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SCHEDULE 1Modifications to the law of insolvency

PART 2Modifications to secondary legislation

Modifications to the Insolvency (Scotland) Rules 1986

5.  The provisions of the Insolvency (Scotland) Rules 1986(1) apply in relation to an authorised bank with any reference to “asset”, “property”, “estate”, “sum” or “fund” modified so that it does not include a reference to the backing assets.

Modifications to the Insolvency Rules (Northern Ireland) 1991

6.  The provisions of the Insolvency Rules (Northern Ireland) 1991(2) apply in relation to an authorised bank with any reference to “insolvent estate”, “property” or “asset” modified so that it does not include a reference to the backing assets.

Modifications to the Bank Administration Rules (Northern Ireland) 2009

7.  The provisions of the Bank Administration Rules (Northern Ireland) 2009(3) apply in relation to an authorised bank—

(a)with any reference to “insolvent estate”, “property” or “asset” modified so that it does not include a reference to the backing assets; and

(b)with any reference to the “1991 Rules” modified so that it is a reference to the Insolvency Rules (Northern Ireland) 1991 as modified by paragraph 6 of this Schedule.

Modifications to the Bank Insolvency (No. 2) Rules (Northern Ireland) 2009

8.  The provisions of the Bank Insolvency (No. 2) Rules (Northern Ireland) 2009(4) apply in relation to an authorised bank—

(a)with any reference to “insolvent estate”, “property” or “asset” modified so that it does not include a reference to the backing assets; and

(b)with any reference to the “1991 Rules” modified so that it is a reference to the Insolvency Rules (Northern Ireland) 1991 as modified by paragraph 6 of this Schedule.

Modifications to the Bank Administration (Scotland) Rules 2009

9.  The provisions of the Bank Administration (Scotland) Rules 2009(5) apply in relation an authorised bank—

(a)with any reference to “asset”, “property” or “fund” modified so that it does not include a reference to the backing assets; and

(b)with any reference to the “1986 Rules” modified so that it is a reference to the Insolvency (Scotland) Rules 1986 as modified by paragraph 5 of this Schedule.

Modifications to the Bank Insolvency (Scotland) Rules 2009

10.  The provisions of the Bank Insolvency (Scotland) Rules 2009(6) apply in relation to an authorised bank—

(a)with any reference to “asset”, “property”, “sum” or “fund” modified so that it does not include a reference to the backing assets; and

(b)with any reference to the “1986 Rules” modified so that it is a reference to the Insolvency (Scotland) Rules 1986 as modified by paragraph 5 of this Schedule.

(2)

S.R. 1991 No. 364, amended by the Insolvency (Amendment) Rules (Northern Ireland) 1994 (S.R. 1994 No. 26), the Insolvency (Amendment) Rules (Northern Ireland) 1995 (S.R. 1995 No. 291), the Insolvency (Amendment) Rules (Northern Ireland) 2000 (S.R. 2000 No. 247), the Insolvency (Amendment) Rules (Northern Ireland) 2002 (S.R. 2002 No.261), the Insolvency (Amendment) Rules (Northern Ireland) 2003 (S.R. 2003 No. 549), the Insolvency (Amendment) Rules (Northern Ireland) 2006 (S.R. 2006 No. 47), the Insolvency (Amendment) Rules (Northern Ireland) 2008 (S.R. 2008 No. 118) and the Financial Services and Markets Act 2000 (Consequential Amendments) Order 2004 (S.I. 2004/355).