Search Legislation

The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Financial Services and Markets Act 2000

This section has no associated Explanatory Memorandum

20.—(1) The Financial Services and Markets Act 2000(1) is amended as follows.

(2) In section 215 (rights of the scheme in insolvency)—

(a)in subsection (7)—

(i)in paragraph (b), for “5 of the 1985” substitute “2 or 5 of the 2016”; and

(ii)in paragraph (c), for “1985” substitute “2016”; and

(b)in subsection (9)—

(i)omit ““The 1985 Act”,”; and

(ii)after “Order” insert “, “the 2016 Act””.

(3) In section 220(3)(b) (scheme manager’s power to inspect information held by liquidator etc.), for the words from “permanent” to “on” substitute “trustee in the sequestration, under the Bankruptcy (Scotland) Act 2016, of”.

(4) In section 355(1) (interpretation of Part 24 of the Act)—

(a)omit the definition of “the 1985 Act”; and

(b)after the definition of “the 1989 Order” insert—

“the 2016 Act” means the Bankruptcy (Scotland) Act 2016;.

(5) In section 358 (powers of FCA and PRA to participate in proceedings: trust deeds for creditors in Scotland)—

(a)in subsection (2)(b)(2), for “paragraph 5(1)(c) of Schedule 5 to the 1985” substitute “section 170 of the 2016”;

(b)omit subsection (3);

(c)in subsection (6A)(a)(i)(3) omit “, (3)”; and

(d)in subsection (7), for “1985” substitute “2016”.

(6) In section 372 (petitions), in each of subsections (1)(b) and (1A)(b)(4), for “5 of the 1985” substitute “2 or 5 of the 2016”.

(7) In section 373(3) (insolvency practitioner’s duty to report to FCA and PRA), for “12 of the 1985” substitute “22 of the 2016”.

(8) In section 374 (powers of FCA or PRA to participate in proceedings)—

(a)in subsection (1)(5)—

(i)in paragraph (b), for “5 of the 1985” substitute “2 or 5 of the 2016”; and

(ii)in paragraph (c), for “1985” substitute “2016”;

(b)in subsection (2)(b)(iii)(6), for “1985” substitute “2016”; and

(c)in subsection (4)(c), for “17 or 18 of Schedule 6 to the 1985” substitute “26 or 27 of schedule 6 to the 2016”.

(2)

Section 358(2) was amended by the Financial Services Act 2012 (c.21) (“the 2012 Act”), Schedule 14, paragraph 5(2) and (3).

(3)

Section 358(6A) was inserted by the 2012 Act, Schedule 14, paragraph 5(6).

(4)

Section 372(1) was amended by, and section 372(1A) inserted by, the 2012 Act, Schedule 14, paragraph 20(2) and (3).

(5)

Section 374(1) was amended by the 2012 Act, Schedule 14, paragraph 22(2).

(6)

Section 374(2) was amended by the 2012 Act, Schedule 14, paragraph 22(3).

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

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.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

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.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources