The Banks and Building Societies (Priorities on Insolvency) Order 2018

Made: 27th November 2018

Laid before Parliament: 28th November 2018

Coming into force: 19th December 2018

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PART 1 — Introductory Provisions

Citation and commencement

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Extent

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Transitional provision

3

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PART 2 — Amendments of the Insolvency Act 1986

Introduction

4

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Non-preferential debts in company voluntary arrangements

5

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Non-preferential debts in winding up of companies

6

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Non-preferential debts in individual voluntary arrangements

7

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Non-preferential debts in bankruptcy proceedings

8

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9

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Interpretation

10

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11

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Moratorium where directors propose voluntary arrangement

12

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Administration and secondary non-preferential debts

13

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PART 3 — Amendments of the Banking Act 2009

Amendments of the Banking Act 2009

14

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PART 4 — Amendments of the Insolvent Partnerships Order 1994

Amendments of the Insolvent Partnerships Order 1994

15

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16

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17

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18

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19

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20

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21

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PART 5 — Amendments of the Insolvency (Northern Ireland) Order 1989

Introduction

22

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Non-preferential debts in company voluntary arrangements

23

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Non-preferential debts in winding up of companies

24

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Non-preferential debts in individual voluntary arrangements

25

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Non-preferential debts in bankruptcy proceedings

26

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27

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Interpretation

28

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29

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Moratorium where directors propose voluntary arrangement

30

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Administration and secondary non-preferential debts

31

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PART 6 — Amendments of Insolvent Partnerships Order (Northern Ireland) 1995

Amendments to the Insolvent Partnerships Order (Northern Ireland) 1995

32

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33

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34

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35

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36

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37

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38

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PART 7 — Further Amendments relating to Parts 2 to 6

Housing Act 1996

39

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Housing and Regeneration Act 2008

40

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Housing (Scotland) Act 2010

41

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Bankruptcy (Scotland) Act 2016

42

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43

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44

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45

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Amendment of the Investment Bank Special Administration Regulations 2011

46

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PART 8 — Review

Review

47

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Signed

Mike Freer — Rebecca Harris — Two of the Lords Commissioners of Her Majesty’s Treasury — 27th November 2018

Explanatory note

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Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c.7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51), regulations may be made under section 2(2) of the European Communities Act 1972 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 1993 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183). Section 2 was repealed by European Union (Withdrawal) Act 2018 c.16, section 1 (date to be appointed).

[^f00003]: 1986 c.45.

[^f00004]: S.I. 1989/2045 (N.I. 19); amended by the Insolvency (Northern Ireland) Order 2002 (S.I. 2002 No. 3152 (N.I. 6), S.R. 2004 No. 307, the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10), S.I. 2014 No. 3486, paragraph 83 of schedule 29 to the Civil Partnership Act 2004 (c.33); there are other amending instruments but none is relevant.

[^f00005]: S.I. 1994/2421, amended by S.I. 2002/2708, S.I. 2005/1516, S.I. 2014/3486, S.I. 2017/1119; there are other amending instruments but none is relevant.

[^f00006]: S.R. (N.I.) 1995 No.225.

[^f00007]: 2009 c.1.

[^f00008]: 1986 c.53; Section 90C was inserted by S.I. 2009/805.

[^f00009]: S.I. 2011/245; amended by S.I. 2017/400; there are other amending instruments but none is relevant.

[^f00010]: 2016 asp 21.

[^f00011]: Schedule B1 was inserted by the Enterprise Act 2002 c. 40 Schedule 16. There are no amendments to either paragraph 18 or paragraph 29.

[^f00012]: Schedule B1 was inserted by S.I. 2005/1455 (N.I. 10), Schedule 1. There are no amendments to either paragraph 19 or paragraph 30.

[^f00013]: Section 4 was amended by the Insolvency Act 2000 (c.39), Schedule 2, paragraphs 1 and 4, the Deregulation Act 2015 c. 20 Schedule 6(6) paragraph 20(2)(c), the Small Business, Enterprise and Employment Act 2015 c. 26 Schedule 9(1) paragraph 4 and S.I. 2014/3486.

[^f00014]: Section 258 was amended by the Insolvency Act 2000 c. 39 Schedule 3 paragraph 9, the Small Business, Enterprise and Employment Act 2015 c. 26 Schedule 9(2) paragraph 65 and S.I. 2014/3486.

[^f00015]: Section 328 was amended by S.I. 2014/3486.

[^f00016]: Section 329 was amended by the Civil Partnership Act 2004 c. 33 Sch.27 paragraph116.

