PART 3Consequential amendments of subordinate legislation
The Investment Bank Special Administration Regulations 201113
1
The Investment Bank Special Administration Regulations 201143 are amended as follows.
2
In regulation 15 (general powers and duties of administrators and effect of special administration) after paragraph (6) insert—
7
In the Tables “Schedule 9 to the 2015 Act” means Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company insolvency).
3
In regulation 15, in Table 1 (applied provisions of the Insolvency Act 1986, Schedule B144)—
a
in the second entry for paragraph 49, in column 3 after paragraph (a) insert—
aa
Ignore the amendment made by paragraph 10(2) of Schedule 9 to the 2015 Act.
b
in the entry for paragraph 50, in column 3 at the beginning insert—
za
Ignore the repeal of Para 50 by paragraph 10(3) of Schedule 9 to the 2015 Act.
c
in the entry for paragraph 51, in column 3 at the beginning insert—
za
Ignore the amendments made by paragraph 10(4) and (5) of Schedule 9 to the 2015 Act.
d
in the entry for paragraph 53, in column 3 at the beginning insert—
za
Ignore the amendments made by paragraph 10(8) to (10) of Schedule 9 to the 2015 Act.
e
in the entry for paragraph 54, in column 3 at the beginning insert—
za
Ignore the amendments made by paragraph 10(11) to (16) of Schedule 9 to the 2015 Act.
f
in the entry for paragraph 55, in column 3 at the beginning insert—
za
Ignore the amendment made by paragraph 10(17) of Schedule 9 to the 2015 Act.
g
in the entry for paragraph 56, in column 3—
i
at the beginning insert—
a
Ignore the amendments made by paragraph 10(18) to (20) of Schedule 9 to the 2015 Act.
ii
after that modification insert “(b)” (so that the existing modification becomes the second of two modifications);
h
in the entry for paragraph 57, in column 3 at the beginning insert—
za
Ignore the amendment made by paragraph 10(21) of Schedule 9 to the 2015 Act.
i
in the entry for paragraph 58, in column 3 insert—
Para 58 applies as it applied before its repeal by paragraph 10(22) of Schedule 9 to the 2015 Act.
j
in the entry for paragraph 62, in column 3—
i
at the beginning insert—
a
Ignore the amendment made by paragraph 10(23) of Schedule 9 to the 2015 Act.
ii
after that modification insert “(b)” (so that the existing modification becomes the second of two modifications);
k
in the entry for paragraph 74, in column 3 at the beginning insert—
za
Ignore the amendment made by paragraph 10(24) of Schedule 9 to the 2015 Act.
l
in the entry for paragraph 84, in column 3 after paragraph (a) insert—
aa
Ignore the amendment made by paragraph 10(33) of Schedule 9 to the 2015 Act.
m
in the entry for paragraph 98, in column 3—
i
at the beginning insert—
a
Ignore the amendment made by paragraph 10(38) of Schedule 9 to the 2015 Act.
ii
after that modification insert “(b)” (so that the existing modification becomes the second of two modifications);
n
in the entry for paragraph 106 (and section 430 of, and Schedule 10 to, the Insolvency Act 1986), in column 3—
i
at the beginning insert—
a
Ignore the amendments made by paragraph 11 of Schedule 9 to the 2015 Act.
ii
after that modification insert “(b)” (so that the existing modification becomes the second of two modifications);
o
in the entry for paragraph 108, in column 3 at the beginning insert—
za
Ignore the amendments of Para 108 made by paragraph 10(39), (40), (42) and (43) of Schedule 9 to the 2015 Act.
p
in the entry for paragraph 111, in column 3—
i
at the beginning insert—
a
Ignore the amendment made by paragraph 10(44) of Schedule 9 to the 2015 Act.
ii
after that modification insert “(b)” (so that the existing modification becomes the second of two modifications).
4
In regulation 15, in Table 2 (other applied provisions of the Insolvency Act 1986)—
a
in the entry for section 194, in column 3 insert—
Section 194 applies as it applied before its repeal by paragraph 46 of Schedule 9 to the 2015 Act.
b
in the entry for section 208, in column 3 at the beginning insert “(a)” and at the end insert—
b
Ignore the amendment made by paragraph 52 of Schedule 9 to the 2015 Act.
c
in the entry for section 246A45, in column 3—
i
at the beginning insert—
a
Ignore the amendments made by paragraph 54 of Schedule 9 to the 2015 Act.
ii
after that modification insert “(b)” (so that the existing modification becomes the second of two modifications); and
d
in the entry for sections 434B to 434D46, in column 3 insert—
Ignore the amendments of section 434B made by paragraph 57 of Schedule 9 to the 2015 Act.
5
In regulation 21 (dissolution or voluntary arrangement) after paragraph (5) insert—
5A
Sections 2 to 6 and 7 and Schedule A1 have effect without the amendments of those provisions made by paragraphs 2 to 9 of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company voluntary arrangements).
6
In Schedule 2 (special administration (bank administration))—
a
in paragraph 10 at the end insert—
7
For the purposes of this paragraph—
a
paragraphs 51 and 53 of Schedule B1, as applied by this paragraph, have effect without the amendments of those paragraphs made by paragraph 10(4), (5) and (8) to (10) of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings);
b
ignore paragraph 10(3) of Schedule 9 to that Act (omission of paragraph 50 of Schedule B1).
b
in paragraph 11 (revision to the statement of proposals (Objective A not yet achieved)) at the end insert—
9
In this paragraph a reference to paragraph 54 of Schedule B1 is a reference to that paragraph as applied by regulation 15.
c
in paragraph 12 (revision to the statement of proposals (Objective A achieved and no regulation 16 direction)) at the end insert—
5
In this paragraph a reference to paragraph 54 of Schedule B1 is a reference to that paragraph as applied by regulation 15.
d
in paragraph 16 (ending of special administration (bank administration) (dissolution or voluntary arrangement)) in sub-paragraph (3) after paragraph (b) omit “and” and insert—
ba
sections 2 to 6 and 7 and Schedule A1 have effect without the amendments of those provisions made by paragraphs 2 to 9 of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company voluntary arrangements); and