The Kaupthing Singer & Friedlander Limited Transfer of Certain Rights and Liabilities Order 2008

Interpretation

2.  In this Order—

“the 1986 Act” means the Insolvency Act 1986(1);

“the 2000 Act” means the Financial Services and Markets Act 2000(2);

“the Act” means the Banking (Special Provisions) Act 2008;

“administrator” means an administrator appointed under paragraph 13, 14 or 22 of Schedule B1 (Administration) to the 1986 Act(3) or on an administration application made to the court (and if more than one administrator is appointed, the reference to “the administrator” is to any administrator so appointed);

“the Authority” means the Financial Services Authority;

“the Bank” means the Governor and Company of the Bank of England;

“Community law” means—

(a)

all the rights, powers, liabilities, obligations and restrictions from time to time created or arising by or under the Community Treaties; and

(b)

all the remedies and procedures from time to time provided for by or under the Community Treaties;

“the COMP Sourcebook” means the Compensation Sourcebook made by the Authority under the 2000 Act;

“Deposits Management (Edge)” means Frontpedal Limited (in the process of changing its name to Deposits Management (Edge) Limited), company registered number 6690432, a company which is for the purposes of the Act wholly owned by the Bank;

“Edge account” has the meaning given in article 3(4);

“the effective time” means the time this Order comes into force;

“eligible claimant” has the meaning given in rule 4.2.1 of the COMP Sourcebook;

“the FEES 6 Chapter” means Chapter 6 (Financial Services Compensation Scheme Funding) of the Fees Manual made by the Authority under the 2000 Act;

“the Financial Services Compensation Scheme” means the scheme established by the Authority under Part 15 of the 2000 Act (The Financial Services Compensation Scheme);

“the first transfer” means the transfer effected by article 3;

“FSCS” means the body corporate established by the Authority under section 212 of the 2000 Act (the Scheme Manager);

“ING” means ING Direct N.V., a limited liability company incorporated in the Netherlands acting through its branch in the United Kingdom with branch reference number BR7357;

“the Insolvency Rules” means the Insolvency Rules 1986(4);

“Kaupthing” means Kaupthing Singer & Friedlander Limited, company registered number 875947;

“protected deposit” has the meaning given in rule 5.3.1 of the COMP Sourcebook;

“relevant protected deposit” means a protected deposit which relates to a transferred right or liability;

“the second transfer” means the transfer effected by article 8;

“the second transfer time” has the meaning given in article 8(2);

“transferred accounts” means the accounts to which the transferred rights and liabilities relate;

“transferred liabilities” means the liabilities transferred by article 3(1);

“transferred rights” means the rights transferred by article 3(2);

“the transitional period” means the period of 6 months following the effective time.

(1)

1986 c.45.

(2)

2000 c.8.

(3)

Schedule B1 was inserted by section 248(2) of, and Schedule 16 to, the Enterprise Act 2002 (c.40).

(4)

S.I. 1986/1925; amended by S.I. 2003/1730 and S.I. 2005/527, the reference in two articles is to the Insolvency Rules generally in relation to which there are numerous amending instruments.