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
5 Preferential debts
(1) Section 175 of the Insolvency Act 1986 (preferential debts: general provision) is amended as follows. (2) In subsection (1) omit “(within the meaning given by section 386 in Part XII)”. (3) After subsection (1) insert— (1A) Ordinary preferential debts rank equally among themselves after the expenses of the winding up and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions. (1B) Secondary preferential debts rank equally among themselves after the ordinary preferential debts and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions. . (4) In subsection (2), omit paragraph (a) and the “and” immediately following it. (5) After subsection (2), insert— (3) In this section “preferential debts”, “ordinary preferential debts” and “secondary preferential debts” each has the meaning given in section 386 in Part 12. .
5 Preferential debts
(1) Section 175 of the Insolvency Act 1986 (preferential debts: general provision) is amended as follows. (2) In subsection (1) omit “(within the meaning given by section 386 in Part XII)”. (3) After subsection (1) insert— (1A) Ordinary preferential debts rank equally among themselves after the expenses of the winding up and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions. (1B) Secondary preferential debts rank equally among themselves after the ordinary preferential debts and shall be paid in full, unless the assets are insufficient to meet them, in which case they abate in equal proportions. . (4) In subsection (2), omit paragraph (a) and the “and” immediately following it. (5) After subsection (2), insert— (3) In this section “preferential debts”, “ordinary preferential debts” and “secondary preferential debts” each has the meaning given in section 386 in Part 12. .
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