The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018

The Financial Collateral Arrangements (No. 2) Regulations 2003

8.  In regulation 12 of the Financial Collateral Arrangements (No. 2) Regulations 2003(1) (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 1989(2);”; and

(b)in sub-paragraph (b) omit the words from “that a meeting of creditors” to “Companies (Northern Ireland) Order 1989 or”.