Banking Act 1987 (repealed)

Payments out of the Fund U.K.

58 Compensation payments to depositors. U.K.

[F1 (1) Subject to the provisions of this section, if at any time an institution to which this subsection applies becomes insolvent, the Board—

(a) shall as soon as practicable pay out of the Fund to depositors who have protected deposits with that institution which are due and payable amounts equal to nine-tenths of their protected deposits; and

(b) shall in any event secure that, before the end of the relevant period, it is in a position to make those payments as soon as they fall to be made.

(2) Subsection (1) above applies to an institution which—

(a) is a UK institution or participating institution;

(b) is a former UK institution or a former participating institution; or

(c) is a former authorised institution (not being a recognised bank or licensed institution excluded by an order under section 23(2) of the Banking Act 1979);

and if at any time such an institution ceases to be insolvent, subsection (1) above shall cease to apply in relation to that institution.

(2A) In subsection (1) above ’the relevant period’ means—

(a) the period of three months beginning with the time when the institution becomes insolvent; or

(b) that period and such additional period or periods, being not more than three and of not more than three months each, as the [F2 Authority]] may in exceptional circumstances allow.

(2B) A person claiming to be entitled to a payment under subsection (1) above in respect of a protected deposit with a participating institution shall make his claim in such form, with such evidence proving it, and within such period, as the Board directs.

(2C) The amount of any payment which falls to be made under subsection (1) above in respect of a protected deposit made with an office of a UK institution in another EEA State shall not exceed such amount as the Board may determine is or would be payable, in respect of an equivalent deposit made with an institution authorised in that State, under any corresponding scheme for the protection of depositors or investors which is in force in that State.

(2D) Where, in the case of a participating EEA institution, the Board is satisfied that a depositor has received or is entitled to receive a payment in respect of his protected deposit under any home State scheme, the Board shall deduct an amount equal to that payment from the payment that would otherwise be made to the depositor under subsection (1) above.

(3) [F3 Where, in the case of a UK institution or participating non-EEA institution, the Board is satisfied that a depositor has received or will receive a payment] in respect of his protected deposit under any scheme for protecting depositors or investors which is comparable to that for which provision is made by this Part of this Act or under a guarantee given by a government or other authority the Board may—

(a) deduct an amount equal to the whole or part of that payment from the payment that would otherwise be made to him under subsection (1) F4 . . . above; or

(b) in pursuance of an agreement made by the Board with the authority responsible for the scheme or by which the guarantee was given, make in full the payment required by that subsection and recoup from that authority such contribution to it as may be specified in or determined under the agreement.

(4) Where the Board makes such a deduction as is mentioned in paragraph (a) of subsection (3) above it may agree with the authority responsible for the scheme or by which the guarantee was given to reimburse that authority to the extent of the deduction or any lesser amount.

[F5 (5) The Board may decline to make any payment under subsection (1) to a person who, in the opinion of the Board—

(a) has any responsibility for, or may have profited directly or indirectly from, the circumstances giving rise to the institution’s financial difficulties; or

(b) has received or is entitled to receive a payment in respect of his protected deposit under a scheme established under section 54 of the Financial Services Act 1986 or set up pursuant to the conditions and arrangements referred to in section 43(2) of that Act,

and where any payment as mentioned in paragraph (b) above has been received by a person, the Board shall decline to make a payment under subsection (1) to that person.]

[F6 (6) There shall be deducted from any payment to be made by the Board under subsection (1) above in respect of a deposit any payment already made in respect of that deposit by a liquidator or administrator of the institution; and in this subsection, in relation to an institution formed under the law of a country or territory outside the United Kingdom, the reference to a liquidator or administrator includes a reference to a person whose functions appear to the Board to correspond as nearly as may be to those of a liquidator or administrator.]

(7) The Treasury may, after consultation with the Board, by order amend [F7 subsection (1)] above so as to substitute for the fraction for the time being specified in [F7 that subsection] such other fraction as may be specified in the order; but no such order shall be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.

