SCHEDULE 2

Modifications of Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007
Article 5(2)
1
The modifications of Part 2 of the Bankruptcy and Diligence etc. (Scotland) Act 2007 referred to in article 5(2) are as follows.
2
References to a company include a reference to a building society.
3
Section 38 (creation of floating charges) has effect as if for subsections (3) and (3A) there were substituted—
3
A floating charge is created only when the document granting the floating charge is executed by the building society granting the charge.
.
4
Section 39 (advance notice of floating charges) does not apply to building societies.
5
Section 41 (ranking clauses) has effect as if subsection (5) were omitted.
6
Section 42 (assignation of floating charges) has effect as if—
a
in subsection (1) the words “the registration in the Register of Floating Charges of” were omitted; and
b
subsection (4) were omitted.
7
Section 43 (alteration of floating charges) has effect as if subsections (3)(b) and (4A) were omitted.
8
Section 44 (discharge of floating charges) has effect as if—
a
in subsection (1) the words “the registration in the Register of Floating Charges of” were omitted; and
b
subsection (4) were omitted.
9
Section 45 (effect of floating charges on winding up) has effect as if—
a
subsections (2) ... and (8) were omitted; and
b
for subsection (7) there were substituted—
7
For the purposes of this section a building society goes into liquidation if—
a
it goes into liquidation within the meaning of section 247(2) of the Insolvency Act 1986; or
b
the court makes a building society insolvency order in relation to it under section 94 of the Banking Act 2009 (as applied by section 90C of the Building Societies Act 1986) at a time when it has not already gone into liquidation by passing a special resolution for voluntary winding up under section 88 of the Building Societies Act 1986).
.
10
Section 47 (interpretation) has effect as if the definition of “company” were omitted.
Sch. 2 para. 1 in force at 26.3.2015, see art. 1
Sch. 2 para. 2 in force at 26.3.2015, see art. 1
Sch. 2 para. 3 in force at 26.3.2015, see art. 1
Sch. 2 para. 4 in force at 26.3.2015, see art. 1
Sch. 2 para. 5 in force at 26.3.2015, see art. 1
Sch. 2 para. 6 in force at 26.3.2015, see art. 1
Sch. 2 para. 7 in force at 26.3.2015, see art. 1
Sch. 2 para. 8 in force at 26.3.2015, see art. 1
Sch. 2 para. 9 in force at 26.3.2015, see art. 1
Sch. 2 para. 10 in force at 26.3.2015, see art. 1
Word in Sch. 2 para. 9(a) omitted (28.6.2016) by virtue of The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1)(2), 7(b) (with art. 1(4))