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The Banks and Building Societies (Priorities on Insolvency) Order 2018

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Dyma’r fersiwn wreiddiol (fel y’i gwnaed yn wreiddiol).

Amendments of the Insolvent Partnerships Order 1994

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21.—(1) Paragraph 21 of Schedule 7 (provisions of the Insolvency Act 1986 which apply with modifications for the purposes of Article 11 where joint bankruptcy petition presented by individual members without winding up partnership as unregistered company)(1), is amended as follows.

(2) In modified section 328A(2) (Priority of debts in joint estate), for paragraph (b) substitute—

“(b)the ordinary non-preferential debts;

(ba)the secondary non-preferential debts;

(bb)the tertiary non-preferential debts;”.

(3) In modified section 328A(4) for “paragraphs (a), (aa) and (b)” substitute “paragraphs (a) to (ba)”.

(4) After modified section 328A(5) insert—

“(5A) Where the joint estate is not sufficient for the payment of the secondary non-preferential debts in accordance with paragraph (ba) of subsection (2), the responsible insolvency practitioner shall aggregate the value of those debts to the extent that they have not been satisfied or are not capable of being satisfied, and that aggregate amount shall be a claim against the separate estate of each member of the partnership against whom an insolvency order has been made which–

(a)shall be a debt provable by the responsible insolvency practitioner in each such estate, and

(b)shall rank equally with the debts of the member referred to in section 328B(1)(ba) below.

(5B) Where the joint estate is not sufficient for the payment of the tertiary non-preferential debts in accordance with paragraph (bb) of subsection (2), the responsible insolvency practitioner shall aggregate the value of those debts to the extent that they have not been satisfied or are not capable of being satisfied, and that aggregate amount shall be a claim against the separate estate of each member of the partnership against whom an insolvency order has been made which–

(a)shall be a debt provable by the responsible insolvency practitioner in each such estate, and

(b)shall rank as a debt of the member in accordance with section 328B(1)(bc) below.”.

(5) In modified section 328A(6) for “paragraphs (a), (aa) and (b)” substitute “paragraphs (a) to (bb)”.

(6) In modified section 328A(9), after “(5),” insert “(5A), (5B),”.

(7) In modified section 328B(1) (Priority of debts in separate estate), for paragraph (b) substitute—

“(b)the ordinary non-preferential debts (including any debt referred to in section 328A(5)(a));

(ba)the secondary non-preferential debts (including any debt referred to in section 328A(5A)(a));

(bb)the tertiary non-preferential debts;

(bc)the debt referred to in section 175A(5B)(a);”.

(8) In modified section 328B(2) for “paragraphs (a), (aa) and (b)” substitute “paragraphs (a) to (ba)”.

(9) In modified section 328C(3), after “328A(5)(a)” insert “, (5A)(a), (5B)(a)”.

(10) In modified section 328C(4), for “debts which are neither preferential nor postponed debts” substitute “ordinary non-preferential debts, secondary non-preferential debts and tertiary non-preferential debts”.

(11) In modified section 328C(8)(b), after “328A(5),” insert “(5A), (5B),”.

(1)

Schedule 7 was amended by S.I. 2014/3486 and S.I. 2017/1119; there are other amendments but none is relevant.

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