(8) Notwithstanding that the Board may not yet have made or become liable to make a payment under subsection (1) above in relation to an institution falling within that subsection—

(a) the Board shall at all times be entitled to receive any notice or other document [F8 required to be sent to a creditor of the institution under Part II of the Insolvency Act 1986 or under Part III of the Insolvency (Northern Ireland) Order 1989, or] required to be sent to a creditor of the institution whose debt has been proved; and

(b) a duly authorised representative of the Board shall be entitled—

(i) to attend any meeting of creditors of the institution and to make representations as to any matter for decision at that meeting;

(ii) to be a member of any committee established under [F9 section 26 or 301] of the M1 Insolvency Act 1986;

(iii) to be a commissioner under section 30 of the M2 Bankruptcy (Scotland) Act 1985; and

(iv) to be a member of a committee established for the purposes of Part IV or V of the M3 Insolvency Act 1986 under section 101 of that Act or under section 141 or 142 of that Act F10 . . ..

[F11 (v) to be a member of any committee established under [F12 Article 38 or 274] of the Insolvency (Northern Ireland) Order 1989; and

(vi) to be a member of a committee established for the purposes of Part V or VI of the Insolvency (Northern Ireland) Order 1989 under Article 87 of that Order or under Article 120 of that Order.]

(9) Where a representative of the Board exercises his right to be a member of such a committee as is mentioned in paragraph (b)(ii) or (iv) of subsection (8) above or to be a commissioner by virtue of paragraph (b)(iii) of that subsection he may not be removed except with the consent of the Board and his appointment under that subsection shall be disregarded for the purposes of any provision made by or under any enactment which specifies a minimum or maximum number of members of such a committee or commission.

[F13 (10) References in this section and sections 59 and 60 below to a former authorised institution include references to an institution which—

(a) was formerly a European authorised institution which accepted deposits in the United Kingdom; and

(b) continues to have a liability in respect of any deposit for which it had a liability when it was such an institution;

and references in section 60 below to ceasing to be an authorised institution include references to ceasing to be a European authorised institution which accepted deposits in the United Kingdom.]

Textual Amendments

F1 S. 58(1)-(2D) substituted for (1.7.1995) for s. 58(1)(2) by S.I. 1995/1442, regs. 30(1), 53(1), 54(2)

F2 Word in s. 58(2A)(b) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 14; S.I. 1998/1120, art. 2

F3 Words in s. 58(3) substituted (1.7.1995) by S.I. 1995/1442, regs. 30(2)(a), 53(1), 54(2)

F4 Words in s. 58(3) omitted (1.7.1995) by virtue of S.I. 1995/1442, regs. 30(2)(b), 53(1), 54(2)

F5 S. 58(5) substituted (26.9.1998) by S.I. 1998/2169, reg. 4

F6 S. 58(6) substituted (1.7.1995) by S.I. 1995/1442, regs. 30(4), 53(1), 54(2)

F7 Words in s. 58(7) substituted (1.7.1995) by S.I. 1995/1442, regs. 30(5), 53(1), 54(2)

F8 Words in s. 58(8)(a) inserted (1.7.1995) by S.I. 1995/1442, regs. 30(6)(a), 53(1), 54(2)

F9 Words in s. 58(8)(b)(ii) substituted (1.7.1995) by S.I. 1995/1442, regs. 30(6)(b), 53(1), 54(2)

F10 Words in s. 58(8)(b)(iv) repealed (01.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 para. 50(b)(i); S.R. 1991/411, art. 2

F11 S. 58(8)(b)(v)(vi) inserted (01.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 para. 50(b)(ii); S.R. 1991/411, art. 2

F12 Words in s. 58(8)(b)(v) substituted (1.7.1995) by S.I. 1995/1442, regs. 30(6)(c), 53(1), 54(2)

F13 S. 58(10) substituted (1.7.1995) by S.I. 1995/1442, regs. 30(7), 53(1), 54(2)

Modifications etc. (not altering text)

C1 S. 58 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para. 15.

