Source: http://www.legislation.gov.uk/nisi/1990/1504/part/V/crossheading/recognised-investment-exchanges-and-clearing-houses/data.xht?view=snippet&wrap=true
Timestamp: 2019-09-15 08:40:12
Document Index: 689599402

Matched Legal Cases: ['Art. 81', 'art. 2', 'Art. 81', 'art. 2', 'art. 84', 'art. 2', 'Art. 90', 'art. 2']

[F1(2) Except as provided in paragraph (2A), in relation to a recognised investment exchange, this Part applies to—
[F2(b)the application for an administration order or the presentation of a winding-up petition or the passing of a resolution for voluntary winding up,]
[F3(3A) In paragraph (3)(b) the reference to an application for an administration order shall be taken to include a reference to—
F2Art. 81(3)(b) substituted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 49(a); S.R. 2006/21, art. 2 (with transitional provisions and savings in S.R. 2006/22, arts. 2-7)
F3Art. 81(3A) inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 49(b); S.R. 2006/21, art. 2 (with transitional provisions and savings in S.R. 2006/22, arts. 2-7)
[F4(4A) However, prior to the completion of default proceedings—
(5) For the purposes of[F4 paragraphs (4) and (4A)] the default proceedings shall be taken to be completed in relation to a person when a report is made under Article 85 stating the sum (if any) certified to be due to or from him.
F4SR 1991/443
(4) The expenses of a relevant office-holder in giving assistance under this Article are recoverable as part of the expenses incurred by him in the discharge of his duties; and he shall not be required under this Article to take any action which involves expenses which cannot be so recovered, unless the exchange or clearing house undertakes to meet them[F5 and for the purpose of determining the priority in which his expenses are payable out of the assets, sums in respect of time spent shall be treated as his remuneration and other sums shall be treated as his disbursements.]
F5SR 1991/443
(4) Nothing in[F6Article 106, 108, 110 or 258 of, or paragraph 43 or 44 (including paragraph 44(5) as applied by paragraph 45) of Schedule B1 to , the Insolvency Order](which restrict the taking of certain legal proceedings and other steps), shall affect any action taken by an exchange or clearing house for the purpose of its default proceedings.
F6Words in art. 84(4) substituted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 50; S.R. 2006/21, art. 2 (with transitional provisions and savings in S.R. 2006/22, arts. 2-7)
85.—(1) [F7Subject to paragraph (1A),] a recognised investment exchange or recognised clearing house shall, on the completion of proceedings under its default rules, report to the[F8 Authority] on its proceedings stating in respect of each creditor or debtor the sum certified by it to be payable from or to the defaulter or, as the case may be, the fact that no sum is payable.
[F7(1A) A recognised overseas investment exchange or recognised overseas clearing house shall not be subject to the obligation under paragraph (1) unless it has been notified by the[F8 Authority] that a report is required for the purpose of insolvency proceedings in any part of the United Kingdom.]
(4) When a report under this Article is received by the[F8 Authority, it] shall publish notice of that fact in such manner as[F8 it] thinks appropriate for bringing[F8 the report] to the attention of creditors and debtors of the defaulter.
F7SR 1991/443
(a)if it appears to the[F9 Authority] that it could take action,[F9 the Authority] may direct it to do so, and
(b)if it appears to the[F9 Authority] that it is proposing to take or may take action,[F9 the Authority] may direct it not to do so.
(3) Before giving such a direction the[F9 Authority] shall consult the exchange or clearing house in question; and[F9 it] shall not give a direction unless[F9 it] is satisfied, in the light of that consultation—
(7) Where an exchange or clearing house has taken or been directed to take action under its default rules, the[F9 Authority] may direct it to do or not to do such things (being things which it has power to do under its default rules) as are specified in the direction.
The[F9 Authority] shall not give such a direction unless[F9 it is satisfied that the direction] will not impede or frustrate the proper and efficient conduct of the default proceedings.
(8) A direction under this Article is enforceable, on the application of the[F9 Authority], by injunction; and where an exchange or clearing house has not complied with a direction, the court may make such order as it thinks fit for restoring the position to what it would have been if the direction had been complied with.
F9SI 2001/3649
and the exchange or clearing house has not taken action under its default rules in consequence of the order or resolution or the matters giving rise to it, a relevant office-holder appointed by, or in consequence of or in connection with, the order or resolution may apply to the[F10 Authority].
[F11(1A) In paragraph (1) a reference to an administration order shall be taken to include a reference to the appointment of an administrator under—
(3) On receipt of the application the[F10 Authority] shall notify the exchange or clearing house, and unless within three business days after the day on which the notice is received the exchange or clearing house—
(b)notifies the[F10 Authority] that it proposes to do so forthwith,
For this purpose a “business day” means any day which is not a Saturday or Sunday, Christmas Day, Good Friday or a bank holiday in any part of the United Kingdom under the Banking and Financial Dealings Act 1971F12.
(4) The provisions of Articles 81 to 88 are not disapplied if before the end of the period mentioned in paragraph (3) the[F10 Authority] gives the exchange or clearing house a direction under Article 89(2)(a) (direction to take action under default rules).
(5) If the exchange or clearing house notifies the[F10 Authority] that it proposes to take action under its default rules forthwith, it shall do so; and that duty is enforceable, on the application of the[F10 Authority], by injunction.
F10SI 2001/3649
F11Art. 90(1A) inserted (27.3.2006) by Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455 (N.I. 10)), arts. 1(3), 3(3), Sch. 2 para. 51; S.R. 2006/21, art. 2 (with transitional provisions and savings in S.R. 2006/22, arts. 2-7)
F121971 c. 80