{
  "url": "https://openlegislation.uk/financial-services-banking-reform-act-2013/schedule-6/paragraph-5",
  "json_url": "https://openlegislation.uk/financial-services-banking-reform-act-2013/schedule-6/paragraph-5.json",
  "legislation": "ukpga/2013/33",
  "legislation_title": "Financial Services (Banking Reform) Act 2013",
  "legislation_url": "https://openlegislation.uk/financial-services-banking-reform-act-2013",
  "path": "schedule/6/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "A reference in an enactment or other document to anything done under a provision applied by this Part of this Act includes a reference to the provision as applied.\nTABLE 1 OF APPLIED PROVISIONS\nSCHEDULE B1 TO THE INSOLVENCY ACT 1986\nProvision of Schedule B1\nSubject\nModification\nPara. 40(1)(a)\nDismissal of pending winding-up petition\nPara. 41\nDismissal of administrative or other receiver\nPara. 42\nMoratorium on insolvency proceedings\nIgnore sub-paras. (4) and (5).\nPara. 43\nMoratorium on other legal process\nPara. 44(1)(a) and (5)\nInterim moratorium\nPara. 46\nAnnouncement of appointment\nIgnore sub-para. (6)(b) and (c).\nParas. 47 and 48\nStatement of affairs\nPara. 49\nAdministrator's proposals\n(a) The administrator must obtain the approval of the Bank of England to any proposals under sub-para. (1).\n(b) Treat the reference in sub-para. (2)(b) to the objective mentioned in para. 3(1)(a) or (b) as a reference to the objective in section 115 of this Act.\n(c) Ignore sub-para. (3)(b).\nPara. 59\nGeneral powers\nPara. 60 and Schedule 1\nGeneral powers\nThe exercise of powers under Schedule 1 is subject to section 115 of this Act.\nPara. 61\nDirectors\nPara. 62\nPower to call meetings of creditors\nPara. 63\nApplication to court for directions\n(a) Before making an application in reliance on this paragraph the FMI administrator must give notice to the Bank of England, which is to be entitled to participate in the proceedings.\n(b) In making directions the court must have regard to the objective in section 115 of this Act.\nPara. 64\nManagement powers\nPara. 65\nDistribution to creditors\nPara. 66\nPayments\nPara. 67\nTaking custody of property\nPara. 68\nManagement\n(a) Ignore sub-paras. (1) and (3).\n(b) The Bank of England may apply to the court for the variation or revocation of any directions given by the court.\nPara. 69\nAgency\nPara. 70\nFloating charges\nPara. 71\nFixed charges\nPara. 72\nHire-purchase property\nPara. 73\nProtection for secured and preferential creditors\nPara. 74\nChallenge to administrator's conduct\nFor sub-para. (2) there is to be taken to be substituted—\n“(2) Where a company is in FMI administration, a creditor or member of the company may apply to the court claiming that the FMI administrator is conducting himself or herself in a manner preventing the achievement of the objective of the FMI administration as quickly and efficiently as is reasonably practicable.”\nPara. 75\nMisfeasance\nIn addition to applications that may anyway be made under para. 75, an application may be made by the FMI administrator or the Bank of England.\nPara. 79\nCourt ending administration on application of administrator\nFor sub-paras. (1) to (3) there are to be taken to be substituted—\n“(1) On an application made by a person mentioned in sub-paragraph (2), the court may provide for the appointment of an FMI administrator of a company to cease to have effect from a specified time.\n(2) The persons who may apply to the court under sub-paragraph (1) are—\n(a) the Bank of England;\n(b) with the consent of the Bank, the FMI administrator.”\nPara. 84\nTermination: no more assets for distribution\nPara. 85\nDischarge of administration order\nPara. 86\nNotice to Companies Registrar of end of administration\nPara. 87\nResignation\nAn FMI administrator may not resign under para. 87 without giving 28 days' notice of the intention to do so to the Bank of England.\nPara. 88\nRemoval\nAn application for an order removing an FMI administrator from office may be made only by or with the consent of the Bank of England.\nPara. 89\nDisqualification\nThe notice under sub-para. (2) must be given to the Bank of England.\nParas. 90 and 91\nReplacement\n(a) Para. 91(1) applies as if the only person who could make an application were the Bank of England.\n(b) Ignore para. 91(2).\nPara. 98\nDischarge\nIgnore sub-paras. (2)(b) and (ba) , (3) and (3A) .\nPara. 99\nVacation of office: charges and liabilities\nIn the application of sub-para. (3), payments may be made only—\n(a)in accordance with directions of the Bank of England, and\n(b)if the Bank is satisfied that they will not prejudice the objective in section 115 of this Act.\nParas. 