Made | 1st April 2004 | ||
Laid before Parliament | 5th April 2004 | ||
Coming into force | 5th May 2004 |
1. | Citation and commencement |
2. | Interpretation |
3. | Prohibition against winding up etc. EEA credit institutions in the United Kingdom |
4. | Schemes of arrangement |
5. | Reorganisation measures and winding-up proceedings in respect of EEA credit institutions effective in the United Kingdom |
6. | Confirmation by the court of a creditors' voluntary winding up |
7. | Modifications of the Law of Insolvency |
8. | Consultation of the Authority prior to a voluntary winding up |
9. | Notification of relevant decision to the Authority |
10. | Notification to EEA regulators |
11. | Withdrawal of authorisation |
12. | Publication of voluntary arrangement, administration order, winding-up order or scheme of arrangement |
13. | Honouring of certain obligations |
14. | Notification to creditors: winding-up proceedings |
15. | Submission of claims by EEA creditors |
16. | Reports to creditors |
17. | Service of notices and documents |
18. | Disclosure of confidential information received from an EEA regulator |
19. | Application of this Part |
20. | Application of this Part: assets subject to a section 425 or Article 418 compromise or arrangement |
21. | Interpretation of this Part |
22. | EEA rights: applicable law in the winding up of a UK credit institution |
23. | Employment contracts and relationships |
24. | Contracts in connection with immovable property |
25. | Registrable rights |
26. | Third parties' rights in rem |
27. | Reservation of title agreements etc. |
28. | Creditors' rights to set off |
29. | Regulated markets |
30. | Detrimental acts pursuant to the law of an EEA State |
31. | Protection of third party purchasers |
32. | Lawsuits pending |
33. | Lex rei sitae |
34. | Netting agreements |
35. | Repurchase agreements |
36. | Interpretation of this Part |
37. | Application of these Regulations to a third country credit institution |
38. | Disclosure of confidential information: third country credit institution |
with a view to recovering his debt in whole or in part, and includes a proof, within the meaning of rule 2.72 of the Insolvency Rules, or a proof of debt within the meaning of rule 4.73(4) of the Insolvency Rules or Rule 4.079(4) of the Insolvency Rules (Northern Ireland), as the case may be, or in Scotland a claim made in accordance with rule 4.15 of the Insolvency (Scotland) Rules;
(2) In paragraph (1) -
and in this paragraph "relevant EEA State" means the EEA State under the law of which the reorganisation is adopted or imposed, or the winding-up proceedings are opened, as the case may be.
(3) In these Regulations, references to the law of insolvency of the United Kingdom include references to every provision made by or under the 1986 Act or the 1989 Order as the case may be; and in relation to partnerships, limited liability partnerships or building societies, references to the law of insolvency or to any provision of the 1986 Act or the 1989 Order are to that law as modified by the Insolvent Partnerships Order 1994[18], the Insolvent Partnerships Order (Northern Ireland) 1995[19], the Limited Liability Partnerships Regulations 2001[20] or the Building Societies Act 1986[21] (as the case may be).
(4) References in these Regulations to "accepting deposits" and a "contract of insurance" must be read with -
(5) For the purposes of the 2000 Act, functions imposed or falling on the Authority under these Regulations shall be deemed to be functions under the 2000 Act.
(2) Paragraph (1)(a) does not prevent -
(b) the winding up of an EEA credit institution on or after the relevant date pursuant to a winding-up order which was made, and has not been discharged, before that date.
(3) Paragraph (1)(b) does not prevent a provisional liquidator of an EEA credit institution appointed before the relevant date from acting in relation to that credit institution on or after that date.
(4) Paragraph (1)(c) does not prevent an administrator appointed before the relevant date from acting on or after that date in a case in which the administration order under which he or his predecessor was appointed remains in force after that date.
(5) On or after the relevant date, an administrator may not, in relation to an EEA credit institution, be appointed under paragraphs 14 or 22 of Schedule B1 of the 1986 Act.
(6) A proposed voluntary arrangement shall not have effect in relation to an EEA credit institution if a decision under section 4 of the 1986 Act or Article 17 of the 1989 Order with respect to the approval of that arrangement was taken on or after the relevant date.
