PART 4Transitional provisions

Section 176ZB14

1

Section 176ZB (application of proceeds of office-holder claims) does not apply in relation to any relevant proceedings commenced before the commencement date.

2

“Relevant proceedings” means—

a

bank insolvency under Part 2 of the 2009 Act or bank administration under Part 3 of that Act;

b

building society insolvency under Part 2 of the 2009 Act (as applied by section 90C of the Building Societies Act 198655);

c

building society special administration under Part 3 of the 2009 Act (as applied by section 90C of the Building Societies Act 1986);

d

the administration of a building society under Part 2 of the 1986 Act (as applied by section 90A of the Building Societies Act 198656);

e

special administration, special administration (bank insolvency) or special administration (bank administration) under the Investment Bank Special Administration Regulations 2011; or

f

the administration of a relevant society (within the meaning given in article 1(2) of the Co-operative and Community Benefit Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014) under Part 2 of the 1986 Act as applied by article 2(2) of that Order.