- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
3.—(1) Section 899 of the Companies Act 2006(1) (Court sanction for compromise or arrangement) applies in relation to an authorised bank with the modifications specified in paragraph (2).
(2) The court may not sanction any composition between an authorised bank and its creditors, or any arrangement of an authorised bank’s affairs, if the composition or arrangement would affect—
(a)the rights of the noteholders under regulations 9(1)(b) and 22;
(b)the rights of the Bank of England in relation to the backing assets; or
(c)the backing assets.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: