The Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004

Authorised deposit takers and former authorised institutions: restriction on presentation of bankruptcy petition by partners

24.—(1) In paragraph 3 of Schedule 7 to the Insolvent Partnerships Order (Northern Ireland) 1995 (provisions of the Order which apply with modifications for the purposes of Article 11 where joint bankruptcy petition is presented by individual members without winding up partnership as unregistered company), in the text of Article 238(2) of the Insolvency (Northern Ireland) Order 1989 (as modified by that paragraph), for “which is an authorised institution or former authorised institution within the meaning of the Banking Act 1987” substitute—

“if the partnership—

(a) has permission under Part 4 of the Financial Services and Markets Act 2000 to accept deposits, other than such a permission only for the purpose of carrying on another regulated activity in accordance with that permission, or

(b) continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987.”.

(2) In that paragraph, in the text of Article 238 of the Insolvency (Northern Ireland) Order 1989 (as modified by that paragraph), after sub-paragraph (2) insert—

“(2A) Paragraph (2)(a) must be read with—

(a) section 22 of the Financial Services and Markets Act 2000,

(b) any relevant order under that section, and

(c) Schedule 2 to that Act.”.