Regulation 14 Amendment of the Insolvency Act 1986

(1)

The Insolvency Act 1986 M1 is amended as follows.

(2)

In section 386 (categories of preferential debts) M2, in subsection (1), after “steel production” insert “ ; debts owed to the Financial Services Compensation Scheme ”.

(3)

In Schedule 6 (the categories of preferential debts)—

(a)

after paragraph 15A M3 insert—

“Category 6A: Debts owed to the Financial Services Compensation Scheme
15AA
Any debt owed by the debtor to the scheme manager of the Financial Services Compensation Scheme under section 215(2A) of the Financial Services and Markets Act 2000 M4.”;

(b)

in the italic heading before paragraph 15C M5 for “categories 7 and 8” substitute “ categories 6A, 7 and 8. ”;

(c)

in paragraph 15C, before sub-paragraph (1) insert—

“(A1)
In paragraph 15AA “the scheme manager” has the meaning given in section 212(1) of the Financial Services and Markets Act 2000.”.

Annotations

Marginal citations

M1: 1986 c. 45.
M2: Section 386 was amended by the Pension Schemes Act 1993 (c. 48), Schedule 8, paragraph 18, the Enterprise Act 2002 (c. 40), section 251(3), the Financial Services (Banking Reform) Act 2013 (c. 33), section 13(2), and S.I. 2014/3486.
M3: Paragraph 15A was inserted by S.I. 1987/2093.
M4: Section 215(2A) is inserted by regulation 14 of these Regulations.
M5: Paragraph 15C was amended by the Financial Services (Banking Reform) Act 2013 (c.33) section 13(1) and S.I. 2014/3486.

Notes on the whole SI

Textual amendments

F1: Regulations revoked (14.12.2023 for the revocation of reg. 18) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xii)