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SCHEDULES

[F1SCHEDULE 17AU.K. Further provision in relation to exercise of Part 18 functions by Bank of England

Textual Amendments

F1Sch. 17A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(2), 122(3), Sch. 7 (with Sch. 20); S.I. 2013/113, art. 2(1)(b)(c), Sch. Pts. 2, 3; S.I. 2013/423, art. 3, Sch.

Part 3U.K.Winding up, administration or insolvency of [F2recognised clearing houses]

Textual Amendments

Notice to Bank of England of preliminary stepsU.K.

34(1)An application for an administration order in respect of a [F3recognised clearing house] may not be determined unless the conditions below are satisfied.U.K.

(2)A petition for a winding up order in respect of a [F3recognised clearing house] may not be determined unless the conditions below are satisfied.

(3)A resolution for voluntary winding up of a [F3recognised clearing house] may not be made unless the conditions below are satisfied.

(4)An administrator of a [F3recognised clearing house] may not be appointed unless the conditions below are satisfied.

(5)Condition 1 is that the Bank of England has been notified—

(a)by the applicant for an administration order, that the application has been made,

(b)by the petitioner for a winding up order, that the petition has been presented,

(c)by the [F3recognised clearing house], that a resolution for voluntary winding up may be made, or

(d)by the person proposing to appoint an administrator, of the proposed appointment.

(6)Condition 2 is that a copy of the notice complying with Condition 1 has been filed (in Scotland, lodged) with the court (and made available for public inspection by the court).

(7)Condition 3 is that—

(a)the period of 2 weeks, beginning with the day on which the notice is received, has ended, or

(b)the Bank of England has informed the person who gave the notice that—

(i)it has no objection to the order, resolution or appointment being made, and

(ii)it does not intend to exercise a stabilisation power under Part 1 of the Banking Act 2009.

(8)Arranging for the giving of notice in order to satisfy Condition 1 can be a step with a view to minimising the potential loss to a [F3recognised clearing house's] creditors for the purpose of section 214 of the Insolvency Act 1986 (wrongful trading).

(9)In this paragraph “the court” means—

(a)in England and Wales, the High Court,

(b)in Scotland, the Court of Session, and

(c)in Northern Ireland, the High Court.]

Textual Amendments