The Building Societies (Insolvency and Special Administration) Order 2009

UK Statutory Instrument 2009 No. 805 — creates 1 criminal offence.

1offences created

0recorded in force

0revoked

Made: 29 March 2009
In force from: 30 March 2009
Extent: Not stated
Subject: Corporate, financial services, company law, employment, charity, electoral and tax
Made under: Banking Act 2009, The powers in sections 130 and 158 of the Banking Act 2009

Explanatory note

(This note is not part of the Order) — published with the instrument by the department that made it. © Crown copyright, reused under the Open Government Licence v3.0.

This Order applies Parts 2 (Bank Insolvency) and 3 (Bank Administration) of the Banking Act 2009 (c.1) (“the Banking Act”) in relation to building societies. Articles 2 to 11 make substantive and consequential amendments to the Building Societies Act 1986 (c.53), including a new section 90C which applies Parts 2 and 3 of the Banking Act in relation to building societies. Parts 2 and 3 apply with the modifications specified in that section and in Schedule 1. In particular, the procedures in Parts 2 and 3 as they apply in relation to building societies are termed “building society liquidation” and “building society special administration”. Articles 12 to 15 make amendments to other enactments in connection with the disqualification of directors, insolvency rules and the Financial Services Compensation Scheme. These replicate amendments made by Parts 2 and 3 of the Banking Act. Articles 16 to 18 and Schedule 2 deal with the procedure for making rules, application of the Order to Northern Ireland and the application (with modifications) of subordinate legislation made under Parts 2 and 3 of the Banking Act to building societies. Schedule 1 sets out further modifications to Parts 2 and 3 of the Banking Act as they apply in relation to building societies. Part 1 sets out general modifications relating to interpretation. Part 2 sets out modifications relating to building society insolvency. Part 3 sets out modifications relating to building society special administration. An impact assessment of the effect of the Banking Act 2009 is available on HM Treasury’s website (www.hm-treasury.gov.uk).

Offences created by this instrument

No more assets for distribution paragraph 30(10) of SCHEDULE 1 · Status not determined · Strict liability

What Parliament said about it

Contributions, debates and written statements mentioning this instrument by name. Parliamentary material is reused under the Open Parliament Licence v3.0.

Delegated Legislation Commons · Commons Chamber · 5 May 2009 · Mr. Speaker
With the leave of the House, we shall take motions 3 to 5 together. Financial Services and Markets Motion made, and Question put forthwith (Standing Order No. 118(6)), That the Financial Services and Markets Act 2000 (Contribution to Costs of Special Resolution Regime) Regulations 2009 (S.I., 2009, No. 807), dated 29 March 2009, a copy of which was laid before this House on 30 March, be approved. —(Ms Diana R. Johnson.) Question agreed to. Building Societies Motion made, and Question put forthwith (Standing Order No. 118(6)), That the Building Societies (Insolvency and Special…
Building Societies (Insolvency and Special Administration) Order 2009 Lords · Lords Chamber · 6 May 2009
Banking Act 2009 Lords · Written Statements · 21 July 2009 · The Financial Services Secretary to the Treasury (Lord Myners)
My honourable friend the Exchequer Secretary to the Treasury (Sarah McCarthy-Fry) has made the following Written Ministerial Statement. The Government are today publishing two consultation documents on implementation of aspects of the Banking Act 2009 as part of their programme to protect depositors and maintain financial stability. The Banking Act established a permanent special resolution regime (SRR) to provide the authorities with the tools to deal with banks and building societies that fail. Many of the detailed provisions are set out in statutory instruments and the Government have…
Banking Act 2009 Commons · Written Statements · 21 July 2009 · The Exchequer Secretary to the Treasury (Sarah McCarthy-Fry)
The Government are today publishing two consultation documents on implementation of aspects of the Banking Act 2009, as part of their programme to protect depositors and maintain financial stability. The Banking Act established a permanent special resolution regime (SRR) to provide the authorities with the tools to deal with banks and building societies that fail. Many of the detailed provisions are set out in statutory instruments, and the Government have committed to consulting on a number of these. The consultation documents that have been published today are: Consultation on the Building…

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