Limitation on power to make administration order
304. For section 8(4)(1) of the Insolvency Act 1986 (restrictions on making of administration order) substitute—
“(4) An administration order shall not be made in relation to a company after it has gone into liquidation.
(5) An administration order shall not be made against a company if—
(a)it has permission under Part 4 of the Financial Services and Markets Act 2000 to effect or carry out contracts of insurance in the United Kingdom;
(b)it continues to have a liability in respect of a deposit which was held by it in accordance with the Banking Act 1979 or the Banking Act 1987.
(6) Subsection (5)(a) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000;
(b)any relevant order under that section; and
(c)Schedule 2 to that Act.”.
Section 8(4) has been amended by the Banking Act 1987 (c. 22), Schedule 6, paragraph 25(1).