Statutory Instrument 1989 No. 1276

The Banks (Administration Proceedings) Order 1989

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© Crown Copyright 1989

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1989 No. 1276

INSOLVENCY
COMPANIES

The Banks (Administration Proceedings) Order 1989

The Secretary of State, in exercise of the powers conferred on him by section 422 of the Insolvency Act 1986^[1] , 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^[2] which are companies within the meaning of section 735 of the Companies Act 1985^[3] 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

Parliamentary Under-Secretary of State, Department of Trade and Industry

Dated 21st July 1989
We concur,

David Maclean

David Lightbown

Two of the Lords Commissioners of Her Majesty's Treasury

Dated 24th July 1989

[1] 1986 c. 45; section 422 was amended by the Banking Act 1987 (c. 22), section 108(1) and Schedule 6, paragraph 25(2). back

[2] 1987 c. 22. back

[3] 1985 c. 6. back

Explanatory Note