C2 S. 58: power to amend conferred (9.6.1997) by 1997 c. 32, s. 32(5)(b)(i); S.I. 1997/1427, art. 2(g).

Marginal Citations

M1 1986 c. 45.

M2 1985 c. 66.

M3 S.I. 1986/1032 (N.I. 6).

[59 F14 Meaning of insolvency etc. U.K.

(1) For the purposes of this Part of this Act, a UK institution or participating non-EEA institution becomes insolvent—

(a) on the making by the [F15 Authority]] of a determination that, for reasons which directly relate to the institution’s financial circumstances, the institution—

(i) is unable to repay deposits which are due and payable; and

(ii) has no current prospect of being able to do so;

(b) on the making by a court in any part of the United Kingdom, or in another EEA State, or a judicial ruling which—

(i) directly relates to the institution’s financial circumstances; and

(ii) has the effect of suspending the ability of depositors to make claims against the institution; or

(c) in the case of a participating non-EEA institution, on the making by a court in any country or territory outside the European Economic Area of a judicial ruling which appears to the Board to correspond as nearly as may be to such a judicial ruling as is mentioned in paragraph (b) above,

but only if deposits made with the institution have become due and payable and have not been repaid.

(2) For those purposes, a participating EEA institution becomes insolvent—

(a) on the making by the supervisory authority in the institution’s home State of a declaration that deposits held by the institution are no longer available; or

(b) on the making by a court in any part of the United Kingdom, or in an EEA State other than the institution’s home State, of a judicial ruling which—

(i) directly relates to the institution’s financial circumstances; and

(ii) has the effect of suspending the ability of depositors to make claims against the institution,

but only if, in a case falling within paragraph (b) above, deposits made with the institution have become due and payable and have not been repaid.

(3) For those purposes—

(a) an institution which has become insolvent by virtue of such a determination or declaration as is mentioned in subsection (1)(a) or (2)(a) above ceases to be insolvent on any withdrawal of the determination or declaration; and

(b) an institution which has become insolvent by virtue of such a judicial ruling as is mentioned in subsection (1)(b) or (c) or (2)(b) above ceases to be insolvent on any reversal of the ruling (whether on appeal or otherwise).

(4) In relation to a UK institution or participating non-EEA institution, it shall be the duty of the [F15 Authority]—

(a) to make such a determination as is mentioned in subsection (1)(a) above within 21 days of its being satisfied as there mentioned; and

(b) to withdraw such a determination within 21 days of its ceasing to be so satisfied.

(5) In this section—

(a) any reference to a UK institution includes references to a former UK institution, and to a former authorised institution which is incorporated in or formed under the law of any part of the United Kingdom;

(b) any reference to a participating EEA institution includes references to a former participating EEA institution, and to a former authorised institution which is incorporated in or formed under the law of an EEA State other than the United Kingdom; and

(c) any reference to a participating non-EEA institution includes references to a former participating non-EEA institution, and to a former authorised institution which is incorporated in or formed under the law of a country or territory which is outside the European Economic Area.

Textual Amendments

F14 S. 59 substituted (1.7.1995) by S.I. 1995/1442, regs. 31, 53(1), 54(2)

F15 Words in s. 59(1)(a)(4) substituted (1.6.1998) by 1998 c. 11, s. 23, Sch. 5 Pt. I Ch. I para. 14; S.I. 1998/1120, art. 2

Modifications etc. (not altering text)

C3 S. 59: power to amend conferred (9.6.1997) by 1997 c. 32, s. 32(5)(b)(i); S.I. 1997/1427, art. 2(g).

