{
  "url": "https://openlegislation.uk/draft-collective-investment-in-transferable-securities-contractual-scheme-regulations-2013/schedule-4/part-2",
  "json_url": "https://openlegislation.uk/draft-collective-investment-in-transferable-securities-contractual-scheme-regulations-2013/schedule-4/part-2.json",
  "legislation": "ukdsi/2013/9780111537756",
  "legislation_title": "The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013",
  "legislation_url": "https://openlegislation.uk/draft-collective-investment-in-transferable-securities-contractual-scheme-regulations-2013",
  "path": "schedule/4/part/2",
  "kind": "part",
  "number": "2",
  "heading": "Table of specific modifications of the Insolvency (Scotland) Rules 1986",
  "text": "Rule\nSubject\nModification\nPart 4 (winding up by the court)\nChapter 1 (provisional liquidator)\n4.1\nAppointment of provisional liquidator\nParagraph (1) is to be read as if the words “or by the company itself,” were omitted.\n4.3\nCaution\nParagraph (a) is to be read as if the words “against the company” were omitted.\nChapter 3 (information)\n4.10\nInformation to creditors and contributories\nThis Rule is to be read as if paragraph (1A) were omitted.\nChapter 4 (meeting of creditors and contributories)\n4.12\nFirst meetings in the liquidation\nThis Rule is to be read as if—\n(a) in paragraph (1) for the words from “under section 138(3)” to “as the case may be,” there were substituted “the interim liquidator summons”;\n(b) for paragraphs (2) and (2A) there were substituted—\n“(2) That meeting is to be known as “the first meeting of creditors” and must be summoned for a date not later than 42 days after the date of the winding-up order or such longer period as the court may allow.”; and\n(c) paragraph (4) were omitted.\n4.14\nAttendance at meetings of company’s personnel\nThis Rule is to be read as if paragraph (3) were omitted.\nA reference to the company’s personnel is to be read as a reference to—\n(a) the operator and the depositary; and\n(b) the directors and employees of the operator and the depositary.\nChapter 5 (claims in liquidation)\n4.16\nApplication of the Bankruptcy (Scotland) Act 1985\nThis Rule is to be read, in relation to section 49 of the Bankruptcy (Scotland) Act 1985, as if it included a modification of subsection (6A) having the effect that the operator may appeal if, and only if, it satisfies the sheriff that the participants have, or are likely to have, a pecuniary interest in the outcome of the appeal.\nIn paragraph (2) the expression in column 2 of the table which is substituted for a reference to the expression “Debtor” in column 1 of the table is to be read, in relation to sections 22(5) and 44(2) of the Bankruptcy (Scotland) Act 1985, as a reference to—\n(a) the operator; or\n(b) a director or employee of the operator.\n4.17\nClaims in foreign currency\nIn paragraph (1) each reference to the company is to be read as a reference to the operator.\nChapter 6 (the liquidator)\n4.18\nAppointment of liquidator by the court\nParagraph (1) is to be read as if the words from “, 139(4)” to the end were omitted.\n4.19\nAppointment by creditors or contributories\nParagraph (2) is to be read as if the words “Subject to section 139(4)” were omitted.\n4.22\nTaking possession and realisation of the company’s assets\nIn paragraph (1)(a) the reference to any property, books, papers or records to which the company appears to be entitled is to be read as a reference to any property that appears to be property subject to the relevant scheme, and to any books, papers or records that appear to affect or relate to that property or to the affairs of the relevant scheme.\nIn paragraph (4) the reference to any title deed or other document or record of the company is to be read as a reference to any title deed or other document or record that affects or relates to the property subject to the relevant scheme or to the affairs of the relevant scheme.\n4.28\nResignation of liquidator\nParagraph (2) is to be read as if the words from “and a statement” to the end were omitted.\n4.31\nFinal meeting\nParagraph (2) is to be read as if the words from “and a statement” to the end were omitted.\n4.38\nPower of court to set aside certain transactions\nParagraph (1) is to be read as if the court’s power to order the liquidator to compensate the company for loss suffered in consequence of a transaction which is set aside included power to order the liquidator, by way of compensation for loss suffered in consequence of such a transaction, to contribute any sum to the property subject to the relevant scheme.\nChapter 7 (the liquidation committee)\n4.41\nMembership of committee\nParagraph (1) is to be read as if the words “Subject to Rule 4.43 below,” were omitted.\n4.43\nCommittee established by contributories\nThis Rule does not apply.\n4.59\nComposition of committee when creditors paid in full\nThis Rule is to be read as if—\n(a) at the end of paragraph (3) there were inserted “and the committee is abolished”; and\n(b) paragraphs (4) to (7) were omitted.\nChapter 9 (distribution of company’s assets by liquidator)\n4.66\nOrder of priority in distribution\nParagraph (4) is to be read as if the words “Subject to the provisions of section 175,” were omitted.