This Statutory Instrument has been made in consequence of defects in S.I. 2021/1178 and is being issued free of charge to all known recipients of that Statutory Instrument.
Statutory Instruments
2022 No. 847
Financial Services And Markets, England And Wales
Insolvency, England And Wales
The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022
Made
18th July 2022
Laid before Parliament
20th July 2022
Coming into force
10th August 2022
The Lord Chancellor makes the following Rules in exercise of the powers conferred by section 411(1A)(a), (2), (2C) and (3) of the Insolvency Act 1986( 1 ), as applied by the Payment and Electronic Money Institution Insolvency Regulations 2021( 2 ).
The Treasury concur in the making of these Rules.
The Chancellor of the High Court (by the authority of the Lord Chief Justice under section 411(7)( 3 ) of the Insolvency Act 1986) concurs in the making of these Rules in so far as they affect court procedure.
Before making these Rules, the Lord Chancellor consulted the committee existing for the purposes of section 413( 4 ) of the Insolvency Act 1986.
Citation, commencement and extent
1. —(1) 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.
Amendment of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021
2. —(1) The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021( 5 ) 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
Bellamy
Parliamentary Under Secretary of State
Ministry of Justice
4th July 2022
We concur
Rebecca Harris
Gareth Johnson
Two of the Lords Commissioners of Her Majesty’s Treasury
18th July 2022
I concur
Sir Julian Flaux
The Chancellor of the High Court
27th June 2022
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 .
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.