The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2002

Repeal of unnecessary provisions

28.—(1) In Schedule 1 to the Insolvency Act 2000 (amendments of the Insolvency Act 1986), Schedule A1 to the Insolvency Act 1986 (moratorium where directors propose voluntary arrangement)(1) is amended as follows.

(2) In paragraph 1 (interpretation), the definitions of “money market contract” and “money market charge”, and “related contract” are repealed.

(3) In paragraph 2 (eligible companies), in sub-paragraph (2)(c) omit “, a money market contract or a related contract” and “, a money market charge”.

(4) In paragraph 23 (market contracts, etc.)—

(a) in sub-paragraph (2)(a) omit “a money market contract or a related contract,”;

(b) in sub-paragraph (2)(c) omit “, a money market charge”; and

(c) in sub-paragraph (5) omit “a money market charge,”.

(1)

Schedule A1 is to be inserted into the Insolvency Act 1986 (c. 45) from a date to be appointed under section 16(1) of the Insolvency Act 2000, but not yet appointed at the time of the making of this Order.