Banks (Administration Proceedings) Order 1989
| Jurisdiction | UK Non-devolved |
| Citation | SI 1989/1276 |
1989No. 1276
INSOLVENCY
COMPANIES
The Banks (Administration Proceedings) Order 1989
24thJuly1989
28thJuly1989
23rdAugust1989
The Secretary of State, in exercise of the powers conferred on him by section 422 of the Insolvency Act 1986 ( a) , with the concurrence of the Treasury and after consultation with the Bank of England, hereby makes the following Order:-
Citation and Commencement
1. This Order may be cited as the Banks (Administration Proceedings) Order 1989 and shall come into force on 23rd August 1989.
Application of provisions in the Insolvency Act 1986 with modifications in relation to companies which are authorised or former authorised institutions under the Banking Act 1987
2. The provisions in Part II of the Insolvency Act 1986 shall apply in relation to those authorised institutions and former authorised institutions within the meaning of the Banking Act 1987 ( b)which are companies within the meaning of section 735 of the Companies Act 1985 ( c) with the modifications specified in the Schedule to this Order (any reference to a numbered section in the Schedule being, unless otherwise provided, to a section of the Insolvency Act 1986) and accordingly the provisions of the first Group of Parts of the Insolvency Act 1986 apply in relation to such institutions with such modifications.
Application
3. This Order shall not apply in relation to petitions for administration orders presented before it comes into force or in relation to administration orders made upon such petitions.
Francis Maude |
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Parliamentary Under-Secretary of State, Department of Trade and |
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Industry |
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Dated 21st July 1989 |
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We concur, |
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David Maclean |
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David Lightbown |
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Dated 24th July 1989 |
Two of the Lords Commissioners of Her Majesty's Treasury |
(a) 1986 c.45; section 422 was amended by the Banking Act 1987 (c.22), section 108(1) and Schedule 6, paragraph 25(2).
(b) 1987 c.22.
(c) 1985 c.6.
SCHEDULE
Article 2
MODIFICATIONS OF PART II OF THE INSOLVENCY ACT 1986 IN RELATION TO COMPANIES WHICH ARE AUTHORISED OR FORMER AUTHORISEDINSTITUTIONS UNDER THE BANKING ACT 1987
1. In section 8, after subsection (1) there shall be inserted the following subsection:-
"(1A) For the purposes of a petition presented by the Bank of England alone or together with any other party an authorised institution or former authorised institution within the meaning of the Banking Act 1987 which defaults in an obligation to pay any sum due and payable in respect of a...
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