100 to 103\nJoint administrators\nAn application under para. 103 may be made only by the Bank of England.\nPara. 104\nValidity\nPara. 106 (and section 430 and Schedule 10)\nFines\nParas. 107 to 109\nExtension of time limits\nPara. 110\nAmendment of provisions about time\nAn order under para. 110 may amend a provision of the Schedule as it applies by virtue of this Act (whether or not in the same way as it amends the provision as it applies otherwise).\nPara. 111\nInterpretation\nParas. 112 to 116\nScotland\nTABLE 2 OF APPLIED PROVISIONS\nOTHER PROVISIONS OF THE INSOLVENCY ACT 1986\nSection\nSubject\nModification or comment\nSection 176ZB\nApplication of proceeds of office-holder claims\nSection 233\nUtilities\nSection 234\nGetting in company's property\nSection 235\nDuty to co-operate with office-holder\nSection 236\nInquiry into company's dealings\nSection 237\nSection 236: enforcement by court\nSection 238\nTransactions at an undervalue (England and Wales)\nSection 239\nPreferences (England and Wales)\nSection 240\nSs. 238 and 239: relevant time\nSection 241\nOrders under ss. 238 and 239\n(a) In considering making an order in reliance on section 241 the court must have regard to the objective in section 115 of this Act.\n(b) Ignore subsections (2A)(a) and (3) to (3C).\nSection 242\nGratuitous alienations (Scotland)\nSection 243\nUnfair preferences (Scotland)\nIn considering the grant of a decree under subsection (5) the court must have regard to the objective in section 115 of this Act.\nSection 244\nExtortionate credit transactions\nSection 245\nAvoidance of floating charges\nSection 246\nUnenforceability of liens\nSections 246ZA to 246ZC\nAdministration: penalisation of directors etc\nSection 246ZD\nPower to assign certain causes of action\nSections 246ZE and 246ZF\nDecisions by creditors (company insolvency)\nSection 246C\nCreditors’ ability to opt out of receiving certain notices\nSection 248A\nMeaning of “opted-out creditor”\nSections 386 and 387, and Schedule 6 (and Schedule 4 to the Pension Schemes Act 1993)\nPreferential debts\nSection 389\nOffence of acting without being qualified\nTreat references to acting as an insolvency practitioner as references to acting as an FMI administrator.\nSections 390 to 391T\nAuthorisation and regulation of insolvency practitioners\n(a) In section 390 treat references to acting as an insolvency practitioner as references to acting as an FMI administrator.\n(b) For subsection (2) of that section there is to be taken to be substituted—\n“(2) A person is not qualified to act as an FMI administrator at any time unless at that time the person is fully authorised to act as an insolvency practitioner or partially authorised to act as an insolvency practitioner only in relation to companies.”.\n(c) An order under section 391 has effect in relation to any provision applied for the purposes of FMI administration.\n(d) In sections 390A, 390B(1) and (3), 391O(1)(b) and 391R(3)(b), in a reference to authorisation or permission to act as an insolvency practitioner in relation to (or only in relation to) companies the reference to companies has effect without the modification in paragraph 3(e) of this Schedule.\n(e) In sections 391Q(2)(b) and 391S(3)(e) the reference to a company has effect without the modification in paragraph 3(e) of this Schedule.\nSections 423 to 425\nTransactions defrauding creditors\nIn considering granting leave under section 424(1) or making an order in reliance on section 425, the court must have regard to the objective in section 115 of this Act.\nSections 430 to 432 and Schedule 10\nOffences",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in Sch. 6 para. 5 inserted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 6(b)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in Sch. 6 para. 5 Table 1 substituted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 6(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in Sch. 6 para. 5 inserted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 6(c)(i)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 6 para. 5 inserted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 6(c)(ii)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Sch. 6 para. 5 Table 2 inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 6(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in Sch. 6 para. 5 substituted (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 6(c)(iii)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Sch. 6 para. 5 in force at 13.7.2018 for E.W. by S.I. 2018/848, art. 2(b)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2013/33/schedule/6/paragraph/5",
    "retrieved_at": "2026-10-29T09:07:58.389751+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}