The Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019

Conditions under which saving may be disapplied

8.—(1) The court may make an order declaring that there is no prohibition against the commencement of any proceedings under the law of insolvency of the United Kingdom in relation to the relevant institution or any branch of that institution.

(2) An application for an order under paragraph (1) may be made—

(a) by the Bank of England (“the Bank”) on the ground that one or more of the conditions specified in regulation 9(2) are met; or

(b) by the Bank or by a UK creditor of the relevant institution on the ground that one or more of the conditions specified in regulation 9(2)(b) and (c) are met.

(3) In paragraph (1) the reference to the law of insolvency of the United Kingdom is to be construed in accordance with regulation 2(3) of the 2004 Regulations, and the reference to any proceedings under that law includes a reference to—

(a) the bank insolvency procedure (provided by Part 2 of the Banking Act 2009);

(b) the bank administration procedure (provided by Part 3 of that Act);

(c) making a stabilisation instrument;

(d) building society insolvency under Part 2 of that Act (as applied by section 90C of the Building Societies Act 1986(1));

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

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

(g) special administration, special administration (bank insolvency) or special administration (bank administration) under the Investment Bank Special Administration Regulations 2011(3);

(h) an application for a court order sanctioning a section 899 compromise or arrangement.

(4) In this regulation “the court” means a court having jurisdiction to wind up a company registered under the Companies Act 2006 in England and Wales or Scotland or Northern Ireland.

(1)

1986 c. 53. Section 90C was inserted by S.I. 2009/805.

(2)

Section 90A was inserted by the Building Societies Act 1997 (c. 32).

(3)

S.I. 2011/245.