Insolvency Act 1985

32 (1) The [1979 c. 37.] Banking Act 1979 shall be amended as follows.

(2) In section 6 (grounds for revocation of recognition or licence), in subsection (3)(d), for the words " a receiving order " there shall be substituted the words " a bankruptcy order ".

(3) In section 28 (payments to depositors when institution becomes insolvent)—

(a) in subsection (3) (meaning of " insolvent" in relation to a body corporate), after paragraph (b) there shall be inserted the words “or

(c) on the holding of a creditors' meeting summoned under section 83 of the Insolvency Act 1985 (effect of insolvency on members' voluntary winding up) ;”

(b) in subsection (4)(b) (meaning of " insolvent" in relation to a partnership), for the words " receiving order " there shall be substituted the words " bankruptcy order ";

(c) in subsection (6) (rights of Deposit Protection Board)—

(i) for sub-paragraph (ii) of paragraph (b) there shall be substituted the following sub-paragraph—

“(ii) to be a member of any committee established under section 148 of the Insolvency Act 1985;”;

(ii) for sub-paragraph (iv) of that paragraph there shall be substituted the following sub-paragraph—

“(iv) to be a member of a committee established for the purposes of Part XX or Part XXI of the Companies Act 1985 under section 590 of that Act or under section 74 or 75 of the Insolvency Act 1985 or of a committee of inspection appointed for the purposes of Part V or Part IX of the Companies Act (Northern Ireland) 1960”;

(iii) in the words after the said sub-paragraph (iv), for the words " committee of inspection " there shall be substituted the words " such a committee as is mentioned in paragraph (b)(ii) or (iv) above ";

(d) in paragraph (b) of subsection (7) (which refers to the person in whom property is vested where an adjudication of bankruptcy is annulled under section 21(2) of the [1914 c. 59.] Bankruptcy Act 1914), for the words from " subsection (2)" to the end of the paragraph there shall be substituted the words " section 116(4) of the Insolvency Act 1985, to any person in whom the property of the firm is vested under section 129(4) of that Act; or ".

(4) In section 31(7) (which refers to rules under section 663 of the Companies Act 1985 and to rules under section 132 of the Bankruptcy Act 1914)—

(a) in paragraph (a) (England and Wales), for the words from " section 663 " to " 1914 " there shall be substituted the words " sections 106 and 207 of the Insolvency Act 1985 " ; and

(b) in paragraph (b) (Scotland), for the words " section 663 of the Companies Act 1985 " there shall be substituted the words " the said section 106 ".