http://www.legislation.gov.uk/uksi/2021/716/schedule/3The Payment and Electronic Money Institution Insolvency Regulations 2021enFINANCIAL SERVICES AND MARKETSStatute Law Database2025-05-20Expert Participation2025-04-06 These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4). The Payment and Electronic Money Institution Insolvency Regulations 2021 SCHEDULE 3Regulation 47(3)1This Schedule makes further provision about how certain other legislation applies to companies entering or being in special administration.2The following legislation applies with the modifications in paragraph 3.Primary LegislationTaxes Management Act 1970 Land Registration Act (Northern Ireland) 1970 Prescription and Limitation (Scotland) Act 1973 Judgments Enforcement (Northern Ireland) Order 1981 Companies Act 1985Finance Act 1986Debtors (Scotland) Act 1987Companies Act 1989 Companies (No. 2) (Northern Ireland) Order 1990 Taxation of Chargeable Gains Act 1992Pension Schemes Act 1993 Pension Schemes (Northern Ireland) Act 1993 Pensions Act 1995 Pensions (Northern Ireland) Order 1995 Proceeds of Crime (Scotland) Act 1995Employment Rights Act 1996 Employment Rights (Northern Ireland) Order 1996 Terrorism Act 2000Finance Act 2000International Criminal Court Act 2001International Criminal Court (Scotland) Act 2001Proceeds of Crime Act 2002Debt Arrangement and Attachment (Scotland) Act 2002Finance Act 2003Pensions Act 2004 Pensions (Northern Ireland) Order 2005 Companies Act 2006 (except section 1078 does not apply)Bankruptcy and Diligence (Scotland) Act 2007Finance Act 2008Dormant Bank and Building Society Accounts Act 2008Corporation Tax Act 2009Corporation Tax Act 2010Taxation (International and other Provisions) Act 2010Secondary LegislationStatutory Maternity Pay (General) Regulations 1986 Statutory Maternity Pay (General) (Northern Ireland) Regulations 1987 Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules 1987Financial Markets and Insolvency Regulations 1991 Financial Markets and Insolvency Regulations (Northern Ireland) 1991 Land Registration Rules (Northern Ireland) 1994Insolvency Regulations 1994... Insolvency Regulations (Northern Ireland) 1996 Insolvent Companies (Reports on Conduct of Directors) Rules 1996Financial Markets and Insolvency Regulations 1996 Financial Markets and Insolvency Regulations (Northern Ireland) 1996 Individual Savings Account Regulations 1998Corporation Tax (Simplified Arrangements for Group Relief) Regulations 1999Financial Markets and Insolvency (Settlement Finality) Regulations 1999Statutory Paternity Pay and Statutory Adoption Pay (General) Regulations 2002 Statutory Paternity Pay and Statutory Adoption Pay (General) Regulations (Northern Ireland) 2002 Financial Collateral Arrangements (No 2) Regulations 2003 Insolvent Companies (Reports on Conduct of Directors) Rules (Northern Ireland) 2003 Insolvent Companies (Disqualification of Unfit Directors) Proceedings Rules (Northern Ireland) 2003Insolvency Practitioners Regulations 2005Pension Protection Fund (Entry Rules) Regulations 2005 Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005Gender Recognition (Disclosure of Information) (England, Wales and Northern Ireland) (No 2) Order 2005Gender Recognition (Disclosure of Information) (Scotland) Order 2005Financial Assistance Scheme Regulations 2005 Insolvency Practitioners Regulations (Northern Ireland) 2006 Land Registration (Scotland) Rules 2006Companies (Cross-Border Mergers) Regulations 2007Regulated Covered Bonds Regulations 2008Company, Limited Liability Partnership and Business (Names and Trading Disclosures) Regulations 2015Land Registration (Network Access) Rules 2008Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008...Companies (Disclosure of Address) Regulations 2009Additional Statutory Paternity Pay (General) Regulations 2010 Additional Statutory Paternity Pay (General) Regulations (Northern Ireland) 2010 Registrar of Companies (Fees) Companies, Overseas Companies and Limited Liability Partnerships) Regulations 2012Statutory Parental Bereavement Pay (General) Regulations 2020 Statutory Parental Bereavement Pay (General) Regulations (Northern Ireland) 2023 Statutory Neonatal Care Pay (General) Regulations 2025 3References to—aa Schedule B1 administrator are to be read as if they were to an administrator appointed under regulation 7;bSchedule B1 administration or insolvent administration are to be read as if they were to special administration;ca Schedule B1 administration order are to be read as if they were to a special administration order;dinsolvency legislation, the general law of insolvency, the enactments relating to insolvency and similar expressions are to be read as if they were to special administration and the provisions of the IA 1986 or the I(NI)O 1989 as applied and modified by these Regulations;ebecoming insolvent and an insolvency event occurring are to be read as if they were to being put into special administration;finsolvency proceedings or an insolvency procedure are to be read as if they were to special administration;gwinding up, being wound up, wound up by the court, going into liquidation and compulsory liquidation are to be read as if they were to being put into special administration;ha winding-up order are to be read as including a special administration order (and, in this context, references to a liquidator are to be read as if they were to an administrator);ia person acting as an insolvency practitioner within the meaning of section 388 of the IA 1986 or Article 3 of the I(NI)O 1989 are to be read as if they were to a person acting as an administrator under these Regulations;jthe provisions of the IA 1986 and the I(NI)O 1989 are to be read as if they were to those provisions as applied and modified by these Regulations; andkthe provisions of—aithe Insolvency Rules (Northern Ireland) 1991;ithe Insolvency (England and Wales) Rules 2016,iithe Insolvency (Scotland) (Company Voluntary Arrangements and Administration) Rules 2018, andiiithe Insolvency (Scotland) (Receivership