(7) An order under section 254 of the Enterprise Act 2002 (application of insolvency law to a foreign company)[22] may not provide for any of the following provisions of the 1986 Act to apply in relation to an incorporated EEA credit institution -
(8) In this regulation and regulation 4, "relevant date" means the 5th May 2004.
Schemes of arrangement
4.
- (1) For the purposes of section 425(6)(a) of the 1985 Act or Article 418(5)(a) of the Companies Order, an EEA credit institution or a branch of an EEA credit institution is to be treated as a company liable to be wound up under the 1986 Act or the 1989 Order if it would be liable to be wound up under that Act or Order but for the prohibition in regulation 3(1)(a).
(2) But a court may not make a relevant order under section 425(2) of the 1985 Act or Article 418(2) of the Companies Order in relation to an EEA credit institution which is subject to a directive reorganisation measure or directive winding-up proceedings, or a branch of an EEA credit institution which is subject to such a measure or proceedings, unless the conditions set out in paragraph (3) are satisfied.
(3) Those conditions are -
reasonable notice of the details of that proposal; and
(b) no person notified in accordance with sub-paragraph (a) has objected to the proposal.
(4) Nothing in this regulation invalidates a compromise or arrangement which was sanctioned by the court by an order made before the relevant date.
(5) For the purposes of paragraph (2), a relevant order means an order sanctioning a section 425 or Article 418 compromise or arrangement which -
(6) For the purposes of this regulation -
Reorganisation measures and winding-up proceedings in respect of EEA credit institutions effective in the United Kingdom
5.
- (1) An EEA insolvency measure has effect in the United Kingdom in relation to -
as if it were part of the general law of insolvency of the United Kingdom.
(2) Subject to paragraph (4) -
may exercise in the United Kingdom, in relation to the EEA credit institution which is subject to an EEA insolvency measure, any function which, pursuant to that measure, he is entitled to exercise in relation to that credit institution in the relevant EEA State.
(3) The condition mentioned in paragraph (2) is that the appointment of the competent officer is evidenced -
and accompanied by a certified translation of that order, decision or certificate (as the case may be).
(4) In exercising the functions of the kind mentioned in paragraph (2), the competent officer or qualifying agent -
(5) For the purposes of paragraph (4)(c), "relevant laws or rules as to procedure" means -
(6) In this regulation -
Confirmation by the court of a creditors' voluntary winding up
6.
- (1) Rule 7.62 of the Insolvency Rules or Rule 7.56 of the Insolvency Rules (Northern Ireland) applies in relation to a UK credit institution with the modification specified in paragraph (2) or (3).
(2) For the purposes of this regulation, rule 7.62 has effect as if there were substituted for paragraph (1) -
(3) For the purposes of this regulation, Rule 7.56 of the Insolvency Rules (Northern Ireland) has effect as if there were substituted for paragraph (1) -
it must immediately inform the Authority, or cause the Authority to be informed, of the order or appointment which has been made.
(2) Where a decision with respect to the approval of a voluntary arrangement has effect, and the arrangement which is the subject of that decision is a qualifying arrangement, the supervisor must forthwith inform the Authority of the arrangement which has been approved.
(3) Where a liquidator is appointed as mentioned in section 100 of the 1986 Act, paragraph 83 of Schedule B1 to the 1986 Act or Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up), the liquidator must inform the Authority forthwith of his appointment.
(4) Where in the case of a members' voluntary winding up, section 95 of the 1986 Act (effect of company's insolvency) or Article 81 of the 1989 Order applies, the liquidator must inform the Authority forthwith that he is of that opinion.
(5) Paragraphs (1), (2) and (3) do not apply in any case where the Authority was represented at all hearings in connection with the application in relation to which the order or appointment is made.
(6) For the purposes of paragraph (2), a "qualifying arrangement" means a voluntary arrangement which -
(7) A supervisor, administrator or liquidator who fails without reasonable excuse to comply with paragraph (2), (3), or (4) (as the case may be) commits an offence and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
Notification to EEA regulators
10.