C4 S. 59(4)(a) modified (1.7.1995) by S.I. 1995/1442, regs. 53(3), 54(2)

60 Protected deposits. U.K.

[F16 (1) Subject to the provisions of this section, in relation to an institution in respect of which a payment falls to be made under section 58(1) above, any reference in this Act to a depositor’s protected deposit is a reference to the liability of the institution to him in respect of—

(a) the principal amount of each deposit in an EEA currency which was made by him with a United Kingdom office of the institution before the time when the institution became insolvent and has become due and payable; and

(b) accrued interest on any such deposit up to the time when it became due and payable,

but so that the total liability of the institution to him in respect of such deposits does not exceed £20,000, or the sterling equivalent of 22,222 ecus immediately before the time when the institution became insolvent, whichever is the greater.

(2) In calculating a depositor’s protected deposit for the purposes of subsection (1) above, the amount to be taken into account as regards any deposit made in another EEA currency shall be its sterling equivalent immediately before the time when the institution became insolvent, or the time when the deposit became due and payable, whichever is the later.

(2A) In its application to UK institutions, subsection (1) above shall have effect as if any reference to United Kingdom offices included a reference to offices in other EEA States.

(3) For the purposes of subsection (1) above no account shall be taken of any liability unless—

(a) proof of the debt, or a claim for repayment of the deposit, which gives rise to the liability has been lodged with a liquidator or administrator of the institution; or

(b) the depositor has provided the Board with all such written authorities, information and documents as, in the event of a liquidator or administrator being appointed, the Board will need for the purpose of lodging and pursuing, on the depositor’s behalf, a proof of the debt, or a claim for the repayment of the deposit, which gives rise to the liability.

(4) In subsection (3) above, in relation to an institution incorporated in or formed under the law of a country or territory outside the United Kingdom—

(a) references to a liquidator or administrator include references to a person whose functions appear to the Board to correspond as nearly as may be to those of a liquidator or administrator; and

(b) references to the lodging, or the lodging and pursuing, of a proof of the debt, or a claim for the repayment of the deposit, which gives rise to the liability include references to the doing of an act or acts which appear to the Board to correspond as nearly as may be to the lodging, or the lodging and pursuing, of such a proof or claim.]

(5) The Treasury may, after consultation with the Board, by order amend [F17 subsection (1)] above so as to substitute for the sum for the time being specified in those subsections such larger sum as may be specified in the order; but no such order shall be made unless a draft of it has been laid before and approved by a resolution of each House of Parliament.

[F18 (6) In determining the liability or total liability of an institution to a depositor for the purposes of subsection (1) above, no account shall be taken of any liability in respect of a deposit if—

(a) it is a secured deposit; or

(b) it is a deposit which is own funds within the meaning given by Article 2 of Directive 89/299/EEC F19 ; or

(c) it is a deposit which the Board is satisfied was made in the course of a money-laundering transaction; or

(d) it is a deposit by a person mentioned in item 1 or 2 of Annex I to Directive 94/19/EC F20 which was made otherwise than as trustee for a person not so mentioned; or

(e) the institution is a former UK institution or former authorised institution and the deposit was made after it ceased to be a UK institution or authorised institution unless, at the time the deposit was made, the depositor did not know, and could not reasonably be expected to have known, that it had ceased to be a UK institution or authorised institution; or

(f) the institution is a former participating EEA institution and the deposit was made after it ceased to be a participating EEA institution; or

(g) the institution is a former participating non-EEA institution and the deposit was made after it ceased to be a participating non-EEA institution unless the Board is satisfied—

(i) that the depositor is entitled under the institution’s home State scheme to a payment in respect of the deposit; and

(ii) that he has not received, and has no prospect of receiving, that payment;

and references in paragraph (e) above to an institution ceasing to be an authorised institution include references an institution ceasing to be a recognised bank or licensed institution under the Banking Act 1979.

(6A) A transaction in connection with which an offence has been committed under—

(a) any enactment specified in regulation 2(3) of the Money Laundering Regulations 1993 F21 ; or

(b) any enactment in force in another EEA State, or in a country or territory outside the European Economic Area, which has effect for the purpose of prohibiting money laundering within the meaning of Article 1 of Directive 91/308/EEC F22 ,

is a money-laundering transaction for the purposes of subsection (6)(c) above at any time if, at that time, a person stands convicted of the offence or has been charged with the offence and has not been tried.]

