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Meaning Of Insolvency

Volume 115: debated on Thursday 7 May 1987

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Lords amendment: No. 27, in page 46, line 5, at end insert

"or on the making of a winding-up order against it by virtue of section 90 below".

I beg to move, That this House doth agree with the Lords in the said amendment.

It is designed to remedy a gap in the circumstances in which the deposit protection fund is brought into play when a Scottish partnership is wound up. It ensures that the deposit protection fund is triggered when an institution that is a Scottish partnership is wound up by the court on the petition of the Bank of England under clause 90. At present, the drafting is defective in that respect. The position of partnerships in the rest of the United Kingdom is already covered, but for the sake of completeness it is wise to make provision for what I hope will be an exceedingly rare occasion, if it ever arises at all.

Question put and agreed to.

Lords amendments Nos. 28 to 34 agreed to.