Regulation 29

Interpretation

1. In this Schedule, a reference to backing assets is a reference to the backing assets of an authorised bank, other than backing assets that have been returned to the bank or an appointed insolvency practitioner under regulation 11(2)(b) or 23(3)(b).

Modifications to the Insolvency Act 1986 and the Insolvency (Northern Ireland) Order 1989

2. The provisions of the Insolvency Act 1986 [1986 c.45.] and the Insolvency (Northern Ireland) Order 1989 [S.I. 1989/2405 (N.I. 19).] apply in relation to an authorised bank -

(a) with any reference to "property" or "asset" modified so that it does not include a reference to the bank’s backing assets; and

(b) with the modifications specified in the following table;

but sub-paragraph (a) does not apply to the reference to "assets" in section 123(2) of the Insolvency Act 1986 or article 103(2) of the Insolvency (Northern Ireland) Order 1989.