(7) Unless the Board otherwise directs in any particular case, in determining the total liability of an institution to a depositor for the purposes of subsection (1) F23 . . . above there shall be deducted the amount of any liability of the depositor to the institution—

(a) in respect of which a right of set-off existed immediately before the institution became insolvent [F24 against any such deposit in an EEA currency] as is referred to in subsection (1) F23 . . . above; or

(b) in respect of which such right would then have existed if the deposit in question had been repayable on demand and the liability in question had fallen due.

F25 (8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(9) For the purposes of this section and sections 61 and 62 below the definition of deposit in section 5 above—

(a) shall be treated as including—

(i) any sum that would otherwise be excluded by paragraph (a), (d) or (e) of subsection (3) of that section if the sum is paid as trustee for a person not falling within any of those paragraphs;

(ii) any sum that would otherwise be excluded by paragraph (b) or (c) of that subsection;

(b) subject to subsections (10) and (11) below, shall be treated as excluding any sum paid by a trustee for a person falling within paragraph (e) of subsection (3) of that section; and

(c) shall be treated as including any sum the right to repayment of which is evidenced by a transferable certificate of deposit or other transferable instrument and which would be a deposit within the meaning of section 5 as extended by paragraph (a) and restricted by paragraph (b) above if it had been paid by the person who is entitled to it at the time when the institution in question becomes insolvent.

(10) Where the trustee referred to in paragraph (b) of subsection (9) above is not a bare trustee and there are two or more beneficiaries that paragraph applies only if all the beneficiaries fall within section 5(3)(e) above.

(11) Subsection (10) above does not extend to Scotland and, in Scotland, where there are two or more beneficiaries of a trust the trustee of which is referred to in paragraph (b) of subsection (9) above that paragraph applies only if all the beneficiaries fall within section 5(3)(e) above.

Textual Amendments

F16 S. 60(1)-(4) substituted (1.7.1995) by S.I. 1995/1442, regs. 32(1), 53(1), 54(2)

F17 Words in s. 60(5) substituted (1.7.1995) by S.I. 1995/1442, regs. 32(2), 53(1), 54(2)

F18 S. 60(6)(6A) substituted (1.7.1995) for s. 60(6) by S.I. 1995/1442, regs. 32(3), 53(1), 54(2)

F19 O.J. L124, 5.5.89, page 16.

F20 O.J. L135, 31.5.94, page 5.

F21 S.I. 1993/1933.

F22 O.J. L166, 28.6.91, page 77.

F23 Words in s. 60(7) omitted (1.7.1995) by virtue of S.I. 1995/1442, regs. 32(4)(a), 53(1), 54(2)

F24 Words in s. 60(7) substituted (1.7.1995) by S.I. 1995/1442, regs. 32(4)(b), 53(1), 54(2)

F25 S. 60(8) omitted (1.7.1995) by virtue of S.I. 1995/1442, regs. 32(5), 53(1), 54(2)

Modifications etc. (not altering text)

C5 S. 60 amended (31.07.1991) by S.I. 1991/1776, art. 2(1)(2)

C6 S. 60 amended (1.1.1993) by S.I. 1992/3218, reg. 47, Sch. 8 para. 16.

C7 S. 60 power to amend conferred (9.6.1997) by 1997 c. 32, s. 32(5)(b)(i); S.I. 1997/1427, art. 2(g).

61 Trustee deposits, joint deposits etc. U.K.

(1) In the cases to which this section applies sections 58 and 60 above shall have effect with the following modifications.

(2) Subject to the provisions of this section, where any persons are entitled to a deposit as trustees they shall be treated as a single and continuing body of persons distinct from the persons who may from time to time be the trustees, and if the same persons are entitled as trustees to different deposits under different trusts they shall be treated as a separate and distinct body with respect to each of those trusts.

