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The Deposit Guarantee Scheme Regulations 2015

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Amendment of the Insolvency Act 1986

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14.—(1) The Insolvency Act 1986(1) is amended as follows.

(2) In section 386 (categories of preferential debts)(2), in subsection (1), after “steel production” insert “; debts owed to the Financial Services Compensation Scheme”.

(3) In Schedule 6 (the categories of preferential debts)—

(a)after paragraph 15A(3) insert—

Category 6A: Debts owed to the Financial Services Compensation Scheme

15AA.  Any debt owed by the debtor to the scheme manager of the Financial Services Compensation Scheme under section 215(2A) of the Financial Services and Markets Act 2000(4).;

(b)in the italic heading before paragraph 15C(5) for “categories 7 and 8” substitute “categories 6A, 7 and 8.”;

(c)in paragraph 15C, before sub-paragraph (1) insert—

(A1) In paragraph 15AA “the scheme manager” has the meaning given in section 212(1) of the Financial Services and Markets Act 2000..

(2)

Section 386 was amended by the Pension Schemes Act 1993 (c. 48), Schedule 8, paragraph 18, the Enterprise Act 2002 (c. 40), section 251(3), the Financial Services (Banking Reform) Act 2013 (c. 33), section 13(2), and S.I. 2014/3486.

(3)

Paragraph 15A was inserted by S.I. 1987/2093.

(4)

Section 215(2A) is inserted by regulation 14 of these Regulations.

(5)

Paragraph 15C was amended by the Financial Services (Banking Reform) Act 2013 (c.33) section 13(1) and S.I. 2014/3486.

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