- (1) Where the Authority is informed of a decision, order or appointment in accordance with regulation 9, the Authority must as soon as is practicable inform the relevant person -
(2) Where the Authority has been represented at all hearings in connection with the application in relation to which the decision, order or appointment has been made, the Authority must inform the relevant person of the matters mentioned in paragraph (1) as soon as is practicable after that decision, order or appointment has been made.
(3) Where, on or after 5th May 2004, it appears to the Authority that a directive reorganisation measure should be adopted in relation to or imposed on an EEA credit institution which has a branch in the United Kingdom, it will inform the home state regulator as soon as is practicable.
(4) In this regulation, the "relevant person" means the EEA regulator of any EEA State in which the UK credit institution has a branch.
Withdrawal of authorisation
11.
- (1) For the purposes of this regulation -
(c) a qualifying appointment means -
(2) The prescribed circumstances are where, after the appointment of an administrator, the administrator concludes that it is not reasonably practicable to achieve the objective specified in paragraph 3(1)(a) of Schedule B1 to the 1986 Act.
(3) When the Authority is informed of a qualifying decision, qualifying order or qualifying appointment, the Authority will as soon as reasonably practicable exercise its power under section 45 of the 2000 Act to vary or to cancel the UK credit institution's permission under Part 4 of that Act to accept deposits or to issue electronic money as the case may be.
Publication of voluntary arrangement, administration order, winding-up order or scheme of arrangement
12.
- (1) This regulation applies where a qualifying decision is approved, or a qualifying order or qualifying appointment is made, in relation to a UK credit institution on or after 5th May 2004.
(2) For the purposes of this regulation -
(c) a qualifying appointment means the appointment of a liquidator as mentioned in section 100 of the 1986 Act or Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up).
(3) Subject to paragraph (7), as soon as is reasonably practicable after a qualifying decision has effect or a qualifying order or a qualifying appointment has been made, the relevant officer must publish, or cause to be published, in the Official Journal of the European Communities and in 2 national newspapers in each EEA State in which the UK credit institution has a branch the information mentioned in paragraph (4) and (if applicable) paragraphs (5) or (6).
(4) That information is -
(5) In the case of a qualifying appointment, that information includes the court to which an application under section 112 of the 1986 Act (reference of questions to the court), section 27 of the 1986 Act or Article 98 of the 1989 Order (reference of questions to the High Court) may be made.
(6) In the case of a qualifying decision, that information includes the court to which an application under section 6 of the 1986 Act or Article 19 of the 1989 Order (challenge of decisions) may be made.
(7) Paragraph (3) does not apply where a qualifying decision or qualifying order falling within paragraph (2)(b)(i) affects the interests only of the members, or any class of members, or employees of the credit institution (in their capacity as members or employees).
(8) This regulation is without prejudice to any requirement to publish information imposed upon a relevant officer under any provision of the general law of insolvency.
(9) A relevant officer who fails to comply with paragraph (3) of this regulation commits an offence and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(10) A qualifying decision, qualifying order or qualifying appointment is not invalid or ineffective if the relevant official fails to comply with paragraph (3) of this regulation.
(11) In this regulation, "relevant officer" means -
(12) The information to be published in accordance with paragraph (3) of this regulation shall be -
Honouring of certain obligations
13.
- (1) This regulation applies where, on or after 5th May 2004, a relevant obligation has been honoured for the benefit of a relevant credit institution by a relevant person.
(2) Where a person has honoured a relevant obligation for the benefit of a relevant credit institution, he shall be deemed to have discharged that obligation if he was unaware of the winding up of that credit institution.
(3) For the purposes of this regulation -
(c) a relevant person is a person who at the time the obligation is honoured -
(4) For the purposes of paragraph (3)(c)(ii) of this regulation -
Notification to creditors: winding-up proceedings
14.
- (1) When a relevant order or appointment is made, or a relevant decision is taken, in relation to a UK credit institution on or after 5th May 2004, the appointed officer must, as soon as is reasonably practicable, notify in writing all known creditors of that credit institution -
(2) The appointed officer may comply with the requirement in paragraphs (1)(a) and the requirement in paragraph (1)(b) by separate notifications.
