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The Payment and Electronic Money Institution Insolvency Regulations 2021

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Dissolution or voluntary arrangementU.K.

This section has no associated Explanatory Memorandum

44.—(1) This [F1regulation] applies if the administrator—

(a)believes that Objectives 1 and 2 have been sufficiently achieved, and

(b)in pursuit of Objective 3, pursues the winding up of the institution in the best interests of the creditors.

(2) The administrator may—

(a)give a notice in accordance with paragraph 84 of Schedule B1 [F2to the IA 1986 or, as the case may be, paragraph 85 of Schedule B1 to the I(NI)O 1989] as applied and modified by these Regulations; or

(b)make a proposal in accordance with Part 1 of the IA 1986 [F3or, as the case may be, Part 2 of the I(NI)O 1989] (company voluntary arrangement).

[F4(3) The following provisions apply to a proposal made by an administrator—

(a)Part 1 of the IA 1986, with the modifications set out in paragraphs (4) to (6), (7) and (8), or

(b)Part 2 of the I(NI)O 1989, with the modifications set out in paragraphs (6A) to (8).]

(4) Section 3 (consideration of proposals) is to be read as if subsection (2) [F5(and not subsection (1))] applies.

(5) Section 5(3) (effect of approval) is to be read as if the action that may be taken by a court includes suspension of the special administration order.

(6) Sections 2 to 6 and 7 have effect without the amendments of those provisions made by paragraphs 2 to 8 of Schedule 9 to the SBEEA 2015 (company voluntary arrangements).

[F6(6A) Article 16 (summoning of meetings) is to be read as if paragraph (2) (and not paragraph (1)) applies.

(6B) Article 18(3) (effect of approval) is to be read as if the action which may be taken by the court includes suspension of the special administration order.]

(7) On the termination of a company voluntary arrangement the administrator may apply to the court to lift the suspension of the special administration order.

(8) For the purposes of this regulation, references in Part 1 of the IA 1986 [F7and Part 2 of the I(NI)O 1989] to administration include special administration.

Textual Amendments

Commencement Information

I1Reg. 44 in force at 8.7.2021, see reg. 2

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