Insolvency Act 1986

411 Company insolvency rules.E+W+S

(1)Rules may be made—

(a)in relation to England and Wales, by the Lord Chancellor with the concurrence of the Secretary of State [F1and, in the case of rules that affect court procedure, with the concurrence of the Lord Chief Justice], or

(b)in relation to Scotland, by the Secretary of State,

for the purpose of giving effect to [F2Parts A1] to VII of this Act [F3or the [F4EU Regulation]].

[F5(1A)Rules may also be made for the purpose of giving effect to Part 2 of the Banking Act 2009 (bank insolvency orders); and rules for that purpose shall be made—

(a)in relation to England and Wales, by the Lord Chancellor with the concurrence of—

(i)the Treasury, and

(ii)in the case of rules that affect court procedure, the Lord Chief Justice, or

(b)in relation to Scotland, by the Treasury.]

[F6(1B)Rules may also be made for the purpose of giving effect to Part 3 of the Banking Act 2009 (bank administration); and rules for that purpose shall be made—

(a)in relation to England and Wales, by the Lord Chancellor with the concurrence of—

(i)the Treasury, and

(ii)in the case of rules that affect court procedure, the Lord Chief Justice, or

(b)in relation to Scotland, by the Treasury.]

(2)Without prejudice to the generality of subsection (1), [F7(1A)] [F8or (1B)] or to any provision of those Parts by virtue of which rules under this section may be made with respect to any matter, rules under this section may contain—

(a)any such provision as is specified in Schedule 8 to this Act or corresponds to provision contained immediately before the coming into force of section 106 of the M1Insolvency Act 1985 in rules made, or having effect as if made, under section 663(1) or (2) of the [F9the Companies Act 1985] (old winding-up rules), and

(b)such incidental, supplemental and transitional provisions as may appear to the Lord Chancellor or, as the case may be, the Secretary of State [F10or the Treasury] necessary or expedient.

[F11(2A)For the purposes of subsection (2), a reference in Schedule 8 to this Act to doing anything under or for the purposes of a provision of this Act includes a reference to doing anything under or for the purposes of the [F12EU Regulation] (in so far as the provision of this Act relates to a matter to which the [F12EU Regulation] applies).

(2B)Rules under this section for the purpose of giving effect to the [F13EU Regulation] may not create [F14a new relevant offence].]

[F15(2C)For the purposes of subsection (2), a reference in Schedule 8 to this Act to doing anything under or for the purposes of a provision of this Act includes a reference to doing anything under or for the purposes of Part 2 of the Banking Act 2009.]

[F16(2D)For the purposes of subsection (2), a reference in Schedule 8 to this Act to doing anything under or for the purposes of a provision of this Act includes a reference to doing anything under or for the purposes of Part 3 of the Banking Act 2009.]

(3)In Schedule 8 to this Act “liquidator” includes a provisional liquidator [F17or bank liquidator] [F18or administrator]; and references above in this section to [F19Parts A1] to VII of this Act [F20or Part 2 [F21or 3] of the Banking Act 2009] are to be read as including [F22the Companies Acts] so far as relating to, and to matters connected with or arising out of, the insolvency or winding up of companies.

[F23(3A)In this section references to Part 2 or 3 of the Banking Act 2009 include references to those Parts as applied to building societies (see section 90C of the Building Societies Act 1986).]

(4)Rules under this section shall be made by statutory instrument subject to annulment in pursuance of a resolution of either House of Parliament.

(5)Regulations made by the Secretary of State [F24or the Treasury] under a power conferred by rules under this section shall be made by statutory instrument and, after being made, shall be laid before each House of Parliament.

(6)Nothing in this section prejudices any power to make rules of court.

[F25(7)The Lord Chief Justice may nominate a judicial office holder (as defined in section 109(4) of the Constitutional Reform Act 2005) to exercise his functions under this section.]