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The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 38
- PART 3
- CHAPTER 1
- Regulation 10
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Effect of an order made under regulation 8
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10.—(1) An order made in relation to the relevant institution under regulation 8 comes into force on the day on which it is made or on such later date as the court may specify.
(2) On the day on which the order comes into force, regulation 6 ceases to have effect in relation to the relevant institution.
(3) On or at any time after the day on which the order comes into force—
(a)the Bank or the Prudential Regulation Authority may, in relation to the relevant institution or any branch of that institution, commence such proceedings under the law of insolvency of the United Kingdom as it sees fit, having regard to the grounds on which the court is satisfied that the condition is met; and
(b)where, according to the court’s statement in the order, the condition met (or one of them) is one of the conditions specified in regulation 9(2)(b) and (c), a UK creditor of the relevant institution may commence such proceedings under the law of insolvency of the United Kingdom as that person is entitled to commence as a creditor of the institution.
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