{
  "url": "https://openlegislation.uk/credit-institutions-reorganisation-and-winding-up-regulations-2004/regulation-20",
  "json_url": "https://openlegislation.uk/credit-institutions-reorganisation-and-winding-up-regulations-2004/regulation-20.json",
  "legislation": "uksi/2004/1045",
  "legislation_title": "The Credit Institutions (Reorganisation and Winding up) Regulations 2004",
  "legislation_url": "https://openlegislation.uk/credit-institutions-reorganisation-and-winding-up-regulations-2004",
  "path": "regulation/20",
  "kind": "regulation",
  "number": "20",
  "heading": "Application of this Part: certain assets excluded from insolvent estate of UK credit institution",
  "text": "(1) For the purposes of this Part, the insolvent estate of a UK credit institution shall not include any assets which at the commencement date are subject to a relevant compromise or arrangement.\n(2) In this regulation—\n(a) “assets” has the same meaning as “property” in section 436 of the 1986 Act or Article 2(2) of the 1989 Order;\n(b) “commencement date” means the date when a UK credit institution goes into liquidation within the meaning given by section 247(2) of the 1986 Act or Article 6(2) of the 1989 Order;\n(c) “insolvent estate” has the meaning given by rule 1.2 of the Insolvency Rules or Rule 0.2 of the Insolvency Rules (Northern Ireland) and in Scotland means the company’s assets;\n(d) “relevant compromise or arrangement” means—\n(i) a compromise or arrangement sanctioned by the court before 5th May 2004 under—\n(aa) section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act), or\n(bb) Article 418 of the Companies (Northern Ireland) Order 1986 (excluding a compromise or arrangement falling within Article 420 or 420A of that Order); or\n(ii) any subsequent compromise or arrangement sanctioned by the court to amend or replace a compromise or arrangement of a kind mentioned in paragraph (i) which is—\n(aa) itself of a kind mentioned in sub-paragraph (aa) or (bb) of paragraph (i) (whether sanctioned before, on or after 5th May 2004), or\n(bb) a section 899 compromise or arrangement.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in reg. 20(1) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(5)(a)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 20(2)(c) substituted (23.4.2019) by The Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755), regs. 1, 5(6)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Reg. 20(2)(d) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(5)(b)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in reg. 20 heading substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), arts. 1(2), 24(4)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2004/1045/regulation/20",
    "retrieved_at": "2026-10-29T05:27:52.164786+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."
}