Regulation 8 The Financial Collateral Arrangements (No. 2) Regulations 2003

In regulation 12 of the Financial Collateral Arrangements (No. 2) Regulations 2003^f1 (close-out netting provisions to take effect in accordance with their terms), in paragraph (2)—

(a)

after sub-paragraph (a) insert—

“(aa)
in Scotland, that party had notice that a meeting of creditors of the other party had been summoned under section 98 of the Insolvency Act 1986;

(ab)
in England and Wales, that party had notice that a statement as to the affairs of the other party had been sent to the other party’s creditors under section 99(1) of that Act^f2;

(ac)
that party had notice that a meeting of creditors of the other party had been summoned under Article 84 of the Insolvency (Northern Ireland) Order 1989^f3;”; and

(b)

in sub-paragraph (b) omit the words from “that a meeting of creditors” to “Companies (Northern Ireland) Order 1989 or”.

Annotations

Footnotes

f1: S.I. 2003/3226, as amended by S.I. 2010/2993. There are other amendments, but they are not relevant.
f2: Section 99(1) was substituted by the Small Business, Enterprise and Employment Act 2015, section 126 and Schedule 9, paragraphs 1 and 23.
f3: S.I. 1989/2405 (N.I. 19).