Section 107 Application for order sanctioning transfer scheme.C1

United Kingdom

(1)

An application may be made to the court for an order sanctioning an insurance business transfer scheme F1, a banking business transfer scheme F2, a reclaim fund business transfer scheme or a ring-fencing transfer scheme .

(2)

An application may be made by—

(a)

F3the transferor concerned;

(b)

the transferee; or

(c)

both.

F4(2A)

An application relating to a ring-fencing transfer scheme may be made only with the consent of the PRA.

(2B)

In deciding whether to give consent, the PRA must have regard to the scheme report prepared under section 109A in relation to the ring-fencing transfer scheme.

(3)

The application must be made—

(a)

if the transferor concerned and the transferee are registered or have their head offices in the same jurisdiction, to the court in that jurisdiction;

(b)

if the transferor concerned and the transferee are registered or have their head offices in different jurisdictions, to the court in either jurisdiction;

(c)

if the transferee is not registered in the United Kingdom and does not have his head office there, to the court which has jurisdiction in relation to the transferor concerned.

(4)

“Court” means—

(a)

the High Court; or

(b)

in Scotland, the Court of Session.

Annotations

Textual amendments

F1: Words in s. 107(1) substituted (12.3.2009) by Dormant Bank and Building Society Accounts Act 2008 (c. 31), ss. 15, 31(1)(2), Sch. 2 para. 3; S.I. 2009/490, art. 2 (with art. 3)
F2: Words in s. 107(1) substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 6(2); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F3: Words in Pt. 7 substituted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 2; S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1
F4: S. 107(2A)(2B) inserted (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 1 para. 6(3); S.I. 2014/377, art. 2(1)(a), Sch. Pt. 1

Modifications

C1: S. 107 applied (1.12.2001) by S.I. 2001/3626, arts. 1, 3(a)

Notes on Part VII

Modifications

C1: Pt. 7: power to amend conferred (1.9.2023) by Financial Services Act 2021 (c. 22), ss. 22(8)(a), 49(5); S.I. 2023/934, reg. 2(c)