C1Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

Compensation

I149Orders

1

This Part provides three methods of protecting the financial interests of transferors and others in connection with share transfer instruments and orders and property transfer instruments.

2

A “compensation scheme order” is an order —

a

establishing a scheme for determining whether transferors should be paid compensation, or providing for transferors to be paid compensation, and

b

establishing a scheme for paying any compensation.

3

A “resolution fund order” is an order establishing a scheme under which transferors become entitled to the proceeds of the disposal of things transferred—

a

in specified circumstances, and

b

to a specified extent.

4

A “third party compensation order” is provision made in accordance with section 59 for compensation to be paid to persons other than transferors.