and Winding up) Rules 2018,are to be read as if they were to the provisions of special administration insolvency rules;linsolvency or liquidation within the meaning of section 247 of the IA 1986 or Article 6 of the I(NI)O 1989 are to be read as if they were to special administration;mthe purposes of the IA 1986 or the I(NI)O 1989 are to be read as if they were to the purposes of these Regulations.41In the Pensions Act 2004, in section 121(3)(d), the reference to entering administration within the meaning of paragraph 1(2)(b) of Schedule B1 to the IA 1986 is to be read as if it were to entering special administration.2In the Pensions (Northern Ireland) Order 2005, in Article 105(3)(d), the reference to entering administration within the meaning of paragraph 2(2)(b) of Schedule B1 to the I(NI)O 1989 is to be read as if it were to entering special administration.5In the CA 2006—ain section 461—isubsection (4)(c) is to be read as if it included these Regulations in the list of enactments in that subsection;iisubsection (4)(g) is to be read as if it included these Regulations in the list of enactments in that subsection;bin Part 35, references to the IA 1986 and to the I(NI)O 1989 are to be read as if they included that legislation as applied and modified by these Regulations;csections 1139 and 1140 are, where an application is made to the court for—ia special administration order, ...ii. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .to be read as if they were subject to the provisions for service set out in special administration insolvency rules;din Schedule 2, in Part 2, under heading A—iparagraph 13 is to be read as if it included these Regulations in the list of enactments in that paragraph, andiiparagraph 37 is to be read as if it included these Regulations in the list of enactments in that paragraph;ein Schedule 11A, in Part 2—iparagraph 30 is to be read as if it included these Regulations in the list of enactments in that paragraph, andiiparagraph 52 is to be read so as to include these Regulations in the list of enactments in that paragraph.6The following provisions are to be read as if the reference to administration were to special administration—arule 166(1) of the Land Registration Rules (Northern Ireland) 1994, andbrule 184(1) of the Land Registration Rules 2003. 1970 c. 9. 1973 c. 52. 1985 c. 6. 1986 c. 41. 1987 c. 18. 1989 c. 40. 1992 c. 12. 1993 c. 48. 1995 c. 26. 1995 c. 43. 1996 c. 18. 2000 c. 11. 2000 c. 17. 2001 c. 17. 2001 asp 13. 2002 c. 29. 2002 asp 17. 2003 c. 14. 2004 c. 35. 2006 c. 46. 2007 asp 3. 2008 c. 9. 2008 c. 31. 2009 c. 4. 2010 c. 4. 2010 c. 8. S.I. 1986/1960. S.I. 1987/2023. S.I. 1991/880.S.I. 1994/2507.S.I. 1996/1909.S.I. 1996/1469.S.I. 1998/1870.S.I. 1999/2975.S.I. 1999/2979.S.I. 2002/2822.S.I. 2003/3226.S.I. 2005/524.S.I. 2005/590.S.I. 2005/916.S.S.I. 2005/125.S.I. 2005/1986. S.S.I. 2006/485. S.I. 2007/2974. S.I. 2008/346. S.I. 2015/17. S.I. 2008/1748. S.I. 2008/1911. S.I. 2009/214. S.I. 2010/1056. S.I. 2020/233. S.I. 2016/1024. S.S.I. 2018/1082. S.S.I. 2018/347. 2004 c. 35. Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(d)Words in Sch. 3 para. 4 heading inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(5)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(c)Words in Sch. 3 para. 5(b) substituted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(7)(a)(ii)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(i)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(a)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(b)Words in Sch. 3 para. 2 omitted (4.1.2024) by virtue of The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(j)Sch. 3 para. 3 in force at 8.7.2021, see reg. 2Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(k)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(g)Sch. 3 para. 1 in force at 8.7.2021, see reg. 2Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(e)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(l)Sch. 3 para. 5 in force at 8.7.2021, see reg. 2Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(a)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(h)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(d)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(b)Words in Sch. 3 para. 3(m) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(4)(f)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(e)Sch. 3 para. 3(k)(ai) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(4)(d)Sch. 3 para. 4 renumbered as Sch. 3 para. 4(1) (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(6)(a)Sch. 3 para. 6 and cross-heading substituted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(8)Words in Sch. 3 para. 3(j) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(4)(c)Word in Sch. 3 para. 5(c)(i) omitted (4.1.2024) by virtue of The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(7)(b)(i)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(2)(f)Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(f)Sch. 3 para. 2 in force at 8.7.2021, see reg. 2Words in Sch. 3 para. 2 omitted (4.1.2024) by virtue of The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(c)Words in Sch. 3 para. 3(i) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(4)(b)Words in Sch. 3 para. 3(d) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(4)(a)Sch. 3 para. 4 in force at 8.7.2021, see reg. 2Words in Sch. 3 para. 2 inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(3)(g)Words in Sch. 3 para. 5(b) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(7)(a)(i)Words in Sch. 3 para. 3(l) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(4)(e)Sch. 3 para. 4(2) inserted (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(6)(b)Sch. 3 para. 5(c)(ii) omitted (4.1.2024) by virtue of The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 21(7)(b)(ii)Words in Sch. 3 para. 2 inserted (6.4.2025) by The Neonatal Care Leave and Pay (Consequential Amendments to Subordinate Legislation) Regulations 2025 (S.I. 2025/201), regs. 1(2), 28