# The Credit Institutions (Reorganisation and Winding up) Regulations 2004, Regulation 20: Application of this Part: certain assets excluded from insolvent estate of UK credit institution

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

(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.
(2) In this regulation—
(a) “assets” has the same meaning as “property” in section 436 of the 1986 Act or Article 2(2) of the 1989 Order;
(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;
(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;
(d) “relevant compromise or arrangement” means—
(i) a compromise or arrangement sanctioned by the court before 5th May 2004 under—
(aa) section 425 of the Companies Act 1985 (excluding a compromise or arrangement falling within section 427 or 427A of that Act), or
(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
(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—
(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
(bb) a section 899 compromise or arrangement.

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Source: https://www.legislation.gov.uk/uksi/2004/1045/regulation/20 (the official version)
Page: https://openlegislation.uk/credit-institutions-reorganisation-and-winding-up-regulations-2004/regulation-20
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.