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AI Summary of 160. Rules
Section 411 of the Insolvency Act 1986 is amended to insert subsection (1B) allowing rules to be made for the purpose of giving effect to Part 3 of the Banking Act 2009 (bank administration). For England and Wales such rules are to be made by the Lord Chancellor with the concurrence of the Treasury and, where the rules affect court procedure, the Lord Chief Justice; for Scotland the rules are to be made by the Treasury. Subsection (2) is amended to refer to subsection (1B).
A new subsection (2D) provides that references in Schedule 8 to doing anything under or for the purposes of this Act include doing anything under or for the purposes of Part 3 of the Banking Act 2009. Subsection (3) is amended to insert "or administrator" after "bank liquidator" and "or 3" after "Part 2". Section 413(2) (duty to consult the Insolvency Rules Committee) shall not apply to the first set of rules made in reliance on this section.
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160. Rules
(1) Section 411 of the Insolvency Act 1986 (company insolvency rules) is amended as follows.
(2) After subsection (1A) (inserted by section 125 above) insert -
"(1B) Rules may also be made for the purpose of giving effect to Part 3 of the Banking Act 2009 (bank administration); and rules for that purpose shall be made -
(a) in relation to England and Wales, by the Lord Chancellor with the concurrence of -
(i) the Treasury, and
(ii) in the case of rules that affect court procedure, the Lord Chief Justice, or
(b) in relation to Scotland, by the Treasury."
(3) In subsection (2), after "(1A)" (inserted by section 125 above) insert "or (1B)".
(4) After subsection (2C) (inserted by section 125 above) insert -
"(2D) For the purposes of subsection (2), a reference in Schedule 8 to this Act to doing anything under or for the purposes of a provision of this Act includes a reference to doing anything under or for the purposes of Part 3 of the Banking Act 2009."
(5) In subsection (3) -
(a) after "bank liquidator" (inserted by section 125 above) insert "or administrator", and