http://www.legislation.gov.uk/uksi/2014/3486/article/3The Banks and Building Societies (Depositor Preference and Priorities) Order 2014enBANKS AND BANKINGBUILDING SOCIETIESStatute Law Database2024-10-24Expert Participation2023-07-11 This Order implements the obligation in Article 108 of Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms (OJ L 173, 12.6.2014, p.190) (“the Directive”) to ensure that both deposits which are eligible for compensation under the financial services compensation scheme (“eligible deposits”) and other deposits which would be eligible deposits but for the fact that they are made in branches of UK banks outside the EEA, are treated as preferential debts, and that eligible deposits are given a higher priority within the class of preferential debts than other deposits. The Banks and Building Societies (Depositor Preference and Priorities) Order 2014OrderFinancial Services and Markets Act 2023Sch. 1 Pt. 2s. 1(4)s. 86(3) The Banks and Building Societies (Depositor Preference and Priorities) Order 2014 PART 1 3 1 This Order has no effect in relation to any insolvency proceedings commenced before the date on which this Order comes into force. 2 For this purpose— a “insolvency proceedings” means—— i proceedings under the Bankruptcy (Scotland) Act 1985; ii proceedings under the Insolvency Act 1986; iii proceedings under the Insolvency (Northern Ireland) Order 1989; iv proceedings under the Insolvent Partnerships Order 1994; v proceedings under the Insolvent Partnerships Order (Northern Ireland) 1995; or vi proceedings under Part 2 or 3 of the Banking Act 2009 (including proceedings under either of those Parts as applied to building societies by section 90C of the Building Societies Act 1986); b insolvency proceedings commence on— i the date of presentation of a petition for a winding-up order, bank insolvency order, building society insolvency order, bankruptcy order or award of sequestration; ii the date on which an application is made for an administration order, bank administration order or building society administration order; iii the date on which notice of appointment of an administrator is given under paragraph 18 or 29 of Schedule B1 to the Insolvency Act 1986 or paragraph 19 or 30 of Schedule B1 to the Insolvency (Northern Ireland) Order 1989; iv the date on which a proposal is made by the directors of a company for a company voluntary arrangement under Part 1 of the Insolvency Act 1986 or Part 2 of the Insolvency (Northern Ireland) Order 1989 or by an individual debtor for an individual voluntary arrangement under Part 8 of the Insolvency Act 1986 or Part 8 of the Insolvency (Northern Ireland) Order 1989; v the date on which a resolution for voluntary winding up is passed. 1985 c.66 (S.). 1986 c.45. S.I. 1989/2405 (N.I.19). S.I. 1994/2421. S.R. (N.I.) 1995/225. 2009 c.1. 1986 c.53. Section 90C was inserted by S.I. 2009/805. Schedule B1 was inserted by the Enterprise Act 2002 (c.40), Schedule 16. Schedule B1 was inserted by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10), Schedule 1. Art. 3 in force at 1.1.2015, see art. 1(2)