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The Dunfermline Building Society Compensation Scheme, Resolution Fund and Third Party Compensation Order 2009

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Dunfermline Building Society Compensation Scheme, Resolution Fund and Third Party Compensation Order 2009 No. 1800

  1. Introductory Text

  2. PART 1 General

    1. 1.Citation and commencement

    2. 2.Interpretation

  3. PART 2 Dunfermline Compensation Scheme

    1. 3.Transfer of the Nationwide business: determination of amount of compensation

  4. PART 3 Independent valuer

    1. 4.Functions of the independent valuer

    2. 5.Appointment of the independent valuer

  5. PART 4 Dunfermline Resolution Fund

    1. 6.Transfer of the Bridge Bank business: resolution fund

    2. 7.Payments into the resolution fund

    3. 8.Entitlement to the moneys in the resolution fund and payments out of the resolution fund

  6. PART 5 Third Party Compensation

    1. 9.Third party compensation

    2. 10.Payment of compensation

  7. PART 6 Financial Services Compensation Scheme

    1. 11.Assessment of recoveries

  8. Signature

    1. SCHEDULE 1

      The Dunfermline Resolution Fund

      1. PART 1 Arrangements for the Dunfermline Resolution Account

        1. 1.The Dunfermline Resolution Account

        2. 2.Annual report and accounts

      2. PART 2 Arrangements for making payments into the Dunfermline Resolution Account

        1. 3.Payments into the resolution fund

      3. PART 3 Arrangements for making payments from, and entitlements to, the Dunfermline Resolution Account

        1. 4.Payments from the resolution fund

        2. 5.Payments to the Treasury and the Bank of England

        3. 6.Entitlement to the resolution fund: Dunfermline

        4. 7.Certification of costs

    2. SCHEDULE 2

      The Dunfermline Third Party Compensation Scheme

      1. PART 1 General provisions

        1. 1.Citation

        2. 2.Interpretation

      2. PART 2 Determination of amount of compensation: third parties affected by the application of section 38(6) of the Act

        1. 3.Third party compensation: persons affected by the application of section 38(6) of the Act

        2. 4.Assessment notice

      3. PART 3 Determination of amount of compensation: pre-transfer creditors

        1. 5.Third party compensation: pre-transfer creditors of Dunfermline

        2. 6.Assessment of insolvency treatment

        3. 7.Assessment of compensation: transferred creditors

        4. 8.Assessment of compensation: remaining creditors

        5. 9.Valuation principles

        6. 10.Assessment notice

        7. 11.Interim payments

        8. 12.Balancing payments

      4. PART 4 Payment of compensation

        1. 13.Payment of compensation

  10. Explanatory Note

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