The Banks and Building Societies (Depositor Preference and Priorities) Order 2014
Write the words of this act the way you think they should read. Solon shows your change as a redline against the published text and pins it to that exact text, so it can never be applied to wording you did not see.
Change 1
4 Decisions of meetings
(1) Section 4 of the Insolvency Act 1986 (decisions of meetings) is amended as follows. (2) In subsection (4)— (a) omit the “or” at the end of paragraph (a); (b) after paragraph (a) insert— (aa) any ordinary preferential debt of the company is to be paid otherwise than in priority to any secondary preferential debts that it may have, ; (c) in paragraph (b)— (i) for “a preferential debt”, substitute “an ordinary preferential debt”, and (ii) for “another”, substitute “another ordinary”; (d) at the end of paragraph (b), insert— or (c) a preferential creditor of the company is to be paid an amount in respect of a secondary preferential debt that bears to that debt a smaller proportion than is borne to another secondary preferential debt by the amount that is to be paid in respect of that other debt. . (3) In subsection (7), after “preferential debts” insert “, ordinary preferential debts, secondary preferential debts”.
4 Decisions of meetings
(1) Section 4 of the Insolvency Act 1986 (decisions of meetings) is amended as follows. (2) In subsection (4)— (a) omit the “or” at the end of paragraph (a); (b) after paragraph (a) insert— (aa) any ordinary preferential debt of the company is to be paid otherwise than in priority to any secondary preferential debts that it may have, ; (c) in paragraph (b)— (i) for “a preferential debt”, substitute “an ordinary preferential debt”, and (ii) for “another”, substitute “another ordinary”; (d) at the end of paragraph (b), insert— or (c) a preferential creditor of the company is to be paid an amount in respect of a secondary preferential debt that bears to that debt a smaller proportion than is borne to another secondary preferential debt by the amount that is to be paid in respect of that other debt. . (3) In subsection (7), after “preferential debts” insert “, ordinary preferential debts, secondary preferential debts”.
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