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The Credit Institutions (Protection of Depositors)Regulations 1995

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Liability of institution in respect of compensation payments

34.—(1) In subsection (1) of section 62 of the 1987 Act(1) (liability of institution in respect of compensation payments), the following shall be omitted, namely—

(a)in paragraph (a), the words “or an administration order is in force in relation to it”; and

(b)in paragraph (b), the words “or of the making of that order”.

(2) In subsection (2) of that section—

(a)for the words “that is insolvent” there shall be substituted the words “that is being wound up”; and

(b)in paragraph (a), for the words “became insolvent” there shall be substituted the words “began to be wound up”.

(3) In subsection (4) of that section, for the words “in relation to which an administration order is in force” there shall be substituted the words “that is not being wound up”.

(4) In subsection (5) of that section, for the words “becomes insolvent after an administration order has been in force relation to it” there shall be substituted the words “is wound up after it has become insolvent”.

(1)

1987 c. 22; section 62 was amended by the Insolvency (Northern Ireland) Order 1989 (S.I. 1989/2405) (N.I. 19), article 381(2) and Schedule 9, Part II, paragraph 52.

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