Regulation 3

Amendments of the Insolvency Act 1986

1. Schedule 6 to the Insolvency Act 1986 (preferential debts) is amended in accordance with paragraphs 2 and 3.

2. In paragraph 15BB [Inserted by S.I. 2014/3486.] -

(a) in sub-paragraph (a) -

(i) for "non-EEA" substitute "non-UK"; and

(ii) for "an EEA state" substitute "the United Kingdom";

(b) in sub-paragraph (b), for "an EEA" substitute "a UK".

3. In paragraph 15C [Inserted by the Financial Services (Banking Reform) Act 2013 and amended by S.I. 2014/3486 and 2015/486.] -

(a) in sub-paragraph (3) for paragraph (b) substitute -

"(b) any micro, small and medium-sized enterprise, as defined with regard to the annual turnover criterion referred to in Article 2(1) of the Annex to Commission recommendation 2003/361/EC.".

(b) in sub-paragraph (4) -

(i) for paragraphs (b) and (c) substitute -

"(b) "non-UK branch" means a branch, as defined in Article 4.1(17) of the capital requirements regulation, which is established outside the United Kingdom;