Paragraph 4 I1

United Kingdom

Section 463^f1 (effect of floating charge on winding up) has effect as if—

(a)

in subsection (1) for the words “section 247(2) of the Insolvency Act 1986” there were substituted “subsection (1A)”;

(b)

after subsection (1) there were inserted—

“(1A)
For the purposes of this Chapter a building society goes into liquidation if—
(a)
it goes into liquidation within the meaning of section 247(2) of the Insolvency Act 1986^f2; or
(b)
the court makes a building society insolvency order in relation to it under section 94 of the Banking Act 2009^f3 (as applied by section 90C of the Building Societies Act 1986^f4) at a time when it has not already gone into liquidation by passing a special resolution for voluntary winding up under section 88 of the Building Societies Act 1986^f5.”; F1...

(c)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Sch. 1 para. 4(c) and word omitted (28.6.2016) by virtue of The Building Societies (Floating Charges and Other Provisions) Order 2016 (S.I. 2016/679), arts. 1(1)(2), 7(a)(ii) (with art. 1(4))

Commencement

I1: Sch. 1 para. 4 in force at 26.3.2015, see art. 1

Footnotes

f1: Section 463 was amended by the Companies Act 1989, section 140(1); and by the Insolvency Act 1986, sections 438 and 439(1) and Schedules 12 and 13.
f2: 1986 c. 45.
f3: 2009 c. 1.
f4: 1986 c. 53. Section 90C was inserted by S.I. 2009/805.
f5: Section 88 was amended by S.I. 2001/2617 and 2013/496.