Banking Act 2009

125 Rules

(1) Section 411 of the Insolvency Act 1986 (company insolvency rules) is amended as follows.

(2) After subsection (1) insert—

“(1A) Rules may also be made for the purpose of giving effect to Part 2 of the Banking Act 2009 (bank insolvency orders); and rules for that purpose shall be made—

(a) in relation to England and Wales, by the Lord Chancellor with the concurrence of—

(i) the Treasury, and

(ii) in the case of rules that affect court procedure, the Lord Chief Justice, or

(b) in relation to Scotland, by the Treasury.”

(3) In subsection (2)—

(a) after “subsection (1),” insert “(1A)”;

(b) in paragraph (b), after “Secretary of State” insert “or the Treasury”.

(4) After subsection (2B) insert—

“(2C) For the purposes of subsection (2), a reference in Schedule 8 to this Act to doing anything under or for the purposes of a provision of this Act includes a reference to doing anything under or for the purposes of Part 2 of the Banking Act 2009.”

(5) In subsection (3)—

(a) after “provisional liquidator” insert “or bank liquidator”, and

(b) after “Parts I to VII of this Act” insert “or Part 2 of the Banking Act 2009”.

(6) In subsection (5), after “the Secretary of State” insert “or the Treasury”.

(7) In paragraph 27 of Schedule 8 to the Insolvency Act 1986 (provisions capable of inclusion in company insolvency rules), after “Secretary of State” insert “or the Treasury”.

(8) Section 413(2) of the Insolvency Act 1986 (rules: duty to consult Insolvency Rules Committee) shall not apply to the first set of rules which is made in reliance on this section.