United Kingdom Statutory Instruments
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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Insolvent Partnerships (Amendment) Order 1996 No. 1308 URL: http://www.bailii.org/uk/legis/num_reg/1996/uksi_19961308_en.html |
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Statutory Instruments
INSOLVENCY
Made
14th May 1996
Laid before Parliament
16th May 1996
Coming into force
14th June 1996
The Lord Chancellor, in exercise of the powers conferred on him by section 420(1) and (2) of the Insolvency Act 1986(1) and section 21(2) of the Company Directors Disqualification Act 1986(2) and of all other powers enabling him in that behalf, with the concurrence of the Secretary of State, hereby makes the following Order:-
1. This Order may be cited as the Insolvent Partnerships (Amendment) Order 1996 and shall come into force on 14th June 1996.
2. Paragraph (1) of article 7 of the Insolvent Partnerships Order 1994(3) shall be amended by the substitution of the words ", of the Secretary of State or of any other person other than a member," for the words "or of the Secretary of State,".
I concur, on behalf of the Secretary of State
Mackay of Clashfern,C.
9th May 1996
Phillip Oppenheim
Parliamentary Under-Secretary of State for Company Affairs,
Department of Trade and Industry.
14th May 1996
(This note is not part of the Order)
This Order amends article 7 of the Insolvent Partnerships Order 1994 (S.I. 1994/2421) ("the Order") with effect from 14th June 1996. The Order provides a code for the winding up of insolvent partnerships.
The amendment to article 7 of the Order (which provides for the winding up of an insolvent partnership as an unregistered company on the petition of a creditor, of a responsible insolvency practitioner or of the Secretary of State where no concurrent petition is presented against a member) extends the list of petitioners to include any other person other than a member. This will include the Bank of England and the Securities and Investments Board who are entitled under the Banking Act 1987 (c. 22) and the Financial Services Act 1986 (c. 60) respectively to present a petition for the winding up of an insolvent partnership.
1986 c. 46; the amendment to section 21(2) made by the Companies Act 1989 (c. 40) is not relevant for the purposes of this Order.
S.I. 1994/2421.