant compromise or arrangementreg. 20. of PART 4relevant_c_rtnWdGf
relevant datereg. 2. of PART 1relevant_d_rtr5W1W
relevant decisionreg. 14. of PART 3relevant_d_lgWjIth
relevant measurereg. 36. of PART 5relevant_m_lgdclw8
relevant officerreg. 17. of PART 3relevant_o_lgqJdVj
relevant orderreg. 14. of PART 3relevant_o_lgReoEf
relevant reorganisationreg. 21. of PART 4relevant_r_lgQpXhY
relevant winding upreg. 21. of PART 4relevant_w_lgyp5vm
reportreg. 16. of PART 3report_lgLUQpp
section 899 compromise or arrangementreg. 2. of PART 1section_89_rtM9fiu
share transfer instrumentreg. 2. of PART 1share_tran_lgCwQcl
share transfer orderreg. 2. of PART 1share_tran_lgLqXUq
stabilisation instrumentreg. 2. of PART 1stabilisat_lg0JWfs
supervisorreg. 2. of PART 1supervisor_lg8XXpO
the 1986 Actreg. 2. of PART 1the_1986_A_lgY4fSV
the 1989 Orderreg. 2. of PART 1the_1989_O_lg0VcLM
the 2000 Actreg. 2. of PART 1the_2000_A_lgf10io
the 2006 Actreg. 2. of PART 1legTermxf1E6C7l
the Insolvency Rulesreg. 2. of PART 1the_Insolv_rtnPMGt
the Insolvency Rules (Northern Ireland)reg. 2. of PART 1legTermDZczj5u4
the institutionreg. 8. of PART 3(“_prn9vvTV
third country credit institutionreg. 36. of PART 5third_coun_lg6X5QQ
third country credit institutionreg. 36. of PART 5third_coun_rt8Vufh
third country investment firmreg. 48. of PART 8third_coun_lg7tsvG
UK credit institutionreg. 2. of PART 1UK_credit__lgq2Z8I
UK group companyreg. 44. of PART 7legTermyw6KrJ3T
UK investment firmreg. 39. of PART 6legTermxTAIAKPw
UK regulated marketreg. 29. of PART 4UK_regulat_lgOEPRy
voluntary arrangementreg. 2. of PART 1voluntary__lgaULyg
winding upreg. 2. of PART 1winding_up_lg6gIeB
This instrument is derived from the version at www.legislation.gov.uk. To see a list of all amendments (including any to be made) check the resources page for this instrument on their website. Note, the status of this instrument is given above.
This instrument is derived from the version at www.legislation.gov.uk. To see original commencement information, check the resources page associated with this instrument. n.b. commencement information for marked amendments is embedded in the relevant footnote.

Status of changes to instrument text

The list includes made instruments, both those in force and those yet to come into force. Typically, instruments that are not yet in force (hence their changes are not incorporated into the text above) are indicated by description 'not yet' in the changes made column.