[^f00017]: Part 12 was amended by the Pension Schemes Act 1993 c. 48 Schedule 8 paragraph 18, the Insolvency Act 2000 c.39 Schedule 1 paragraph 9 and Schedule 3 paragraph 15, the Enterprise Act 2002 c. 40 Pt 10 s.251(3) and Schedule 17, paragraph 34, the Enterprise and Regulatory Reform Act 2013 c. 24 Schedule 19 paragraph 56, the Financial Services (Banking Reform) Act 2013 c. 33 Pt 2 s.13(2), the Small Business, Enterprise and Employment Act 2015 c. 26 Schedule 9(1) paragraph 55, S.I. 2002/1240, S.I. 2014/3486, S.I. 2015/486 and S.I. 2017/702.

[^f00018]: OJ L 176, 27.6.2013, p. 1; there are no relevant amendments; for corrigenda see OJ L 208, 2/9/13, p.68, OJ no L321, 30/11/2013 p. 6. and OJ L 20, 25.1.2017, p. 2.

[^f00019]: OJ L 176, 27.6.2013, p. 1; there are no relevant amendments; for corrigenda see OJ L 208, 2/9/13, p.68, OJ no L321, 30/11/2013 p. 6. and OJ L 20, 25.1.2017, p. 2.

[^f00020]: OJ L 201, 27.7.2012, p. 1; there are no relevant amendments; for corrigenda see OJ L 321, 30/11/2013, p.6.

[^f00021]: Schedule A1 was inserted by the Insolvency Act 2000 c. 39 Sch.1 para.4; paragraph 31 of Schedule A1 was amended by the Deregulation Act 2015 c. 20 Schedule 6(6) paragraph 20(2)(e)(ii), the Small Business, Enterprise and Employment Act 2015 c. 26 Schedule 9(1) paragraph 9 and S.I. 2014/3486.

[^f00022]: Schedule B1 was inserted by the Enterprise Act 2002 c. 40 Schedule 16 paragraph 1; paragraph 73 was amended by S.I. 2014/3486; there are other amendments but none is relevant.

[^f00023]: Article 4 was partially substituted by S.I. 2002/2708.

[^f00024]: Article 6 was substituted by S.I. 2005/1516.

[^f00025]: Schedule 1 was substituted by S.I. 2002/2708 and amended by S.I. 2014/3486 and S.I. 2017/540; there are other amendments but none is relevant.

[^f00026]: Schedule 2 was substituted by S.I. 2005/1516 and amended by S.I. 2005/1516 and S.I. 2014/3486; there are other amendments but none is relevant.

[^f00027]: Schedule 4 was amended by S.I. 2014/3486 and S.I. 2017/1119; there are other amendments but none is relevant.

[^f00028]: Schedule 7 was amended by S.I. 2014/3486 and S.I. 2017/1119; there are other amendments but none is relevant.

[^f00029]: S.I. 1989/2405 (N.I. 19). Relevant amendments have been made by the Insolvency (Northern Ireland) Order 2002 (S.I. 2002 No. 3152 (N.I. 6), S.R. 2004 No. 307, the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), S.I. 2014 No. 3486, paragraph 83 of schedule 29 to the Civil Partnership Act 2004 (c.33).

[^f00030]: as amended by S.I. 2014/3486 Part 4 articles 16(a) and (b).

[^f00031]: amended by S.I. 2014/3486, there is another amendment but it is not relevant.

[^f00032]: amended by S.I. 2014/3486, Part 4, Article 19 (subject to transitional provisions specified in S.I. 2014/3486, Article 3).

[^f00033]: amended by the Civil Partnership Act 2004 (c.33) Schedule 29, paragraph 83.

[^f00034]: OJ L 176, 27.6.2013, p. 1; there are no relevant amendments; for corrigenda see OJ L 208, 2/9/13, p.68, OJ no L321, 30/11/2013 p. 6. and OJ L 20, 25.1.2017, p. 2.

[^f00035]: OJ L 176, 27.6.2013, p. 1; there are no relevant amendments; for corrigenda see OJ L 208, 2/9/13, p.68, OJ no L321, 30/11/2013 p. 6. and OJ L 20, 25.1.2017, p. 2.

[^f00036]: OJ L 201, 27.7.2012, p. 1; there are no relevant amendments; for corrigenda see OJ L 321, 30/11/2013, p.6.

[^f00037]: Amended by S.R. 2004 No. 307.

[^f00038]: Words revoked by S.I. 2014/3486.

[^f00039]: added by S.I. 2005/1455 (N.I. 10), Schedule 1, paragraph 1.

[^f00040]: added by S.I. 2005/1455 (N.I. 10), Schedule 1, paragraph 1.

[^f00041]: added by S.I. 2005/1455 (N.I. 10), Schedule 1, paragraph 1; amended by S.I. 2014/3486.

[^f00042]: S.R. (N.I.) 1995 No.225.

[^f00043]: partially substituted by Article 4 of Insolvent Partnerships (Amendment No. 3) Order (Northern Ireland) 2003/550

[^f00044]: Article 6 was substituted by S.R. 2006 No.515.