PART 1Introductory Provisions

Transitional provision3

1

This Order has no effect in relation to insolvency proceedings which are commenced before the date on which this Order comes into force.

2

For this purpose—

a

“insolvency proceedings” means—

i

proceedings under the Insolvency Act 19863;

ii

proceedings under the Insolvency (Northern Ireland) Order 19894;

iii

proceedings under the Insolvent Partnerships Order 19945;

iv

proceedings under the Insolvent Partnerships Order (Northern Ireland) 19956;

v

proceedings under Part 2 or 3 of the Banking Act 20097 (including proceedings under either of those Parts as applied to building societies by section 90C of the Building Societies Act 19868);

vi

proceedings under the Investment Bank Special Administration Regulations 20119; or

vii

proceedings under the Bankruptcy (Scotland) Act 201610;

b

insolvency proceedings commence on—

i

the date of presentation of a petition for a winding-up order, bank insolvency order, special administration (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, investment bank special administration order, special administration (bank administration) order or building society special 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 198611 or paragraph 19 or 30 of Schedule B1 to the Insolvency (Northern Ireland) Order 198912;

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.