2015 No. 1641
The Deregulation Act 2015 (Insolvency) (Consequential Amendments and Transitional and Savings Provisions) Order 2015
The Secretary of State, in exercise of the powers conferred by section 112(1), (2) and (4) of the Deregulation Act 2015, makes the following Order.
Transitional and savings provisionsTransitional and savings provisions
S-7
Where, during the transitional period, the Secretary of State...
7.—(1) Where, during the transitional period, the Secretary of State grants an application made, before 1st October 2015, by an individual for authorisation to act as an insolvency practitioner pursuant to section 393 of the 1986 Act, the individual to whom authorisation is granted must, as soon as reasonably practicable, pay to the Secretary of State a fee in connection with the maintenance of the authorisation.
(2) The fee shall be calculated by multiplying £2400 by the number of days the authorisation has to run (starting with the date of authorisation and ending on 30th September 2016) and dividing the result by 365.
S-8
Subject to paragraph (2), the amendments made by article 4 of,...
8.—(1) Subject to paragraph (2), the amendments made by article 4 of, and Schedule 1 to, this Order have no effect for the duration of the transitional period in relation to an individual who before the 1st October 2015—
(a)
(a) has applied for authorisation to act as an insolvency practitioner under section 392 of the 1986 Act and that application has not been granted, refused or withdrawn; or
(b)
(b) holds an authorisation so to act granted under section 393 of the 1986 Act.
(2) The reference in paragraph (1) to Schedule 1 to this Order does not include paragraphs 3(2), 4(3), 5(3) and 5(5) of that Schedule.
S-9
Where during the transitional period section 393(3A) of the...
9.—(1) Where during the transitional period section 393(3A) of the Insolvency 1986 Act applies to an authorisation to act as an insolvency practitioner by virtue of paragraph 23(2) of Schedule 6 to the Act, and the insolvency practitioner has not requested or consented to a withdrawal of the authorisation, the revocation of regulation 11 of the Insolvency Practitioners Regulations 2005by article 4 of, and paragraphs 5(1) and (5) of Schedule 1 to, this Order shall have no effect.
(2) During the transitional period the Secretary of State may request that the holder of an authorisation granted by the Secretary of State to act as an insolvency practitioner provide any information relating to any matters of the kind referred to in paragraph (1) of regulation 11 of the Insolvency Practitioners Regulations 2005 and any such request must be complied with within one month of its receipt or within such longer period as the Secretary of State may allow.
S-10
The revocations and amendments made by paragraph 1 of Schedule...
10. The revocations and amendments made by paragraph 1 of Schedule 3 to this Order have no effect in relation to a deed of arrangement registered under section 5 of the Deeds of Arrangement Act 1914before 1st October 2015 if, immediately before that date, the estate of the debtor who executed the deed of arrangement has not been fully wound up.
SCHEDULE 1
Article 4
AMENDMENTS TO SECONDARY LEGISLATION IN CONSEQUENCE OF SECTION 17 OF, AND PART 6 OF SCHEDULE 6 TO THE ACT, SUBJECT TO SAVINGS
1. The Insolvency Practitioners Tribunal (Conduct of Investigations) Rules 1986
The Insolvency Practitioners Tribunal (Conduct of Investigations) Rules 1986are revoked.
2. The Solicitors Recognised Bodies Order 1991
(1) The Solicitors Recognised Bodies Order 1991is amended as follows.
(2) In Schedule 1, in respect of the Insolvency Act 1986 omit “and Schedule 7”.
3. The Limited Liability Partnership Regulations 2001
(1) The Limited Liability Partnership Regulations 2001are amended as follows.
(2) In Schedule 3, omit the entry in respect of section 389 A.
(3) Omit paragraph 9 of Part 2 of Schedule 6.
5. The Insolvency Practitioners Regulations 2005
(1) The Insolvency Practitioners Regulations 2005 are amended as follows.
(2) In regulation 2(1) for the meaning of insolvency practitioner substitute ”a person who is authorised to act as an insolvency practitioner under section 390A of the Act”.
(3) Omit regulation 4(2).
(4) Omit regulations 5, 6, 7, 8, 8A and 9.
(5) Omit regulation 11.
(6) For regulation 12(3) substitute “Where, in accordance with sections 390(2) and 390A(2)(b) of the Act a person is qualified to act as an insolvency practitioner by virtue of an authorisation granted by the Department of Enterprise, Trade and Investment for Northern Ireland under Article 352 of the Insolvency (Northern Ireland) Order 1989, this Part applies in relation to that person as if that authorisation had been granted pursuant to section 393 of the Act immediately before 1st October 2015.”.
(7) Omit regulation 14.
(8) In regulation 15(1) omit paragraph (b).
(9) Omit regulation 16.
(10) In paragraph 9(2) of Schedule 2 omit sub-paragraph (b).
(11) In paragraph 10(1) of Schedule 2 omit sub-paragraph (b).
(12) In paragraph 13(2) of Schedule 2 omit sub-paragraph (b).
6. The Money Laundering Regulations 2007
In regulation 23(1) of the Money Laundering Regulations 2007omit sub-paragraph (g).
7. The Legal Services Act 2007 (Designation as a Licensing Authority) (No. 2) Order 2011
In Schedule 2 of the Legal Services Act 2007 (Designation as a Licensing Authority) (No. 2) Order 2011in respect of the entry for the Insolvency Act 1986 (c.45)omit “and Schedule 7”.
SCHEDULE 2
Article 5
AMENDMENTS TO SECONDARY LEGISLATION IN CONSEQUENCE OF SECTION 17 OF AND PART 6 OF SCHEDULE 6 TO THE ACT
1. The Insolvent Partnerships Order 1994
(1) The Insolvent Partnerships Order 1994is amended as follows.
(2) In Part 1 of Schedule 1 in the modification of—
(a)
(a) section 1(2) of the 1986 Act, omit “ or authorised to act as nominee,”;
(b)
(b) section 2(5) of the 1986 Act omit “, or authorised to act as nominee,”;
(c)
(c) section 4(2) of the 1986 Act omit “, or authorised to act as nominee, ”; and
(d)
(d) section 7(5) of the 1986 Act omit “or authorised to act as supervisor,”.
2. The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013
In Part 3 of Schedule 2 to the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013, after the entry for section 389 insert—
Section 390 (persons not qualified to act as insolvency practitioners) |
This section is to be read as if for subsection (2) there were substituted— |
|
“2 A person is not qualified to act at any time as an insolvency practitioner in relation to a relevant scheme unless that person would be qualified to act at that time as an insolvency practitioner in relation to a company.”. |
