Captured statutory text (L5)
7 Insolvency
The sections of the 2000 Act mentioned in the first column of the Table apply with any modifications shown in the third column.
| Section | Subject | Modifications |
| --- | --- | --- |
| Generally (for the sections mentioned below) | | To be read as if— (a) references to an authorised person or recognised investment exchange were to an electronic money institution; (b) references to the appropriate regulator, or to the regulator or a regulator, were to the FCA; (c) references to creditors included users or holders. |
| Section 356 | Powers of FCA to participate in proceedings: company voluntary arrangements | To be read as if subsections (4) and (5) were omitted. |
| Section 357 | Powers of FCA to participate in proceedings: individual voluntary arrangements | To be read as if subsections (7) and (8) were omitted. |
| Section 358 | Powers of FCA to participate in proceedings: trust deeds for creditors in Scotland | To be read as if subsection (6A) were omitted. |
| Section 359 | Administration order | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsection (1A) were omitted; (d) in subsection (3)(a), the reference to an agreement were to a contract for electronic money issuance or payment services; (e) subsection (3)(b) and (c) were omitted; (f) in subsection (4) the definitions of “agreement, “authorised deposit taker”, “authorised reclaim fund” and “relevant deposit” were omitted; (g) subsection (5) were omitted. |
| Section 361 | Administrators duty to report to FCA | To be read as if— (a) in subsection (2)(a) the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011; (b) subsection (2)(b) were omitted; (c) subsection (2A) were omitted; (d) in subsection (3)(b) the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011. |
| Section 362 | Powers of FCA to participate in proceedings | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsections (7) and (8) were omitted. |
| Section 362A | Administrator appointed by company or directors | To be read as if subsection (2B) were omitted. |
| Section 363 | Receivership: powers of FCA to participate in proceedings | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsection (6) were omitted. |
| Section 364 | Receiver’s duty to report to FCA | To be read as if— (a) in subsection (b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”; (b) in the words after subsection (b), the words from “and,” to the end were omitted. |
| Section 365 | Voluntary winding up: powers of FCA to participate in proceedings | To be read as if subsection (8) were omitted. |
| Section 367 | Winding-up petitions | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsection (1A) were omitted; (d) in subsection (4) for “an agreement” there were substituted “a contract for electronic money issuance or payment services”; (e) subsection (5) were omitted. |
| Section 370 | Liquidator’s duty to report to FCA | To be read as if — (a) in subsection (1)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”; (b) in the words after subsection (1)(b), the words from “and,” to the end were omitted; (c) in subsection (2)(b), the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011. |
| Section 371 | Winding up: powers of FCA to participate in proceedings | To be read as if — (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsections (6) and (7) were omitted. |
| Section 372 | Bankruptcy: Petitions | To be read as if — (a) subsection (1A) were omitted; (b) in subsections (3) and (4), the reference to agreement, in both places it occurs, were to a contract for electronic money issuance or payment services; (c) in subsections (2) and (6) the reference to subsection (1A), in each place it occurs, were omitted; (d) in subsection (7)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (e) subsection (8) were omitted. |
| Section 373 | Bankruptcy: insolvency practitioner’s duty to report to FCA | To be read as if — (a) in subsection (1)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”; (b) in the words after subsection (1)(b), the words from “and,” to the end were omitted; (c) in subsection (1A)(b), the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011. |
| Section 374 | Bankruptcy: powers of FCA to participate in proceedings | To be read as if — (a) in subsection (5)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (b) in subsection (6)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsections (7) and (8) were omitted. |
| Section 375 | Provisions against debt avoidance: right of FCA to apply for an order | To be read as if— (a) in subsection (1)(a), for the words from “carrying” to the end there were substituted “issuing electronic money (whether or not in contravention of regulation 63(1) of the Electronic Money Regulations 2011);”; (b) in subsection (1)(b), the reference to a regulated activity carried on were to electronic money issuance services being provided; (c) subsection (1A) were omitted; (d) in subsection (2), “or subsection (1A)(b) (as the case may be)” were omitted. |
Full captured verbatim text
