Schedule 6, paragraph 5

A reference in an enactment or other document to anything done under a provision applied by this Part of this Act includes a reference to the provision as applied. The administrator must obtain the approval of the Bank of England to any proposals under sub-para. (1). Treat the reference in sub-para. (2)(b) to the objective mentioned in para. 3(1)(a) or (b) as a reference to the objective in section 115 of this Act. Ignore sub-para. (3)(b). Before making an application in reliance on this paragraph the FMI administrator must give notice to the Bank of England, which is to be entitled to participate in the proceedings. In making directions the court must have regard to the objective in section 115 of this Act. Ignore sub-paras. (1) and (3). The Bank of England may apply to the court for the variation or revocation of any directions given by the court. For sub-para. (2) there is to be taken to be substituted— Where a company is in FMI administration, a creditor or member of the company may apply to the court claiming that the FMI administrator is conducting himself or herself in a manner preventing the achievement of the objective of the FMI administration as quickly and efficiently as is reasonably practicable. For sub-paras. (1) to (3) there are to be taken to be substituted— On an application made by a person mentioned in sub-paragraph (2), the court may provide for the appointment of an FMI administrator of a company to cease to have effect from a specified time. The persons who may apply to the court under sub-paragraph (1) are— the Bank of England; with the consent of the Bank, the FMI administrator. Para. 91(1) applies as if the only person who could make an application were the Bank of England. Ignore para. 91(2). In the application of sub-para. (3), payments may be made only— in accordance with directions of the Bank of England, and if the Bank is satisfied that they will not prejudice the objective in section 115 of this Act. In considering making an order in reliance on section 241 the court must have regard to the objective in section 115 of this Act. Ignore subsections (2A)(a) and (3) to (3C). (a) In section 390 treat references to acting as an insolvency practitioner as references to acting as an FMI administrator. (b) For subsection (2) of that section there is to be taken to be substituted— “(2)A person is not qualified to act as an FMI administrator at any time unless at that time the person is fully authorised to act as an insolvency practitioner or partially authorised to act as an insolvency practitioner only in relation to companies.”. (c) An order under section 391 has effect in relation to any provision applied for the purposes of FMI administration. (d) In sections 390A, 390B(1) and (3), 391O(1)(b) and 391R(3)(b), in a reference to authorisation or permission to act as an insolvency practitioner in relation to (or only in relation to) companies the reference to companies has effect without the modification in paragraph 3(e) of this Schedule. (e) In sections 391Q(2)(b) and 391S(3)(e) the reference to a company has effect without the modification in paragraph 3(e) of this Schedule.

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Source: legislation.gov.uk · retrieved 2026-09-04