(3) For the purposes of this regulation -
(b) a "relevant appointment" means the appointment of a liquidator as mentioned in section 100 of the 1986 Act or Article 86 of the 1989 Order (appointment of liquidator in a creditors' voluntary winding up); and
(c) a "relevant decision" means a decision as a result of which a qualifying voluntary arrangement has effect.
(4) The matters which must be notified to all known creditors in accordance with paragraph (1)(a) are as follows -
(5) The matters which must be notified to all known creditors in accordance with paragraph (1)(b) are as follows -
(6) Where a creditor is notified in accordance with paragraph (1)(b), the notification must be headed with the words "Invitation to lodge a claim. Time limits to be observed", and that heading must be given in every official language.
(7) The obligation under paragraph (1)(b) may be discharged by sending a form of proof in accordance with rule 4.74 of the Insolvency Rules, Rule 4.080 of the Insolvency Rules (Northern Ireland) or Rule 4.15(2) of the (Insolvency) Scotland Rules as applicable in cases where any of those rules applies, provided that the form of proof complies with paragraph (6).
(8) The prescribed circumstances are where, after the appointment of an administrator, the administrator concludes that it is not reasonably practicable to achieve the objective specified in paragraph 3(1)(a) of Schedule B1 to the 1986 Act.
(9) Where, after the appointment of an administrator, the administrator concludes that it is not reasonably practicable to achieve the objective specified in paragraph 3(1)(a) of Schedule B1 to the 1986 Act, he shall inform the court and the Authority in writing of that conclusion and upon so doing the order by which he was appointed shall be a relevant order for the purposes of this regulation and the obligation under paragraph (1) shall apply as from the date on which he so informs the court and the Authority.
(10) An appointed officer commits an offence if he fails without reasonable excuse to comply with a requirement under paragraph (1) of this regulation, and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(11) For the purposes of this regulation -
(b) a creditor is a "known" creditor if the appointed officer is aware of -
(12) For the purposes of paragraph (3), a voluntary arrangement is a qualifying voluntary arrangement if its purposes include a realisation of some or all of the assets of the UK credit institution to which the order relates with a view to terminating the whole or any part of the business of that credit institution.
Submission of claims by EEA creditors
15.
- (1) An EEA creditor who, on or after 5th May 2004, submits a claim or observations relating to his claim in any relevant proceedings (irrespective of when those proceedings were commenced or had effect) may do so in his domestic language, provided that the requirements in paragraphs (3) and (4) are complied with.
(2) For the purposes of this regulation, "relevant proceedings" means -
(3) Where an EEA creditor submits a claim in his domestic language, the document must be headed with the words "Lodgement of claim" (in English).
(4) Where an EEA creditor submits observations on his claim (otherwise than in the document by which he submits his claim), the observations must be headed with the words "Submission of observations relating to claims" (in English).
(5) Paragraph (3) does not apply where an EEA creditor submits his claim using -
(6) In this regulation -
Reports to creditors
16.
- (1) This regulation applies where, on or after 5th May 2004 -
(2) The liquidator, provisional liquidator or administrator (as the case may be) must send a report to every known creditor once in every 12 months beginning with the date when his appointment has effect.
(3) The requirement in paragraph (2) does not apply where a liquidator, provisional liquidator or administrator is required by order of the court to send a report to creditors at intervals which are more frequent than those required by this regulation.
(4) This regulation is without prejudice to any requirement to send a report to creditors, imposed by the court on the liquidator, provisional liquidator or administrator, which is supplementary to the requirements of this regulation.
(5) A liquidator, provisional liquidator or administrator commits an offence if he fails without reasonable excuse to comply with an applicable requirement under this regulation, and is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
(6) For the purposes of this regulation -
(b) "report" means a written report setting out the position generally as regards the progress of the winding up, provisional liquidation or administration (as the case may be).
Service of notices and documents
17.
- (1) This regulation applies to any notification, report or other document which is required to be sent to a creditor of a UK credit institution by a provision of this Part ("a relevant notification").
(2) A relevant notification may be sent to a creditor by one of the following methods -
(3) For the purposes of paragraph (2)(a), the proper address of a creditor is any current address provided by that person as an address for service of a relevant notification and, if no such address is provided -
(4) A relevant notification may be transmitted electronically only if it is sent to -
(5) Any requirement in this Part to send a relevant notification to a creditor shall also be treated as satisfied if the conditions set out in paragraph (6) are satisfied.