The sections of the 2000 Act mentioned in the first column of the Table apply with any modifications shown in the third column. | Section | Subject | Modifications | | --- | --- | --- | | Generally (for the sections mentioned below) | | To be read as if— (a) references to an authorised person or recognised investment exchange were to an electronic money institution; (b) references to the appropriate regulator, or to the regulator or a regulator, were to the FCA; (c) references to creditors included users or holders. | | Section 356 | Powers of FCA to participate in proceedings: company voluntary arrangements | To be read as if subsections (4) and (5) were omitted. | | Section 357 | Powers of FCA to participate in proceedings: individual voluntary arrangements | To be read as if subsections (7) and (8) were omitted. | | Section 358 | Powers of FCA to participate in proceedings: trust deeds for creditors in Scotland | To be read as if subsection (6A) were omitted. | | Section 359 | Administration order | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsection (1A) were omitted; (d) in subsection (3)(a), the reference to an agreement were to a contract for electronic money issuance or payment services; (e) subsection (3)(b) and (c) were omitted; (f) in subsection (4) the definitions of “agreement, “authorised deposit taker”, “authorised reclaim fund” and “relevant deposit” were omitted; (g) subsection (5) were omitted. | | Section 361 | Administrators duty to report to FCA | To be read as if— (a) in subsection (2)(a) the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011; (b) subsection (2)(b) were omitted; (c) subsection (2A) were omitted; (d) in subsection (3)(b) the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011. | | Section 362 | Powers of FCA to participate in proceedings | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsections (7) and (8) were omitted. | | Section 362A | Administrator appointed by company or directors | To be read as if subsection (2B) were omitted. | | Section 363 | Receivership: powers of FCA to participate in proceedings | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsection (6) were omitted. | | Section 364 | Receiver’s duty to report to FCA | To be read as if— (a) in subsection (b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”; (b) in the words after subsection (b), the words from “and,” to the end were omitted. | | Section 365 | Voluntary winding up: powers of FCA to participate in proceedings | To be read as if subsection (8) were omitted. | | Section 367 | Winding-up petitions | To be read as if— (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsection (1A) were omitted; (d) in subsection (4) for “an agreement” there were substituted “a contract for electronic money issuance or payment services”; (e) subsection (5) were omitted. | | Section 370 | Liquidator’s duty to report to FCA | To be read as if — (a) in subsection (1)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”; (b) in the words after subsection (1)(b), the words from “and,” to the end were omitted; (c) in subsection (2)(b), the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011. | | Section 371 | Winding up: powers of FCA to participate in proceedings | To be read as if — (a) subsection (1)(b) were omitted; (b) subsection (1)(c) were substituted with— “(c) is issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsections (6) and (7) were omitted. | | Section 372 | Bankruptcy: Petitions | To be read as if — (a) subsection (1A) were omitted; (b) in subsections (3) and (4), the reference to agreement, in both places it occurs, were to a contract for electronic money issuance or payment services; (c) in subsections (2) and (6) the reference to subsection (1A), in each place it occurs, were omitted; (d) in subsection (7)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (e) subsection (8) were omitted. | | Section 373 | Bankruptcy: insolvency practitioner’s duty to report to FCA | To be read as if — (a) in subsection (1)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011,”; (b) in the words after subsection (1)(b), the words from “and,” to the end were omitted; (c) in subsection (1A)(b), the reference to the general prohibition were to regulation 63(1) of the Electronic Money Regulations 2011. | | Section 374 | Bankruptcy: powers of FCA to participate in proceedings | To be read as if — (a) in subsection (5)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (b) in subsection (6)(b), for the words from “carrying” to the end there were substituted “issuing or has issued electronic money in contravention of regulation 63(1) of the Electronic Money Regulations 2011.”; (c) subsections (7) and (8) were omitted. | | Section 375 | Provisions against debt avoidance: right of FCA to apply for an order | To be read as if— (a) in subsection (1)(a), for the words from “carrying” to the end there were substituted “issuing electronic money (whether or not in contravention of regulation 63(1) of the Electronic Money Regulations 2011);”; (b) in subsection (1)(b), the reference to a regulated activity carried on were to electronic money issuance services being provided; (c) subsection (1A) were omitted; (d) in subsection (2), “or subsection (1A)(b) (as the case may be)” were omitted. |