Act of Sederunt (Rules of the Court of Session 1994 Amendment) (Payment and Electronic Money Institution Special Administration) 2024

Amendment of the Rules of the Court of Session 1994

2.—(1) The Rules of the Court of Session 1994(1) are amended in accordance with this paragraph.

(2) In rule 5.1A(2) (further restriction as to caveats), in paragraph (2)—

(a) in sub-paragraph (c) omit “or”; and

(b) at the end of sub-paragraph (d) insert—

“; or

(e) a payment or electronic money institution special administration order under rule 74.64.”.

(3) In rule 74.1(3) (application and interpretation of this Chapter), at the end of paragraph (1)(f) insert—

“; and

(g) the Payment and Electronic Money Institution Insolvency Regulations 2021(4).”.

(4) In rule 74.2(5) (proceedings before insolvency judge)—

(a) the words from the beginning to “construed accordingly.” become paragraph (1);

(b) in new paragraph (1), for the words from “the Act of 1986” to “Postal Act” substitute “an enactment mentioned in paragraph (2)”;

(c) after new paragraph (1) insert—

“(2) The enactments referred to in paragraph (1) are—

(a) the Act of 1986;

(b) the Company Directors Disqualification Act 1986;

(c) Chapter 3 of Part 3 of the Act of 2004;

(d) Part 2 or 3 of the Act of 2009;

(e) Part 4 of the Postal Act;

(f) the Payment and Electronic Money Institution Insolvency Regulations 2021.”.

(5) In rule 74.3(6) (notices and reports, etc., sent to the court)—

(a) the words from “the Act of 1986” to the end become paragraph (1);

(b) in new paragraph (1), for the words from “the Act of 1986” to “Postal Administration Rules” substitute “an enactment mentioned in paragraph (2)”;

(c) after new paragraph (1) insert—

“(2) The enactments referred to in paragraph (1) are—

(a) the Act of 1986;

(b) the Act of 2004;

(c) the Act of 2009;

(d) the Act of 2011;

(e) the Postal Act;

(f) the Insolvency Rules;

(g) the Insolvency (CVAA) Rules;

(h) the Insolvency (RWU) Rules;

(i) the Bank Insolvency Rules;

(j) the Bank Administration Rules;

(k) the Energy Administration Rules;

(l) the 2013 Rules;

(m) the Postal Administration Rules;

(n) the Payment and Electronic Money Institution Insolvency Regulations 2021;

(o) the Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022(7).”.

(6) In Chapter 74, after Part XI(8) (investment bank special administration procedure) insert the new Part XII set out in the schedule of this Act of Sederunt.

(1)

The Rules of the Court of Session 1994 are in schedule 2 of the Act of Sederunt (Rules of the Court of Session 1994) 1994 (S.I. 1994/1443), last amended by S.S.I. 2023/196.

(2)

Rule 5.1A was inserted by S.S.I. 2001/92 and amended by S.S.I. 2011/288. Paragraph (2) was substituted by S.S.I. 2010/417.

(3)

Rule 74.1 is relevantly amended by S.S.I. 2016/318.

(4)

S.I. 2021/716.

(5)

Rule 74.2 was substituted by S.S.I. 2006/83 and amended by S.S.I. 2009/63 and S.S.I. 2016/318.

(6)

Rule 74.3 was substituted by S.S.I. 2006/83 and last amended by S.S.I. 2019/81.

(7)

S.I. 2022/1239.

(8)

Part XI was inserted by S.S.I. 2011/385.