Banking Act 2009

166 Interpretation: general

(1) In this Part “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.

(2) In this Part “the FSA” means the Financial Services Authority.

(3) For the purposes of a reference in this Part to inability to pay debts—

(a) a bank that is in default on an obligation to pay a sum due and payable under an agreement, is to be treated as unable to pay its debts, and

(b) section 123 of the Insolvency Act 1986 (inability to pay debts) also applies; and

for the purposes of paragraph (a) “agreement” means an agreement the making or performance of which constitutes or is part of a regulated activity carried on by the bank.

(4) Expressions used in this Part and in the Insolvency Act 1986 have the same meaning as in that Act.

(5) Expressions used in this Part and in the Companies Act 2006 have the same meaning as in that Act.

(6) A reference in this Part to action includes a reference to inaction.