# The Scottish and Northern Ireland Banknote Regulations 2009, Paragraph 2: Modifications to the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989 The provisions of the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989 apply in relation to an authorised bank— (a) with any reference to “property” or “asset” modified so that it does not include a reference to the bank’s backing assets; and (b) with the modifications specified in the following table; but 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. Provision of Insolvency Act 1986 Provision of Insolvency (Northern Ireland) Order 1989 Subject Modification Section 4 Article 17 Company Voluntary Proposal - Decisions of meetings A meeting may not approve any proposal or modification which affects— (a) the rights of the noteholders under regulations 9(1)(b) and 22; (b) the rights of the Bank of England in relation to the backing assets; or (c) the backing assets. – Article 52 Receivers and managers – General powers A 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). Section 55 – Receivers (Scotland) – Powers A 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). Section 126 Article 106 Liquidation – power to stay or restrain proceedings against company This 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. Section 128 Article 108 Liquidation – avoidance of attachments This section and article do not apply to anything done by the Bank of England in relation to the backing assets. Section 130(2) and (3) Article 110(2) and (3) Liquidation – Consequences of Winding-up order These 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. Section 143 Article 121 Liquidation – General Functions A liquidator must also ensure that an authorised bank complies with the directions referred to in regulation 23(1). Section 144 – Liquidation – custody of company’s property The 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). Section 165 Article 140 Liquidators – Voluntary winding up A liquidator— (a) must also ensure that an authorised bank complies with the directions referred to in regulation 23(1); and (b) may do anything necessary or expedient to ensure such compliance. Sections 167 Article 142 Liquidators – Winding up by the court A liquidator— (a) must also ensure that an authorised bank complies with the directions referred to in regulation 23(1); and (b) may do anything necessary or expedient to ensure such compliance. Section 436 Article 2 Expressions used generally The definition of “property” shall be modified in accordance with paragraph 2(a) of this Schedule. Part 3 of Schedule A1 Part 3 of Schedule A1 Company Voluntary Arrangements – Effects of Moratorium Nothing in Part 3 shall prevent the Bank of England from— (a) taking any step; or (b) bringing or continuing an action or proceedings brought under or by virtue of these Regulations; against an authorised bank in relation to its backing assets. Paragraph 43 of Schedule B1 Paragraph 44 of Schedule B1 Administration – Moratorium on other legal process Nothing in this paragraph shall prevent the Bank of England from— (a) taking any step; or (b) bringing or continuing an action or proceedings brought under or by virtue of these Regulations; against an authorised bank in relation to its backing assets. Paragraph 59 of Schedule B1 Paragraph 60 of Schedule B1 Administration – General powers of administrators An 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). Paragraphs 67 and 68 of Schedule B1 Paragraphs 68 and 69 of Schedule B1 Administration – General duties of administrators An administrator must ensure that an authorised bank complies with the directions referred to in regulation 23(1). --- Source: https://www.legislation.gov.uk/ukdsi/2009/9780111486306/schedule/1/paragraph/2 (the official version) Page: https://openlegislation.uk/draft-scottish-and-northern-ireland-banknote-regulations-2009/schedule-1/paragraph-2 Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.