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PART 4Transitional provisions

Section 176ZB

14.—(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 1986(1));

(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 1986(2));

(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.

(1)

Section 90C was inserted by S.I. 2009/805.

(2)

Section 90A was inserted by the Building Societies Act 1997 (c. 3).