# The Financial Markets and Insolvency Regulations 1991, Regulation 14: Limitation on disapplication of moratorium on certain legal processes under Schedule B1 to the Insolvency Act 1986 (administration) in relation to CGO Service charges

Extent: E+W+S

(1) In this regulation “qualifying period” means the period beginning with the fifth business day before the day on which an application for the making of an administration order in relation to the relevant CGO Service member or former CGO Service member is presented and ending with the second business day after the day on which an administration order is made in relation to the relevant CGO Service member or former CGO service member pursuant to the petition.
(1A) A reference in paragraph (1) to an application for an administration order shall be treated as including a reference to—
(a) appointing an administrator under paragraph 14 or 22 of Schedule B1 to the Insolvency Act 1986, or
(b) filing with the court a notice of intention to appoint an administrator under either of those paragraphs,
and a reference to “an administration order” shall include the appointment of an administrator under paragraph 14 or 22 of Schedule B1 to the Insolvency Act 1986.
(2) The disapplication of paragraph 43(2) of Schedule B1 to the Insolvency Act 1986 (including that provisions as applied by paragraph 44 of that Schedule) by section 175(1)(a) of the Act shall be limited in respect of a CGO Service charge so that it has effect only to the extent necessary to enable there to be realised, whether through the sale of specified securities or otherwise, a sum equal to whichever is less of the following—
(a) the total amount of payment obligations discharged by the settlement bank in respect of transfers and allotments of specified securities made during the qualifying period to the relevant CGO Service member or former CGO Service member through the medium of the CGO Service less the total amount of payment obligations discharged to the settlement bank in respect of transfers of specified securities made during the qualifying period by the relevant CGO Service member or former CGO Service member through the medium of the CGO Service; and
(b) the amount (if any) described in regulation 13(b) due to the settlement bank from the relevant CGO Service member or former CGO Service member.

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Source: https://www.legislation.gov.uk/uksi/1991/880/regulation/14 (the official version)
Page: https://openlegislation.uk/financial-markets-and-insolvency-regulations-1991/regulation-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.