PART 3Consequential amendments of subordinate legislation
The Financial Collateral Arrangements (No. 2) Regulations 20038
In regulation 12 of the Financial Collateral Arrangements (No. 2) Regulations 200327 (close-out netting provisions to take effect in accordance with their terms), in paragraph (2)—
a
after sub-paragraph (a) insert—
aa
in Scotland, that party had notice that a meeting of creditors of the other party had been summoned under section 98 of the Insolvency Act 1986;
ab
in England and Wales, that party had notice that a statement as to the affairs of the other party had been sent to the other party’s creditors under section 99(1) of that Act(c);
ac
that party had notice that a meeting of creditors of the other party had been summoned under Article 84 of the Insolvency (Northern Ireland) Order 198928;
b
in sub-paragraph (b) omit the words from “that a meeting of creditors” to “Companies (Northern Ireland) Order 1989 or”.