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The Regulated Covered Bonds Regulations 2008

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PART 2SECONDARY LEGISLATION

Modifications of the Insolvency Rules 1986

7.  (1)  Rule 4.181(1) of the Insolvency Rules 1986(1) (debts of insolvent company to rank equally) shall apply only after payment has been made of the claims of relevant persons.

(2) Rules 2.67, 4.218 and 4.219 of the Insolvency Rules 1986 (priority of expenses) shall apply to an owner subject to the provisions of regulation 29.

Modification to the Insolvency (Scotland) Rules 1986

8.  Rule 4.67 of the Insolvency (Scotland) Rules 1986(2) (order of priority of expenses of liquidation) shall apply to an owner subject to the provisions of regulation 29.

Modifications of the 1989 Order

9.  (1)  Article 50 (payment of debts out of assets subject to floating charge) of the 1989 Order shall not apply to an owner.

(2) Where regulation 27 or 28 applies—

(a)article 93 of and paragraphs 66(1) and 67 of Schedule B1 to the 1989 Order (distribution of company’s property) shall apply only after payment has been made of the claims of relevant persons;

(b)article 134 of the 1989 Order (payment of expenses) shall apply only after payment has been made of the expenses referred to in regulation 29; and

(c)articles 149 (preferential debts (general provision)) and 150A (share of assets for unsecured creditors) of the 1989 Order shall not apply.

Modifications of the Insolvency Rules (Northern Ireland) 1991

10.  (1)  Rule 4.190(1) of the Insolvency Rules (Northern Ireland) 1991(3) (debts of insolvent company to rank equally) shall apply only after payment has been made of the claims of relevant persons.

(2) Rules 2.068, 4.228 and 4.229 of the Insolvency Rules (Northern Ireland) 1991 (priority of expenses) shall apply to an owner subject to the provisions of regulation 29.

Modification of the Cross-Border Insolvency Regulations 2006

11.  The Cross-Border Insolvency Regulations 2006(4) shall not apply to an owner.

Modification of the Cross-Border Insolvency (Northern Ireland) Regulations 2007

12.  The Cross-Border Insolvency (Northern Ireland) Regulations 2007(5) shall not apply to an owner.

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