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The Pension Protection Fund (Entry Rules) Regulations (Northern Ireland) 2005

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Prescribed insolvency events

5.—(1) An insolvency event occurs –

(a)in relation to a company, where an administration order is made by the High Court in respect of the company by virtue of any statutory provision which applies Part III of the Insolvency Order (administration orders) (with or without modification);

(b)in relation to a relevant body, where –

(i)any of the events referred to in Article 105(3) (insolvency events) occurs in relation to that body by virtue of the application (with or without modification) of any provision of the Insolvency Order by any other statutory provision, or

(ii)an administration order is made by the High Court in respect of the relevant body by virtue of any statutory provision which applies Part III of the Insolvency Order (with or without modification);

(c)in relation to a building society, where there is dissolution by consent of the members under section 87 of the Building Societies Act 1986(1) (dissolution by consent);

(d)in relation to a friendly society, where there is dissolution by consent of the members under section 20 of the Friendly Societies Act 1992(2) (dissolution by consent), and

(e)in relation to an industrial and provident society, where there is dissolution by consent of the members under section 67 of the Industrial and Provident Societies Act (Northern Ireland)1969(3) (instrument of dissolution).

(2) In this regulation –

“administration order” means an order whereby the management of the company or relevant body, as the case may be, is placed in the hands of a person appointed by the High Court;

“relevant body” means –

(a)

a credit union within the meaning of Article 2(2) of the Credit Unions (Northern Ireland) Order 1985(4);

(b)

a limited liability partnership within the meaning of Article 53(6) of the Order (Articles 34 to 52: partnerships and limited liability partnerships);

(c)

a building society within the meaning of section 119 of the Building Societies Act 1986;

(d)

a person who has permission to act under Part IV of the FSMA 2000 (permission to carry on regulated activities);

(e)

the society of Lloyd’s and Lloyd’s members who have permission under Part XIX of the FSMA 2000 (Lloyd's);

(f)

a friendly society within the meaning of the Friendly Societies Act 1992, or

(g)

a society which is registered as an industrial and provident society under the Industrial and Provident Societies Act (Northern Ireland) 1969.

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