SCHEDULES

SCHEDULE 15 Application of Companies Winding Up Legislation to Building Societies

Part II Modified Application of Insolvency Act 1986

Parts IV and XII

Voluntary winding up

12

1

Section 107 (distribution of property) of the Act does not apply; and the following applies in its place.

2

Subject to the provisions of Part IV relating to preferential payments, a building society’s property in a voluntary winding up shall be applied in satisfaction of the society’s liabilities to creditors F1. . . pari passu and, subject to that application, in accordance with the rules of the society.