# The Payment and Electronic Money Institution Insolvency Regulations 2021, Regulation 44: Dissolution or voluntary arrangement


(1) This section applies if the administrator—
(a) believes that Objectives 1 and 2 have been sufficiently achieved, and
(b) in pursuit of Objective 3, pursues the winding up of the institution in the best interests of the creditors.
(2) The administrator may—
(a) give a notice in accordance with paragraph 84 of Schedule B1 as applied and modified by these Regulations; or
(b) make a proposal in accordance with Part 1 of the IA 1986 (company voluntary arrangement).
(3) Part 1 of the IA 1986 applies to a proposal made by an administrator with the modifications in paragraphs (4) to (8).
(4) Section 3 (consideration of proposals) is to be read as if subsection (2) (and not (1)) applies.
(5) Section 5(3) (effect of approval) is to be read as if the action that may be taken by a court includes suspension of the special administration order.
(6) Sections 2 to 6 and 7 have effect without the amendments of those provisions made by paragraphs 2 to 8 of Schedule 9 to the SBEEA 2015 (company voluntary arrangements).
(7) On the termination of a company voluntary arrangement the administrator may apply to the court to lift the suspension of the special administration order.
(8) For the purposes of this regulation, references in Part 1 of the IA 1986 to administration include special administration.

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Source: https://www.legislation.gov.uk/ukdsi/2021/9780348222814/regulation/44 (the official version)
Page: https://openlegislation.uk/draft-payment-and-electronic-money-institution-insolvency-regulations-2021/regulation-44
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.