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Financial Services and Markets Act 2000

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This is the original version (as it was originally enacted).

215Rights of the scheme in relevant person’s insolvency

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(1)The compensation scheme may, in particular, make provision—

(a)as to the effect of a payment of compensation under the scheme in relation to rights or obligations arising out of the claim against a relevant person in respect of which the payment was made;

(b)for conferring on the scheme manager a right of recovery against that person.

(2)Such a right of recovery conferred by the scheme does not, in the event of the relevant person’s insolvency, exceed such right (if any) as the claimant would have had in that event.

(3)If a person other than the scheme manager presents a petition under section 9 of the 1986 Act or Article 22 of the 1989 Order in relation to a company or partnership which is a relevant person, the scheme manager has the same rights as are conferred on the Authority by section 362.

(4)If a person other than the scheme manager presents a petition for the winding up of a body which is a relevant person, the scheme manager has the same rights as are conferred on the Authority by section 371.

(5)If a person other than the scheme manager presents a bankruptcy petition to the court in relation to an individual who, or an entity which, is a relevant person, the scheme manager has the same rights as are conferred on the Authority by section 374.

(6)Insolvency rules may be made for the purpose of integrating any procedure for which provision is made as a result of subsection (1) into the general procedure on the administration of a company or partnership or on a winding-up, bankruptcy or sequestration.

(7)“Bankruptcy petition” means a petition to the court—

(a)under section 264 of the 1986 Act or Article 238 of the 1989 Order for a bankruptcy order to be made against an individual;

(b)under section 5 of the 1985 Act for the sequestration of the estate of an individual; or

(c)under section 6 of the 1985 Act for the sequestration of the estate belonging to or held for or jointly by the members of an entity mentioned in subsection (1) of that section.

(8)“Insolvency rules” are—

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

(b)for Scotland, rules made by order by the Treasury, after consultation with the Scottish Ministers, for the purposes of this section; and

(c)for Northern Ireland, rules made under Article 359 of the 1989 Order and section 55 of the [1978 c. 23.] Judicature (Northern Ireland) Act 1978.

(9)“The 1985 Act”, “the 1986 Act”, “the 1989 Order” and “court” have the same meaning as in Part XXIV.

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