Article 5 Floating charges (Scotland): application of the Bankruptcy and Diligence etc. (Scotland) Act 2007I1

United Kingdom

(1)

On the day on which section 46 (repeals, savings and transitional arrangements) of the Bankruptcy and Diligence etc. (Scotland) Act 2007^f1 (“the 2007 Act”) comes into force—

(a)

article 4 of, and Schedule 1 to, this Order cease to have effect to the same extent as Chapters 1 and 3 of Part 18 of the Companies Act 1985 cease to have effect by virtue of section 46 of the 2007 Act; and

(b)

paragraph (2) has effect.

(2)

Part 2 of the 2007 Act^f2 applies to a building society as it applies to an incorporated company, but—

(a)

with the modifications set out in Schedule 2; and

(b)

in consequence of those modifications, without the modifications in regulation 5 of the Financial Markets and Insolvency (Settlement Finality and Financial Collateral Arrangements) (Amendment) Regulations 2010^f3 (registration of charges: Scotland).

Annotations

Commencement

I1: Art. 5 in force at 26.3.2015, see art. 1

Footnotes

f1: 2007 (asp 3).
f2: Part 2 has been amended, before being brought into force, by the Banking Act 2009 (c. 1), section 253; and by S.I. 2009/1941 and 2010/2993.
f3: S.I. 2010/2993.