{
  "url": "https://openlegislation.uk/building-societies-financial-assistance-order-2010/article-11",
  "json_url": "https://openlegislation.uk/building-societies-financial-assistance-order-2010/article-11.json",
  "legislation": "uksi/2010/1188",
  "legislation_title": "The Building Societies (Financial Assistance) Order 2010",
  "legislation_url": "https://openlegislation.uk/building-societies-financial-assistance-order-2010",
  "path": "article/11",
  "kind": "article",
  "number": "11",
  "heading": null,
  "text": "(1) Schedule 15A to the 1986 Act (application of other companies insolvency legislation to building societies) applies in relation to a relevant building society with the following modifications.\n(2) In paragraph 1(2)(a), for “, II, III,” substitute “and II, Chapters I, II and III of Part III, Parts”.\n(2A) In paragraph 1(2)(b), for “Parts III, IV” substitute “Part III, Part IV (except Articles 59A to 59J)”.\n(3) In paragraph 2(2), omit paragraph (b).\n(4) In paragraph 11—\n(a) in sub-paragraph (2), for “is a reference to the FCA or the PRA” substitute “includes a reference to the FCA or the PRA”;\n(b) omit sub-paragraph (3).\n(5) Omit paragraphs 12 and 13.\n(6) For paragraph 27A substitute—\n“27A. In Chapters I and II of Part III of the Act, as applied to a building society, the following provisions have effect as if a reference to the creditors or unsecured creditors of the society included a reference to the holders of shares in the society—\n(a) subsection (1) of section 46 of the Act (information to be given by administrative receiver);\n(b) subsection (2) of section 47 of the Act (statement of affairs to be submitted);\n(c) subsection (2)(a) and (b) of section 48 of the Act (report by administrative receiver);\n(d) subsection (1) of section 65 of the Act (information to be given by receiver);\n(e) subsection (2) of section 66 of the Act (building society’s statement of affairs); and\n(f) subsection (2)(a) and (b) of section 67 of the Act (report by receiver).\n27AA. Subsection (1) of section 48 of the Act, as applied to a building society, has effect as if—\n(a) the reference to the Financial Conduct Authority included a reference to the scheme manager; and\n(b) in paragraph (d) the reference to other creditors included a reference to shareholding members of the society in respect of deposits which are not relevant deposits.\n27AB. Sections 49 and 68 of the Act (committee of creditors), as applied to a building society, have effect as if the reference to the society’s unsecured creditors included a reference to the holders of shares in the society.”.\n(6A) Until the coming into force of paragraph 12(3)(b) of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (“the 2015 Act”), paragraph 27AA (treated as substituted by paragraph (6) above) is to be read as also providing that subsection (2) of section 48 of the Insolvency Act 1986, as applied to a building society, has effect as if the reference to a meeting of the society’s unsecured creditors included a reference to a meeting of holders of shares in the society.\n(6B) Until the coming into force of paragraph 13 of Schedule 9 to the 2015 Act, paragraph 27AB (treated as substituted by paragraph (6) above) is to be read as providing that section 49 of the Insolvency Act 1986, as applied to a building society, has effect as if the reference to a meeting of creditors included a reference to a meeting of holders of shares in the society.\n(6C) Until the coming into force of paragraph 15 of Schedule 9 to the 2015 Act, paragraph 27AB (treated as substituted by paragraph (6) above) is to be read as providing that section 68 of the Insolvency Act 1986, as applied to a building society, has effect as if the reference to a meeting of creditors included a reference to a meeting of holders of shares in the society.\n(6D) Until the coming into force of paragraph 14(3)(b) of Schedule 9 to the 2015 Act, paragraph 27D has effect as if the existing provision became sub-paragraph (1) and after that sub-paragraph there were inserted—\n“(2) Subsection (2) of that section, as so applied, has effect as if the reference to a meeting of the society’s unsecured creditors included a reference to a meeting of the holders of shares in the society.”.\n(6E) Omit paragraph 27F.\n(7) In paragraph 33—\n(a) in sub-paragraph (2), for “is a reference to the FCA or, as the case may be, the PRA” substitute “includes a reference to the FCA or, as the case may be, the PRA”;\n(b) omit sub-paragraph (3).\n(8) Omit paragraphs 34 and 35.\n(9) For paragraph 50 substitute—\n“50. In Part 4 of the Order, as applied to a building society, the following provisions have effect as if a reference to the creditors or unsecured creditors of the society included a reference to the holders of shares in the society—\n(a) paragraph (1) of Article 56 of the Order (information to be given by administrative receiver);\n(b) paragraph (2) of Article 57 of the Order (statement of affairs to be submitted); and\n(c) paragraph (2)(a) and (b) of Article 58 of the Order (report by administrative receiver).\n50A. Article 58 of the Order, as applied to a building society, has effect as if—\n(a) in paragraph (1)—\n(i) the reference to the Financial Conduct Authority included a reference to the scheme manager; and\n(ii) in sub-paragraph (d) the reference to other creditors included a reference to shareholding members of the society in respect of deposits which are not relevant deposits; and\n(b) in paragraph (2) the reference to a meeting of the society’s unsecured creditors included a reference to a meeting of holders of shares in the society.\n50AA. Article 59 of the Order (committee of creditors), as applied to a building society, has effect as if the reference to a meeting of creditors included a reference to a meeting of holders of shares in the society.”.\n(10) Omit paragraphs 51 and 52.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Art. 11(2)(2A) substituted for art. 11(2) (28.6.2016 with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1)(2), 5(3)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in art. 11(4)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 18(5)(a) (with Sch. 12)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in art. 11(5) substituted (26.3.2015) by The Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015 (S.I. 2015/428), art. 3(b)(i)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Art. 11(6)-(6E) substituted for art. 11(6) (28.6.2016 with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1)(2), 5(3)(b)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in art. 11(7) substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 11 para. 18(5)(c) (with Sch. 12)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in art. 11(8) substituted (26.3.2015) by The Financial Services (Banking Reform) Act 2013 (Commencement (No. 8) and Consequential Provisions) Order 2015 (S.I. 2015/428), art. 3(b)(ii)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Art. 11(9)(10) substituted for art. 11(9) (28.6.2016 with application in accordance with art. 1(4) of the amending S.I.) by The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1)(2), 5(3)(c)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Art. 11 in force at 7.4.2010, see art. 1(2)"
    },
    {
      "type": "footnote",
      "label": "f1",
      "text": "Schedule 15A was inserted by the Building Societies Act 1997, section 39(2) and Schedule 6."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Paragraph 11 was amended by S.I. 2001/2617."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Paragraph 33 was amended by S.I. 2001/2617."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2010/1188/article/11",
    "retrieved_at": "2026-10-29T02:43:15.566817+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."
}