Regulation 19 Interpretation

In this Part—

• “appointed insolvency practitioner” means an insolvency practitioner or similar office holder appointed in respect of an insolvent bank for the purposes of an insolvency process;

• “insolvency process” means—

  1. (a)

     liquidation;

  2. (b)

     bank insolvency;

  3. (c)

     the appointment of a provisional liquidator;

  4. (d)

     the appointment of a provisional bank liquidator;

  5. (e)

     administration;

  6. (f)

     bank administration;

  7. (g)

     the appointment of a provisional bank administrator;

  8. (h)

     receivership;

  9. (i)

     a composition between a bank and its creditors;

  10. (j)

      a scheme of arrangement of a bank’s affairs; and

  11. (k)

      the processes specified in Part 1 of Schedule 2;

• “insolvent bank” means an authorised bank which has entered an insolvency process;

• “note exchange programme” means the arrangements made by the Bank of England for the purposes of regulation 21(1);

• “noteholder” means a person holding banknotes of an insolvent bank;

• “protected period” means the duration of the note exchange programme.

In this Part, a reference to a noteholder’s claim is a reference to a claim which is—