(3) Where a deposit is held for any person or for two or more persons jointly by a bare trustee, that person or, as the case may be, those persons jointly shall be treated as entitled to the deposit without the intervention of any trust.

(4) Subsection (3) above does not extend to Scotland and, in Scotland, where a deposit is held by a person as nominee for another person or for two or more other persons jointly, that other person or, as the case may be, those other persons jointly shall be treated as entitled to the deposit.

(5) A deposit to which two or more persons are entitled as members of a partnership (whether or not in equal shares) shall be treated as a single deposit.

(6) Subject to subsection (5) above, where two or more persons are jointly entitled to a deposit and subsection (2) above does not apply each of them shall be treated as having a separate deposit of an amount produced by dividing the amount of the deposit to which they are jointly entitled by the number of persons who are so entitled.

(7) Where a person is entitled (whether as trustee or otherwise) to a deposit made out of a clients’ or other similar account containing money to which one or more other persons are entitled, that other person or, as the case may be, each of those other persons shall be treated (to the exclusion of the first-mentioned person) as entitled to so much of the deposit as corresponds to the proportion of the money in the account to which he is entitled.

(8) Where an authorised institution is entitled as trustee to a sum which would be a deposit apart from section 5(3)(a) above and represents deposits made with the institution, each of the persons who made those deposits shall be treated as having made a deposit equal to so much of that sum as represents the deposit made by him.

(9) The Board may decline to make any payment under section 58 above in respect of a deposit until the person claiming to be entitled to it informs the Board of the capacity in which he is entitled to the deposit and provides sufficient information to enable the Board to determine what payment (if any) should be made under that section and to whom.

(10) In this section “jointly entitled” means—

(a) in England and Wales and in Northern Ireland, beneficially entitled as joint tenants, tenants in common or coparceners;

(b) in Scotland, beneficially entitled as joint owners or owners in common.

[F26 (11) In the application of this section in relation to deposits made with an office of a UK institution in another EEA State, references to persons entitled in any of the following capacities, namely—

(a) as trustees;

(b) as bare trustees;

(c) as members of a partnership; or

(d) as persons jointly entitled,

shall be construed as references to persons entitled under the law of that State in a capacity appearing to the Board to correspond as nearly as may be to that capacity.]

Textual Amendments

F26 S. 61(11) inserted (1.7.1995) by S.I. 1995/1442, regs. 33, 53(1), 54(2)

Modifications etc. (not altering text)

C8 S. 61 amended (31.07.1991) by S.I. 1991/1776, art. 2(1)(2)

C9 S. 61: power to amend conferred (9.6.1997) by 1997 c. 32, s. 32(5)(b)(i), 47(3); S.I. 1997/1427, art. 2(g).

62 Liability of institution in respect of compensation payments. U.K.

(1) This section applies where—

(a) an institution becomes insolvent F27 . . .; and

(b) the Board has made, or is under a liability to make, a payment under section 58 above by virtue of the institution becoming insolvent F27 . . .;

and in the following provisions of this section a payment falling within paragraph (b) above, less any amount which the Board is entitled to recoup by virtue of any such agreement as is mentioned in subsection (3)(b) of that section, is referred to as “a compensation payment” and the person to whom such a payment has been or is to be made is referred to as “the depositor”.

(2) Where this section applies in respect of an institution [F28 that is being wound up]—

(a) the institution shall become liable to the Board, as in respect of a contractual debt incurred immediately before the institution [F29 began to be wound up], for an amount equal to the compensation payment;

(b) the liability of the institution to the depositor in respect of any deposit or deposits of his (“the liability to the depositor”) shall be reduced by an amount equal to the compensation payment made or to be made to him by the Board; and

(c) the duty of the liquidator of the insolvent institution to make payments to the Board on account of the liability referred to in paragraph (a) above (“the liability to the Board”) and to the depositor on account of the liability to him (after taking account of paragraph (b) above) shall be varied in accordance with subsection (3) below.

