# Banking Act 1987 (repealed), Section 92: Winding up on petition from the Authority.

Extent: E+W+S+N.I.

(1) On a petition presented by the Authority by virtue of this section the court having jurisdiction under the Insolvency Act 1986 may wind up an authorised institution or former authorised institution if—
(a) the institution is unable to pay its debts within the meaning of section 123 or, as the case may be, section 221 of that Act; or
(b) the court is of the opinion that it is just and equitable that the institution should be wound up;
and for the purposes of such a petition an institution which defaults in an obligation to pay any sum due and payable in respect of a deposit shall be deemed to be unable to pay its debts as mentioned in paragraph (a) above.
(2) Where a petition is presented under subsection (1) above for the winding up of a partnership on the ground mentioned in paragraph (b) of that subsection or, in Scotland, on the ground mentioned in paragraph (a) or (b) of that subsection, the court shall have jurisdiction and the Insolvency Act 1986 shall have effect as if the partnership were an unregistered company within the meaning of section 220 of that Act.
(3) On a petition presented by the Authority by virtue of this section the High Court in Northern Ireland may wind up an authorised institution if—
(a) the institution is unable to pay its debts within the meaning of Article 103 or, as the case may be, Article 185 of the Insolvency (Northern Ireland) Order 1989; or
(b) the court is of the opinion that it is just and equitable that the institution should be wound up;
and for the purposes of such a petition an institution which defaults in an obligation to pay any sum due and payable in respect of a deposit shall be deemed to be unable to pay its debts as mentioned in paragraph (a) above.
(4) Where a petition is presented under subsection (3) above for the winding up of a partnership on the ground mentioned in paragraph (b) of that subsection, the court shall have jurisdiction and the said Order of 1989 shall have effect as if the partnership were an unregistered company within the meaning of Article184 of that Order.
(5) For the purposes of this section the definition of deposit in section 5 above shall be treated as including any sum that would otherwise be excluded by subsection (3)(a), (b) or (c) of that section.
(6) This section applies to a company or partnership which has contravened section 3 above as it applies to an authorised institution.

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Source: https://www.legislation.gov.uk/ukpga/1987/22/section/92 (the official version)
Page: https://openlegislation.uk/banking-act-1987-repealed/section-92
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.