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Paragraph 10 F1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

(1)

A person may not be appointed as administrator of a company which—

(a)

has a liability in respect of a deposit which it accepted in accordance with the Banking Act 1979 (c. 37) or 1987 (c. 22), but

(b)

is not an authorised deposit taker.

(2)

A person may not be appointed as administrator of a company which effects or carries out contracts of insurance.

(3)

But sub-paragraph (2) does not apply to a company which—

(a)

is exempt from the general prohibition in relation to effecting or carrying out contracts of insurance, or

(b)

is an authorised deposit taker effecting or carrying out contracts of insurance in the course of a banking business.

(4)

In this paragraph—

  • “authorised deposit taker” means a person with permission under Part IV of the Financial Services and Markets Act 2000 (c. 8) to accept deposits, and

  • “the general prohibition” has the meaning given by section 19 of that Act.

(5)

This paragraph shall be construed in accordance with—

(a)

section 22 of the Financial Services and Markets Act 2000 (classes of regulated activity and categories of investment),

(b)

any relevant order under that section, and

(c)

Schedule 2 to that Act (regulated activities).

Annotations

Textual amendments

F1

Sch. B1 inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(2), Sch. 1 (with art. 4); S.R. 2006/21, art. 2 (with S.R. 2006/22, arts. 2-7)

Notes on Schedule B1

Modifications

C1

Sch. B1 applied (with modifications) (1.10.2011) by Postal Services Act 2011 (c. 5), ss. 73, 87(1)(2), 93(3), Sch. 10 Pt. 1, Sch. 10 Pt. 2

C2

Sch. B1 applied (with modifications) by S.R. 1995/225, Sch. 2 (as amended (19.12.2018) by The Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244), arts. 1(2), 36 (with art. 3))

C3

Sch. B1 modified by S.R. 1995/225, art. 6, Sch. 2 (as modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 122(3) (with reg. 108))

C4

Sch. B1 modified (28.12.2020 until IP completion day when the amending provision ceases to have effect in accordance with reg. 1(4) of the amending S.I.) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(4), 120 (with reg. 108)

C5

Sch. B1 applied (with modifications) (4.1.2024) by S.I. 2021/716, Sch. 2A para. 6 (as inserted by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), reg. 1(2), Sch. 2)