UK Offence Report

The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021

UK Statutory Instrument 2021 No. 1178 — creates 1 criminal offence.

1offences created
0recorded in force
0revoked
Made
21 October 2021
In force from
12 November 2021
Extent
Not stated
Subject
Corporate, financial services, company law, employment, charity, electoral and tax
Made under
Insolvency Act 1986, Lord Chief Justice under section 411(7) of the Insolvency Act 1986

Explanatory note

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

These Rules set out the procedure for the payment institution special administration process or electronic money institution special administration process (as the case may be) under the Payment and Electronic Money Institution Insolvency Regulations 2021 (“the Regulations”). The main features of the special administration process in each case are that: a an administrator is appointed, and the institution enters special administration, by court order; b special administration objectives and procedures apply; c specific provision is made about how those procedures apply to small institutions; d the administrator is to pursue the special administration objectives in accordance with the statement of proposals; and in other respects the procedure is the same as for administration under Schedule B1 to the Insolvency Act 1986, subject to modifications and the inclusion of certain liquidation provisions of that Act. Part 2 of the Rules sets out the procedure for applying for a special administration order. Part 3 of the Rules sets out the process of the special administration. Part 4 of the Rules provides for the expenses of the special administration. Part 5 of the Rules sets out the rules concerning relevant funds claims. Part 6 of the Rules provides for the pursuit of Objective 1. Part 7 of the Rules provides for distributions to creditors. Part 8 of the Rules sets out rules concerning the administrator. Part 9 of the Rules provides for the end of the special administration. Part 10 of the Rules sets out court procedure and practice. Part 11 of the Rules provides for the application of section 216 of the Insolvency Act 1986(prohibited names). Part 12 of the Rules contains provisions of general effect. Part 13 of the Rules provides for general interpretation and application. The Rules apply to institutions incorporated as companies as well as to institutions that are: a limited liability partnerships by virtue of paragraph 5 of Schedule 1 of the Regulations which applies the Rules with such modifications as the context requires for giving effect to the Regulations; or b partnerships by virtue of paragraph 9 of Schedule 2 to the Regulations which applies Article 18 of and Schedule 10 to the Insolvent Partnerships Order 1994 (S.I. 1994/2421). A de minimis impact assessment of the effect these Rules will have on business and the voluntary sector is available from HM Treasury, 1 Horseguards Road, London SW1A 2HQ or on www.gov.uk and is published alongside these Rules on www.legislation.gov.uk.

Offences created by this instrument

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.

How Parliament handled it

This instrument became law without a debate or a vote. Under the negative procedure it took effect unless a motion to stop it succeeded, and none was tabled.

Procedure
Made negative — law unless a motion to stop it succeeded
Could either House amend it?
No. A statutory instrument is put to each House as a whole thing, to be approved or not. Neither House can change a word of it.
Committee
Drawn to the special attention of the Houses by a scrutiny committee

Procedural history

From Parliament's Statutory Instruments service. Parliamentary material is reused under the Open Parliament Licence v3.0.

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