The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014

Schedule A1 (moratorium where directors propose voluntary arrangement)

6.  In Schedule A1 to the 1986 Act(1) paragraph 1 (interpretation) has effect as if—

(a) before the definition of “the beginning of the moratorium” there were inserted—

““administrative receiver”, in relation to a relevant society whose registered office is situated in England or Wales, means—

(a)

a receiver or manager of the whole (or substantially the whole) of the society’s property appointed by or on behalf of the holder of a floating charge, or

(b)

a person who would be such a receiver or manager but for the appointment of some other person as the receiver of part of the society’s property,”; and

(b) after the definition of “the nominee” there were inserted—

““relevant society” means a society which is registered under the Industrial and Provident Societies Act 1965 and is not—

(a)

a private registered provider of social housing; or

(b)

registered as a social landlord under Part 1 of the Housing Act 1996 or under Part 2 of the Housing (Scotland) Act 2010,”.

(1)

Schedule A1 was inserted by the Insolvency Act 2000, Schedule 1, paragraphs 1 and 4; and was amended by the Enterprise Act 2002, Schedule 17, paragraphs 9 and 37, by the Financial Services Act 2012 (c. 21), Schedule 18, paragraphs 51 and 54, and by S.I. 2002/1555, 2004/2312, 2008/1897 and 2009/ 1941. There are other amendments not relevant to this Order.