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The Credit Institutions (Reorganisation and Winding up) Regulations 2004
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- UK Statutory Instruments
- 2004 No. 1045
- PART 4
- Regulation 22
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Changes over time for: Section 22
Version Superseded: 31/12/2020
Alternative versions:
- 05/05/2004- Amendment
- 10/01/2015
Point in time - 31/12/2020- Amendment
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The Credit Institutions (Reorganisation and Winding up) Regulations 2004, Section 22 is up to date with all changes known to be in force on or before 24 June 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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EEA rights: applicable law in the winding up of a UK credit institutionU.K.
22.—(1) This regulation is subject to the provisions of regulations 23 to 35.
(2) In a relevant winding up, the matters mentioned in paragraph (3) are to be determined in accordance with the general law of insolvency of the United Kingdom.
(3) Those matters are—
(a)the assets which form part of the estate of the affected credit institution;
(b)the treatment of assets acquired by the affected credit institution after the opening of the relevant winding up;
(c)the respective powers of the affected credit institution and the liquidator or provisional liquidator;
(d)the conditions under which set-off may be invoked;
(e)the effects of the relevant winding up on current contracts to which the affected credit institution is a party;
(f)the effects of the relevant winding up on proceedings brought by creditors;
(g)the claims which are to be lodged against the estate of the affected credit institution;
(h)the treatment of claims against the affected credit institution arising after the opening of the relevant winding up;
(i)the rules governing—
(i)the lodging, verification and admission of claims,
(ii)the distribution of proceeds from the realisation of assets,
(iii)the ranking of claims,
(iv)the rights of creditors who have obtained partial satisfaction after the opening of the relevant winding up by virtue of a right in rem or through set-off;
(j)the conditions for and the effects of the closure of the relevant winding up, in particular by composition;
(k)the rights of creditors after the closure of the relevant winding up;
(1)who is to bear the cost and expenses incurred in the relevant winding up;
(m)the rules relating to the voidness, voidability or unenforceability of legal acts detrimental to all the creditors.
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