(6) The conditions of this paragraph are satisfied in the case of a relevant notification if -
that information which is required to be sent to him (whether pursuant to a statutory or contractual obligation, or otherwise) may instead be accessed by him on a web site;
(b) the agreement applies to the relevant notification in question;
(c) the creditor is notified of -
(d) the relevant notification is published on that web site throughout a period of at least one month beginning with the date on which the creditor is notified in accordance with sub-paragraph (c).
(7) Where, in a case in which paragraph (5) is relied on for compliance with a requirement of regulation 14 or 16 -
no offence is committed under regulation 14(10) or regulation 16(5) (as the case may be) by reason of that failure.
(8) In this regulation -
Disclosure of confidential information received from an EEA regulator
18.
- (1) This regulation applies to information ("insolvency information") which -
(2) Subject to paragraphs (3) and (4), sections 348, 349 and 352 of the 2000 Act apply in relation to insolvency information as they apply in relation to confidential information within the meaning of section 348(2) of the 2000 Act.
(3) Insolvency information is not subject to the restrictions on disclosure imposed by section 348(1) of the 2000 Act (as it applies by virtue of paragraph (2)) if it satisfies any of the criteria set out in section 348(4) of the 2000 Act.
(4) The Disclosure Regulations apply in relation to insolvency information as they apply in relation to single market directive information (within the meaning of those Regulations).
(2) For the purposes of paragraph (1)(a), a voluntary arrangement has a qualifying purpose if it -
(3) For the purposes of paragraph (1)(c), a winding up is a relevant winding up if -
Application of this Part: assets subject to a section 425 or Article 418 compromise or arrangement
20.
- (1) For the purposes of this Part, the insolvent estate of a UK credit institution shall not include any assets which at the commencement date are subject to a relevant section 425 or Article 418 compromise or arrangement.
(2) In this regulation -
Interpretation of this Part
21.
- (1) For the purposes of this Part -
(2) In this Part, references to the opening of a relevant reorganisation or a relevant winding up mean -
(b) in the case of a voluntary arrangement, the date when a decision with respect to the approval of that voluntary arrangement has effect in accordance with section 4A(2) of the 1986 Act or Article 17A(2) of the 1989 Order;
(c) in a case where an administration order under paragraph 13 of Schedule B1 to the 1986 Act or section 8(1) of the 1986 Act is in force, the date of the making of that order; and
(d) in a case where a provisional liquidator has been appointed, the date of that appointment,
and references to the time of an opening must be construed accordingly.
EEA rights: applicable law in the winding up of a UK credit institution
22.
- (1) This regulation is subject to the provisions of regulations 23 to 35.
(2) In a relevant winding up, the matters mentioned in paragraph (3) are to be determined in accordance with the general law of insolvency of the United Kingdom.
(3) Those matters are -
(j) the conditions for and the effects of the closure of the relevant winding up, in particular by composition;
(k) the rights of creditors after the closure of the relevant winding up;
(1) who is to bear the cost and expenses incurred in the relevant winding up;
(m) the rules relating to the voidness, voidability or unenforceability of legal acts detrimental to all the creditors.
Employment contracts and relationships
23.
- (1) The effects of a relevant reorganisation or a relevant winding up on EEA employment contracts and EEA employment relationships are to be determined in accordance with the law of the EEA State to which that contract or that relationship is subject.
(2) In this regulation, an employment contract is an EEA employment contract, and an employment relationship is an EEA employment relationship if it is subject to the law of an EEA State.
Contracts in connection with immovable property
24.
- (1) The effects of a relevant reorganisation or a relevant winding up on a contract conferring the right to make use of or acquire immovable property situated within the territory of an EEA State shall be determined in accordance with the law of that State.
(2) The law of the EEA State in whose territory the property is situated shall determine whether the property is movable or immovable.
Registrable rights
25.
The effects of a relevant reorganisation or a relevant winding up on rights of the affected UK credit institution with respect to -
which is subject to registration in a public register kept under the authority of an EEA State are to be determined in accordance with the law of that State.
Third parties' rights in rem
26.
