Section 635 Application of Chapter

United Kingdom

(1)

This Chapter applies if—

(a)

a company is being or has been wound up by the court in the United Kingdom, and

(b)

conditions A, B and C are met.

(2)

Condition A is that the company was, at any time within the period mentioned in subsection (5), lawfully carrying on a business of accepting deposits as—

(a)

a person of the kind mentioned in paragraph (b) of the definition of “bank” in section 1120(2) (persons with permission under F1Part 4A of FISMA 2000 to accept deposits)F2...

F3(b)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

Condition B is that the company has permanently ceased to carry on the trade that included the business of accepting deposits (the “deposit-taking trade”).

(4)

Condition C is that the company is insolvent and—

(a)

was so when the winding up proceedings started, or

(b)

became so at any time in the period of 12 months following the day on which those proceedings started.

(5)

The period referred to in subsection (2) is the period of 12 months ending with the earlier of—

(a)

the day on which the winding up proceedings started, and

(b)

the day on which the company permanently ceased to carry on the deposit-taking trade.

F4(6)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in s. 635(2)(a) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 129(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Word in s. 635(2)(a) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(8)(a)(i) (with regs. 39-41, 46); 2020 c. 1, Sch. 5 para. 1(1)
F3: S. 635(2)(b) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(8)(a)(ii) (with regs. 39-41, 46); 2020 c. 1, Sch. 5 para. 1(1)
F4: S. 635(6) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 17(8)(b) (with regs. 39-41, 46); 2020 c. 1, Sch. 5 para. 1(1)