The Investment Bank Special Administration Regulations 2011

5.—(1) The provisions of the Insolvency Act other than those in Schedule B1 as applied by regulation 15 apply in respect of a partnership but where the provision is listed in Table 2 below, that provision shall apply subject to this paragraph.

(2) The provisions of the 1994 Order set out in Table 2 apply in relation to these Regulations, with—

(a) the modifications set out in sub-paragraph (3); and

(b) any other modification set out in Table 2.

(3) The modifications are that a reference to—

(a) the Act (the Insolvency Act) is a reference to the Regulations;

(b) a provision of the Insolvency Act is to that provision as applied and modified by regulation 15, unless the provision appears in Table 1;

(c) being wound up means that the partnership is in special administration;

(d) office-holder means the administrator; and

(e) insolvency order means a special administration order.

Table 2: Applied provisions of the 1994 Order (general)

Provision	Subject	Modification or comment
Article 16	Application of the Disqualification Act	The reference to the partnership being wound up as an unregistered company under Part V of the Insolvency Act is a reference to it being placed in special administration under these Regulations.
Article 18	Subordinate legislation
Schedule 2, para 43	Schedule 1 to the Insolvency Act	Paragraph 19 is not applied.
Schedule 3, para 9	Section 234 of the Insolvency Act	The reference in sub-paragraph (1) to article 7 of the 1994 Order is to be read as a reference to regulation 7.
Schedule 3, para 10	Schedule 4 to the Insolvency Act	In Schedule 4, paragraphs 4 to 10, and paragraph 12, are not applied, and in paragraph 13, the reference to “winding up the partnership’s affairs and distributing its property” is a reference to “pursuing the special administration objectives.”
Schedule 4, para 25	Section 211	Sub-paragraph (1) is not applied.
Schedule 8	Application of the Disqualification Act	The provisions of the Disqualification Act listed in Article 16, and applied with modification by Schedule 8, are to be read with the modifications set out in regulation 23.
Schedule 10	Subordinate legislation	(a) The reference to the Insolvency Rules 1986 is a reference to insolvency rules. (b) Ignore the reference to the following instruments— (i) The Insolvency Proceedings (Monetary Limits) Order 1986(1), (ii) The Administration of Insolvent Estates of Deceased Persons Order 1986(2), (iii) The Insolvency (Amendment of Subordinate Legislation) Order 1986(3), (iv) The Companies (Disqualification Orders) Regulations 2001(4), (v) The Co-operation of Insolvency Courts (Designation of Relevant Countries and Territories) Order 1986(5), (vi) The Insolvency Practitioners and Insolvency Services Accounts (Fees) Order 2003(6); and (vii) The Insolvency Proceedings (Fees) Order 2004(7).

(1)

S.I. 1986/1996.

(2)

S.I. 1986/ 1999.

(3)

S.I. 1986/2001.

(4)

S.I. 2001/967 (now revoked).

(5)

S.I. 1986/2123.

(6)

S.I. 2003/3363.

(7)

S.I. 2004/593.