(3) The variation referred to in subsection (2)(c) above is as follows—

(a) in the first instance the liquidator shall pay to the Board instead of to the depositor any amount which, apart from this section, would be payable on account of the liability to the depositor except in so far as that liability relates to any such deposit as is mentioned in section 60(6) above; and

(b) if at any time the total amount paid to the Board by virtue of paragraph (a) above and in respect of the liability to the Board equals the amount of the compensation payment made to the depositor, the liquidator shall thereafter pay to the depositor instead of to the Board any amount which, apart from this paragraph, would be payable to the Board in respect of the liability to the Board.

(4) Where this section applies in respect of an institution [F30 that is not being wound up]—

(a) the institution shall, at the time when the compensation payment in respect of a deposit falls to be made by the Board, become liable to the Board for an amount equal to that payment; and

(b) the liability of the institution to the depositor in respect of that deposit shall be reduced by an amount equal to that payment.

(5) Where an institution [F30 is wound up after it has become insolvent] subsections (2) and (3) above shall not apply to any compensation payment to the extent to which the Board has received a payment in respect of it by virtue of subsection (4)(a) above.

(6) Where by virtue of section 61 above the compensation payment is or is to be made by the Board to a person other than the person to whom the institution is liable in respect of the deposit any reference in the foregoing provisions of this section to the liability to the depositor shall be construed as a reference to the liability of the institution to the person to whom that payment would fall to be made by the Board apart from that section.

(7) Where the Board makes a payment under section 58(4) above in respect of an amount deducted from a payment due to a depositor this section shall have effect as if the amount had been paid to the depositor.

(8) Rules may be made—

(a) for England and Wales, under sections 411 and 412 of the M4 Insolvency Act 1986;

(b) for Scotland—

(i) under the said section 411; and

(ii) in relation to an institution whose estate may be sequestrated under the M5 Bankruptcy (Scotland) Act 1985, by the Secretary of State under this subsection; and

(c) for Northern Ireland, under [F31 Article 359 of the Insolvency (Northern Ireland) Order 1989] and section 65 of the M6 Judicature (Northern Ireland) Act 1978,

for the purpose of integrating the procedure provided for in this section into the general procedure on a winding-up, bankruptcy or sequestration or under Part II of the M7 Insolvency Act 1986 [F32 or Part III of the Insolvency (Northern Ireland) Order 1989].

Textual Amendments

F27 Words in s. 62(1)(a)(b) omitted (1.7.1995) by virtue of S.I. 1995/1442, regs. 34(1)(a)(b), 53(1), 54(2)

F28 Words in s. 62(2) substituted (1.7.1995) by S.I. 1995/1442, regs. 34(2)(a), 53(1), 54(2)

F29 Words in s. 62(2)(a) substituted (1.7.1995) by S.I. 1995/1442, regs. 34(2)(b), 53(1), 54(2)

F30 Words in s. 62(4)(5) substituted (1.7.1995) by S.I. 1995/1442, regs. 34(3)(4), 53(1), 54(2)

F31 Words in s. 62(8)(c) substituted (01.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 para. 52(a); S.R. 1991/411, art. 2

F32 Words in s. 62(8) inserted (01.10.1991) by S.I. 1989/2405 (N.I. 19), art. 381(2), Sch. 9 para. 52(b); S.R. 1991/411, art. 2

Modifications etc. (not altering text)

C10 S. 62 amended (31.07.1991) by S.I. 1991/1776, art. 2(1)(2)

C11 S. 62: power to amend conferred (9.6.1997) by 1997 c. 32, s. 32(5)(b)(i); S.I. 1997/1427, art. 2(g).

Marginal Citations

M4 1986 c. 45.

M5 1985 c. 66.

M6 1978 c. 23.

M7 1986 c. 45.