The Scottish and Northern Ireland Banknote Regulations 2009

Interpretation

19.—(1) In this Part—

“appointed insolvency practitioner” means an insolvency practitioner or similar office holder appointed in respect of an insolvent bank for the purposes of an insolvency process;

“insolvency process” means—

(a)

liquidation;

(b)

bank insolvency;

(c)

the appointment of a provisional liquidator;

(d)

the appointment of a provisional bank liquidator;

(e)

administration;

(f)

bank administration;

(g)

the appointment of a provisional bank administrator;

(h)

receivership;

(i)

a composition between a bank and its creditors;

(j)

a scheme of arrangement of a bank’s affairs; and

(k)

the processes specified in Part 1 of Schedule 2;

“insolvent bank” means an authorised bank which has entered an insolvency process;

“note exchange programme” means the arrangements made by the Bank of England for the purposes of regulation 21(1);

“noteholder” means a person holding banknotes of an insolvent bank;

“protected period” means the duration of the note exchange programme.

(2) In this Part, a reference to a noteholder’s claim is a reference to a claim which is—

(a) by a noteholder against an insolvent bank; and

(b) for the payment of the total amount of money recorded as payable on the banknotes issued by that bank of which the noteholder is bearer.