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
10
1
Section 84 of the Act does not apply.
2
In the enactments as applied to a building society, the expression “resolution for voluntary winding up” means a resolution passed under section 88(1) of this Act.
11
In subsection (1) of section 101 (appointment of liquidation committee) of the Act, the reference to functions conferred on a liquidation committee by or under that Act shall have effect as a reference to its functions by or under that Act as applied to building societies.
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.
13
Sections 110 and 111 (liquidator accepting shares, etc. as consideration for sale of company property) of the Act do not apply.
14
Section 116 (saving for certain rights) of the Act shall also apply in relation to the dissolution by consent of a building society as it applies in relation to its voluntary winding up.