Article 9 Third party compensation

(1)

Schedule 2 makes provision for the arrangements to be put in place for the assessment of any compensation payable to persons other than Dunfermline.

(2)

The independent valuer must determine, in accordance with Part 2 of Schedule 2, the amount of any compensation payable to any person who was affected by the application of section 38(6) of the Act (termination rights, &c.) (by virtue of paragraph 6 of the Transfer Instrument).

(3)

The independent valuer must determine, in accordance with Part 3 of Schedule 2, the amount of any compensation payable to pre-transfer creditors^f1 of Dunfermline^f2.

Annotations

Footnotes

f1: “Pre-transfer creditor” is defined in section 60(3)(b) of the Act.
f2: Part 3 of Schedule 2 makes provision in accordance and in connection with the Banking Act 2009 (Third Party Compensation Arrangements for Partial Property Transfers) Regulations 2009. Those Regulations specify the provisions which must or may be included in a third party compensation order made in accordance with section 59 of the Act in cases where those regulations apply.