{
  "url": "https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009/schedule-1/paragraph-2",
  "json_url": "https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009/schedule-1/paragraph-2.json",
  "legislation": "ukdsi/2009/9780111486306",
  "legislation_title": "The Scottish and Northern Ireland Banknote Regulations 2009",
  "legislation_url": "https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009",
  "path": "schedule/1/paragraph/2",
  "kind": "paragraph",
  "number": "2",
  "heading": "Modifications to the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989",
  "text": "The provisions of the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989 apply in relation to an authorised bank—\n(a) with any reference to “property” or “asset” modified so that it does not include a reference to the bank’s backing assets; and\n(b) with the modifications specified in the following table;\nbut sub-paragraph (a) does not apply to the reference to “assets” in section 123(2) of the Insolvency Act 1986 or article 103(2) of the Insolvency (Northern Ireland) Order 1989.\nProvision of Insolvency Act 1986\nProvision of Insolvency (Northern Ireland) Order 1989\nSubject\nModification\nSection 4\nArticle 17\nCompany Voluntary Proposal - Decisions of meetings\nA meeting may not approve any proposal or modification which affects—\n(a) the rights of the noteholders under regulations 9(1)(b) and 22;\n(b) the rights of the Bank of England in relation to the backing assets; or\n(c) the backing assets.\n–\nArticle 52\nReceivers and managers – General powers\nA receiver may do anything necessary or expedient for the purpose of ensuring that an authorised bank complies with the directions referred to in regulation 23(1).\nSection 55\n–\nReceivers (Scotland) – Powers\nA receiver may do anything necessary or expedient for the purpose of ensuring that an authorised bank complies with the directions referred to in regulation 23(1).\nSection 126\nArticle 106\nLiquidation – power to stay or restrain proceedings against company\nThis section and article do not prevent the Bank of England from bringing or continuing any action or proceedings under or by virtue of these Regulations in relation to the backing assets.\nSection 128\nArticle 108\nLiquidation – avoidance of attachments\nThis section and article do not apply to anything done by the Bank of England in relation to the backing assets.\nSection 130(2) and (3)\nArticle 110(2) and (3)\nLiquidation – Consequences of Winding-up order\nThese subsections and paragraphs do not apply to any action or proceedings brought by the Bank of England under or by virtue of these Regulations in relation to the backing assets.\nSection 143\nArticle 121\nLiquidation – General Functions\nA liquidator must also ensure that an authorised bank complies with the directions referred to in regulation 23(1).\nSection 144\n–\nLiquidation – custody of company’s property\nThe reference in this section to “things in action” does not include a reference to an account designated by the Bank of England for the purposes of regulation 6(2)(c).\nSection 165\nArticle 140\nLiquidators – Voluntary winding up\nA liquidator—\n(a) must also ensure that an authorised bank complies with the directions referred to in regulation 23(1); and\n(b) may do anything necessary or expedient to ensure such compliance.\nSections 167\nArticle 142\nLiquidators – Winding up by the court\nA liquidator—\n(a) must also ensure that an authorised bank complies with the directions referred to in regulation 23(1); and\n(b) may do anything necessary or expedient to ensure such compliance.\nSection 436\nArticle 2\nExpressions used generally\nThe definition of “property” shall be modified in accordance with paragraph 2(a) of this Schedule.\nPart 3 of Schedule A1\nPart 3 of Schedule A1\nCompany Voluntary Arrangements – Effects of Moratorium\nNothing in Part 3 shall prevent the Bank of England from—\n(a) taking any step; or\n(b) bringing or continuing an action or proceedings brought under or by virtue of these Regulations;\nagainst an authorised bank in relation to its backing assets.\nParagraph 43 of Schedule B1\nParagraph 44 of Schedule B1\nAdministration – Moratorium on other legal process\nNothing in this paragraph shall prevent the Bank of England from—\n(a) taking any step; or\n(b) bringing or continuing an action or proceedings brought under or by virtue of these Regulations;\nagainst an authorised bank in relation to its backing assets.\nParagraph 59 of Schedule B1\nParagraph 60 of Schedule B1\nAdministration – General powers of administrators\nAn administrator may do anything necessary or expedient for the purpose of ensuring that an authorised bank complies with the directions referred to in regulation 23(1).\nParagraphs 67 and 68 of Schedule B1\nParagraphs 68 and 69 of Schedule B1\nAdministration – General duties of administrators\nAn administrator must ensure that an authorised bank complies with the directions referred to in regulation 23(1).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1986 c.45."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "S.I. 1989/2405 (N.I. 19)."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Schedule A1 was inserted by section 1 of, and paragraphs 1 and 4 of Schedule 1 to, the Insolvency Act 2000 (c. 39)."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Schedule A1 was inserted by article 3 of, and schedule 1 to, the Insolvency (Northern Ireland) Order 2002 (S.I. 2002/3152 (N.I. 6))."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Schedule B1 was inserted by section 248(2) of, and Schedule 16 to, the Enterprise Act 2002 (c. 45)."
    },
    {
      "type": "footnote",
      "label": "f6",
      "text": "Schedule B1was inserted by article 3(2) of, and Schedule 1 to, the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10))."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2009/9780111486306/schedule/1/paragraph/2",
    "retrieved_at": "2026-10-30T14:56:45.263381+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."
}