\nIn paragraph (5) the reference to the members is to be read as a reference to the participants.\n4.67\nOrder of priority of expenses of liquidation\nIn paragraph (3)—\n(a) the reference to proceedings by or against the company is to be read as a reference to proceedings brought by or against the operator for the resolution of any matter relating to the relevant scheme; and\n(b) the reference to the power of any court to order expenses to be paid by the company is to be read as a reference to the power of any court to order expenses to be paid out of the property subject to the relevant scheme.\n4.68\nApplication of the Bankruptcy (Scotland) Act 1985 (procedure after end of accounting period)\nThis Rule is to be read, in relation to section 53 of the Bankruptcy (Scotland) Act 1985, as if it included a modification of subsection (6A) having the effect that the operator may appeal if, and only if, it satisfies the Accountant in Bankruptcy or, as the case may be, the sheriff that the participants have, or are likely to have, a pecuniary interest in the outcome of the appeal.\nChapter 10 (special manager)\n4.69 to 4.73\nSpecial manager\nThese Rules do not apply.\nChapter 11 (public examination of company officers and others)\n4.75\nOrder on request by creditors or contributories\nIn paragraph (2) the reference to the proposed examinee’s relationship to the company is to be read as a reference to that person’s interest in the relevant scheme or dealings with the operator.\nChapters 13, 14 and 15\n4.78 to 4.82\nCompany with prohibited name\nThese Rules do not apply.\n4.83 and 4.84\nEC Regulation\nThese Rules do not apply.\nPart 7 (provisions of general application)\nChapter 2 (proxies and company representation)\n7.18\nRight of inspection\nIn paragraph (3) the right of inspection exercisable in the case of an insolvent company by its directors is exercisable in the case of the relevant scheme by the operator or the depositary.\nChapter 3 (miscellaneous)\n7.21A and 7.21B\nContents of notices\nInstead of the particulars in paragraph (3) of each of these Rules all notices published must specify the name of the relevant scheme and the name and registered office (or principal place of business) of the operator and of the depositary.\n7.26\nRight to list of creditors and copy documents\nIn paragraph (2A) the first reference to a member is to be read as a reference to a participant.\n7.27\nConfidentiality of documents\nIn paragraph (1)(b) the reference, in relation to the winding up of a company, to the company’s members is to be read, in relation to the winding up of a relevant scheme, as a reference to—\n(a) the operator or depositary of the relevant scheme; or\n(b) the participants in it.\n7.30\nForms for use in insolvency proceedings\nAny form prescribed for use by this Rule which is used in proceedings for winding up a relevant scheme is to be read with the modifications set out in this Schedule (so far as applicable for the form concerned). The reference to the use of a form with such variations as circumstances require includes a reference to its use with such variations as are necessary to take account of applicable modifications.\n7.32\nPower of court to cure defects in procedure\nThe table in paragraph (2) is to be read as if the entry for the expression “Debtor” were omitted.\nIn the entry for the expression “Permanent trustee” the reference to “Responsible insolvency practitioner” is to be read as a reference to the responsible insolvency practitioner in proceedings for winding up the relevant scheme.\n7.33\nSederunt book\nParagraph (7) is to be read as if for sub-paragraph (d) there were substituted—\n“(d) in the case of a winding up, the date on which the liquidator vacates office under section 172(8) or the date of a certificate of release issued by the Accountant of Court”.\n7.34\nDisposal of company’s books, papers and other records\nIn paragraphs (1), (2) and (3) a reference to the company’s books, papers and records is to be read as a reference to all books, papers and other records affecting or relating to the affairs of, or the property subject to, the relevant scheme.\nIn paragraph (3) the reference to the date which is 12 months after the dissolution of the company shall be read as a reference to the date which is 12 months after the date of a notice given by the liquidator in compliance with Rule 4.31(4) which states that the liquidator has been released.\n7.36\nInformation about time spent on a case\nIn paragraph (2)(b) the reference, in relation to a company, to any director is to be read, in relation to a relevant scheme, as a reference to the operator or depositary of the relevant scheme.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "By virtue of Rule 4.16(2) the reference to the Accountant in Bankruptcy is to be read as a reference to the court."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "The second paragraph (2A), which was inserted by S.I. 1987/1921."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2013/9780111537756/schedule/4/part/2",
    "retrieved_at": "2026-10-30T14:50:04.641604+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."
}