Floating charges (Scotland): application of the Bankruptcy and Diligence etc. (Scotland) Act 20075

1

On the day on which section 46 (repeals, savings and transitional arrangements) of the Bankruptcy and Diligence etc. (Scotland) Act 20074 (“the 2007 Act”) comes into force—

a

article 4 of, and Schedule 1 to, this Order cease to have effect to the same extent as Chapters 1 and 3 of Part 18 of the Companies Act 1985 cease to have effect by virtue of section 46 of the 2007 Act; and

b

paragraph (2) has effect.

2

Part 2 of the 2007 Act5 applies to a building society as it applies to an incorporated company, but—

a

with the modifications set out in Schedule 2; and

b

in consequence of those modifications, without the modifications in regulation 5 of the Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 20106 (registration of charges: Scotland).