- (1) A relevant reorganisation or a relevant winding up shall not affect the rights in rem of creditors or third parties in respect of tangible or intangible, movable or immovable assets (including both specific assets and collections of indefinite assets as a whole which change from time to time) belonging to the affected credit institution which are situated within the territory of an EEA State at the relevant time.
(2) The rights in rem referred to in paragraph (1) shall mean -
(3) A right, recorded in a public register and enforceable against third parties, under which a right in rem within the meaning of paragraph (1) may be obtained, is also to be treated as a right in rem for the purposes of this regulation.
(4) Paragraph (1) does not preclude actions for voidness, voidability or unenforceability of legal acts detrimental to creditors under the general law of insolvency of the United Kingdom.
Reservation of title agreements etc.
27.
- (1) The adoption of a relevant reorganisation or opening of a relevant winding up in relation to a credit institution purchasing an asset shall not affect the seller's rights based on a reservation of title where at the time of that adoption or opening the asset is situated within the territory of an EEA State.
(2) The adoption of a relevant reorganisation or opening of a relevant winding up in relation to a credit institution selling an asset, after delivery of the asset, shall not constitute grounds for rescinding or terminating the sale and shall not prevent the purchaser from acquiring title where at the time of that adoption or opening the asset sold is situated within the territory of an EEA State.
(3) Paragraphs (1) and (2) do not preclude actions for voidness, voidability or unenforceability of legal acts detrimental to creditors under the general law of insolvency of the United Kingdom.
Creditors' rights to set off
28.
- (1) A relevant reorganisation or a relevant winding up shall not affect the right of creditors to demand the set-off of their claims against the claims of the affected credit institution, where such a set-off is permitted by the law applicable to the affected credit institution's claim.
(2) Paragraph (1) does not preclude actions for voidness, voidability or unenforceability of legal acts detrimental to creditors under the general law of insolvency of the United Kingdom.
Regulated markets
29.
- (1) Subject to regulation 33, the effects of a relevant reorganisation or winding up on transactions carried out in the context of a regulated market operating in an EEA State must be determined in accordance with the law applicable to those transactions.
(2) For the purposes of this regulation, "regulated market" has the meaning given by the Council Directive of 10th May 1993 on investment services in the securities field (No. 93/22/EEC)[24].
Detrimental acts pursuant to the law of an EEA State
30.
- (1) In a relevant reorganisation or a relevant winding up, the rules relating to detrimental transactions shall not apply where a person who has benefited from a legal act detrimental to all the creditors provides proof that -
(2) For the purposes of paragraph (1), "the rules relating to detrimental transactions" means any provision of the general law of insolvency relating to the voidness, voidability or unenforceability of legal acts detrimental to all the creditors.
Protection of third party purchasers
31.
- (1) This regulation applies where, by an act concluded after the adoption of a relevant reorganisation or opening of a relevant winding up, an affected credit institution disposes for a consideration of -
(2) The validity of that act is to be determined in accordance with the law of the EEA State within whose territory the immoveable asset is situated or under whose authority the register, account or system is kept, as the case may be.
(3) In this regulation, "relevant instruments" means the instruments referred to in Section B of the Annex to the Council Directive of 10th May 1993 on investment services in the securities field (No. 93/22/EEC).
Lawsuits pending
32.
- (1) The effects of a relevant reorganisation or a relevant winding up on a relevant lawsuit pending in an EEA State shall be determined solely in accordance with the law of that EEA State.
(2) In paragraph (1), "relevant lawsuit" means a lawsuit concerning an asset or right of which the affected credit institution has been divested.
Lex rei sitae
33.
- (1) The effects of a relevant reorganisation or a relevant winding up on the enforcement of a relevant proprietary right shall be determined by the law of the relevant EEA State.
(2) In this regulation -
Netting agreements
34.
The effects of a relevant reorganisation or a relevant winding up on a netting agreement shall be determined in accordance with the law applicable to that agreement.
Repurchase agreements
35.
Subject to regulation 33, the effects of a relevant reorganisation or a relevant winding up on a repurchase agreement shall be determined in accordance with the law applicable to that agreement.
