PART 7Further Amendments relating to Parts 2 to 6

Housing and Regeneration Act 200840

1

The Housing and Regeneration Act 200850 is amended as follows.

2

In section 152 (proposals)51, in subsection (4)—

a

in paragraph (b), omit the final “or”;

b

after paragraph (c), insert—

or

d

if the registered provider is a relevant financial institution—

i

an ordinary non-preferential debt being paid otherwise than in priority to a secondary non-preferential debt,

ii

a secondary non-preferential debt being paid otherwise than in priority to a tertiary non-preferential debt, or

iii

a secondary non-preferential creditor (Creditor 1) being paid a smaller proportion of a secondary non-preferential debt than another secondary non-preferential creditor (Creditor 2) (unless Creditor 1 consents).

3

In section 275 (general)52, for “and “secondary preferential debt”” substitute “, “ordinary non-preferential debt”, “secondary preferential debt”, “secondary non-preferential debt”, “tertiary non-preferential debt” and “relevant financial institution””.

4

In section 276 (index of defined terms)53, in the table, insert the following entries at the appropriate places—

Ordinary non-preferential debt

Section 275

Relevant financial institution

Section 275

Secondary non-preferential debt

Section 275

Tertiary non-preferential debt

Section 275