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(1) which are companies within the meaning of section 735 of the Companies Act 1985(2) 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.