{
  "url": "https://openlegislation.uk/amendments-to-law-resolution-of-dunfermline-building-society-order-2009/article-11",
  "json_url": "https://openlegislation.uk/amendments-to-law-resolution-of-dunfermline-building-society-order-2009/article-11.json",
  "legislation": "uksi/2009/814",
  "legislation_title": "The Amendments to Law (Resolution of Dunfermline Building Society) Order 2009",
  "legislation_url": "https://openlegislation.uk/amendments-to-law-resolution-of-dunfermline-building-society-order-2009",
  "path": "article/11",
  "kind": "article",
  "number": "11",
  "heading": "Liabilities to Treasury: treatment in insolvency proceedings",
  "text": "(1) This article makes provision in relation to the treatment in insolvency proceedings of the first and second liabilities assumed by Dunfermline by virtue of paragraph 11 of the Property Transfer Instrument.\n(2) In insolvency proceedings—\n(a) the first liability ranks pari passu with the claims of unsecured and unsubordinated creditors of Dunfermline;\n(b) the second liability ranks pari passu with the claims that shareholding members of Dunfermline would have had in respect of the value of their shares but for their transfer.\n(3) The reference in paragraph (2)(b) to shareholding members does not include the holders of deferred shares within the meaning of section 119(1) of the Building Societies Act.\n(4) In this article—\n(a) the reference to insolvency proceedings is a reference to—\n(i) liquidation;\n(ii) administration;\n(iii) building society special administration (within the meaning of Part 3 of the Banking Act 2009 as applied by section 90C of the Building Societies Act);\n(b) “shareholding member” and the reference to the value of shares are to be construed in accordance with section 119 of the Building Societies Act.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Art. 11 in force at 30.3.2009 at 8.00 a.m., see art. 1(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2009/814/article/11",
    "retrieved_at": "2026-10-29T03:13:55.562025+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}