(b) "third country credit institution" means a person -
(2) In paragraph (1), the definition of "third country credit institution" must be read with -
Application of these Regulations to a third country credit institution
37.
Regulations 9 and 10 apply where a third country credit institution is subject to a relevant measure, as if references in those regulations to a UK credit institution included a reference to a third country credit institution.
Disclosure of confidential information: third country credit institution
38.
- (1) This regulation applies to information ("insolvency practitioner information") which -
(2) Information falls within paragraph (1)(b) if it is supplied to -
in accordance with or pursuant to Articles 8 or 19 of the reorganisation and winding up directive.
(3) Subject to paragraphs (4), (5) and (6), sections 348, 349 and 352 of the 2000 Act apply in relation to insolvency practitioner information in the same way as they apply in relation to confidential information within the meaning of section 348(2) of that Act.
(4) For the purposes of this regulation, sections 348, 349 and 352 of the 2000 Act and the Disclosure Regulations have effect as if the primary recipients specified in subsection (5) of section 348 of the 2000 Act included an insolvency practitioner.
(5) Insolvency practitioner information is not subject to the restrictions on disclosure imposed by section 348(1) of the 2000 Act (as it applies by virtue of paragraph (2)) if it satisfies any of the criteria set out in section 348(4) of the 2000 Act.
(6) The Disclosure Regulations apply in relation to insolvency practitioner information as they apply in relation to single market directive information (within the meaning of those Regulations).
(7) In this regulation -
Nick Ainger
Jim Murphy
Two of the Lords Commissioners of Her Majesty's Treasury
1st April 2004
[2] 1972 c. 68; by virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183). Section 57(1) Scotland Act 1998 (1998 c. 46) provides that despite the transfer to the Scottish Ministers of functions in relation to observing and implementing obligations under Community law, any function of a Minister of the Crown shall continue to be exercisable by him as regards Scotland for the purposes specified in section 2(2) of the European Communities Act 1972.back
[4] 1986 c. 45 as amended by the Insolvency Act 2000 (c. 39), the Enterprise Act 2002 (c. 40), S.I. 2002/1037 and S.I. 2002/1240; Part II was replaced by the Enterprise Act 2002, section 248 and Schedule 16. The provisions of Part II continue to apply by virtue of the Enterprise Act 2002 (Commencement No. 4 and Transitional Provisions and Savings) Order 2003 (S.I. 2003/2093) insofar as is necessary to give effect to the Insolvent Partnerships Order 1994 (S.I. 1994/2421) and the Limited Liability Partnerships Regulations 2001 (S.I. 2001/1090). The provisions of Part II (as modified) continue to apply to building societies by virtue of sections 249(l)(e) and 249(2) of the Enterprise Act 2002.back
[6] S.I. 1989/2504 (N.I. 19).back
[7] O.J. No. L126, 26.5.2000, p. 1.back
[8] O.J. No. L035, 11.2.2003, p. 1.back
[9] S.I. 1986/1032 (N.I. 6).back
[10] S.I. 2001/2188, as amended by the Enterprise Act 2002 (c. 40), section 2, S.I. 2001/3437, S.I. 2001/3624, S.I. 2001/3648, S.I. 2002/1775, S.I. 2003/693, S.I. 2003/1092, S.I. 2003/1473, S.I. 2003/2066, S.I. 2003/2174 and S.I. 2003/2817.back
[11] S.I. 1986/1925 as most recently amended by S.I. 2004/584.back
[14] O.J. No. 17, 6.10.1958, p. 385/58; Special Edition, Series 1, Chapter 1952-1958, p. 0059.back
[15] O.J. No. C241, 29.8.94, p. 258.back
[16] O.J. No. L125, 5.5.2001. p. 15.back
[24] O.J. No. L141, 11.6.93, p. 27, as amended by European Parliament and Council Directive 95/26/EC (O.J. No. L168, 18.7.95, p. 7), European Parliament and Council Directive 97/9/EC (O.J. No. L84, 26.3.97, p. 22), European Parliament and Council Directive 2000/64/EC (O.J. No. L290, 17.11.2000, p. 27) and European Parliament and Council Directive 2002/87/EC (O.J. No. L35, 11.2.2003, p. 1).back