Title and introductory text
This Statutory Instrument has been made in consequence of defects in S.I. 2022/1239 and is being issued free of charge to all known recipients of that Statutory Instrument.
2025 No. 110
FINANCIAL SERVICES AND MARKETS, SCOTLAND
INSOLVENCY, SCOTLAND
The Payment and Electronic Money Institution Insolvency (Scotland) (Amendment) Rules 2025
Made
3rd February 2025
Laid before Parliament
4th February 2025
Coming into force
26th February 2025
The Treasury make the following Rules in exercise of the powers conferred by section 411(1A)(b), (2), (2C) and (3) of the Insolvency Act 1986, as applied and modified by regulation 37 of the Payment and Electronic Money Institution Insolvency Regulations 2021.
Propose a change4 Amendment of the Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022
(1) The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022 are amended as follows.
(2) In rule 10 (further notification), in paragraph (b) for “exercised”, substitute “executed”.
(3) In rule 15 (notification and advertisement of administrator’s appointment)—
(a) in paragraph (3)(b), for “exercised”, substitute “executed”;
(b) omit paragraph (5).
(4) In rule 16 (notice requiring statement of affairs)—
(a) after paragraph (3)(d), insert—
(e) details of the court and the relevant court reference number,
(f) the full name, registered address, registered number, all trading names and principal trading office of the institution,
(g) the name, business address and IP number of the person or persons appointed as administrator and the date of their appointment.
;
(b) after paragraph (3), insert—
(3A) The notice must be authenticated and dated by the administrator.
.
(5) In rule 22 (expenses of statement of affairs), in paragraph (1), omit “and a statutory declaration”.
(6) In rule 24 (administrator’s proposals), in paragraph (2)(m), for “(1)”, in both places it appears, substitute “(l)”.
(7) In rule 60 (correspondence instead of meetings), in paragraph (11), for “a at”, substitute “at a”.
(8) In rule 85 (content of progress report), in paragraph (2)(b)(ii), after “is submitted under”, insert “rule”.
(9) In rule 119 (adjudication of claims)—
(a) at the start of paragraph (4), for “the”, substitute “The”;
(b) in paragraph (5), for “(4)(b))”, substitute “(4)(b)”.
(10) In rule 127 (order of priority in distribution)—
(a) in paragraph (2)(a)(iii), for “Regulation”, substitute “regulation”;
(b) in paragraph (5), after “all expenses and debts mentioned in paragraph”, insert “(1)”.
(11) In rule 128 (assets to be distributed in respect of the accounting periods), in paragraph (5)(b), after “the meaning of section 386 of”, insert “the”.
(12) In rule 165 (application)—
(a) in paragraph (1), after “(2)”, insert “, (2A)”;
(b) after paragraph (2), insert—
(2A) Rule 166A does not apply where a notice is required to be given or delivered under the Regulations or these Rules.
.
(13) After rule 166 (the form), insert—
Content of notice to be sent by the administrator
166A Any notice required to be sent by the administrator under the Regulations or these Rules must—
(a) contain details of the court and the relevant court reference number,
(b) contain the full name, registered address, registered number, all trading names and principal trading office of the institution,
(c) contain the name, business address and IP number of the person or persons appointed as administrator and the date of their appointment,
(d) be authenticated and dated by the administrator.
.
(14) In rule 169 (electronic delivery - general), in paragraph (4), for “9.00am”, substitute “09.00 hours”.
(15) In rule 177 (content of notices to be gazetted), in paragraph (1), for “paragraph (2) and rule (3)”, substitute “paragraphs (2) and (3)”.
(16) In the heading of rule 206 (application of the IA 1986 and the Company Directors Disqualification Act), after “Disqualification Act”, insert “1986”.
Propose a change