The Charitable Incorporated Organisations (Insolvency and Dissolution) (Amendment) (No. 2) Regulations 2020

Contents

1Citation and commencement#

(1)These Regulations may be cited as the Charitable Incorporated Organisations (Insolvency and Dissolution) (Amendment) (No. 2) Regulations 2020.

(2)This regulation and regulation 2 come into force on the day after the day on which these Regulations are made.

(3)Regulations 3 to 7 come into force immediately after the coming into force of this regulation and regulation 2.

2Revocation of the Charitable Incorporated Organisations (Insolvency and Dissolution) (Amendment) Regulations 2020#

The Charitable Incorporated Organisations (Insolvency and Dissolution) (Amendment) Regulations 2020 are revoked and each amendment made by those Regulations is reversed.

3Amendment of the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012#

The Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012 are amended as follows.

4Amendment of the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012#

(1)Regulation 9 (application not to be made if other procedures not completed) is amended as follows.

(2)In paragraph (1), before sub-paragraph (a) insert—“za a moratorium is in force in relation to the CIO under Part A1 of the 1986 Act;”

(3)In paragraph (1)(a), for “the 1986 Act” substitute “that Act”.

5Amendment of the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012#

(1)Paragraph 1 of Schedule 1 (application of the Insolvency Act 1986 to CIOs) is amended as follows.

(2)Sub-paragraph (2)(a) is amended as follows—

(a)before sub-paragraph (i) insert—“ai sections A5, A15, A27 and A49 to A51;”

(b)after sub-paragraph (iii) insert—“iiia paragraphs 3 to 18 and 20 to 22 of Schedule ZA1;”

(c)omit sub-paragraph (iv).

(3)In sub-paragraph (5), in substituted section 122(1) omit paragraph (d).

(4)In the table in sub-paragraph (7)—

(a)in the entry relating to section 4A (approval of arrangement), for the second column substitute “Omit subsections (5) and (5A).”;

(b)at the appropriate place insert—“Omit paragraph (b) and for paragraph (c)substitute:c a resolution for voluntary winding up under section 84(1) may be passed only if the resolution is recommended by the charity trustees,For subsection (3) substitute:3 For these purposes, “excepted petition” means a petition presented by the Attorney General or the Charity Commission under section 113 of the Charities Act 2011.For subsection (2) substitute:2 The charity trustees must notify the monitor if, during a moratorium for the CIO, they recommend a resolution for voluntary winding up be passed under section 84(1).After subsection (11) insert:12 In this section—• “collateral security” has the same meaning as in the Financial Markets and Insolvency (Settlement Finality) Regulations 1999;• “financial collateral arrangement” has the same meaning as in the Financial Collateral Arrangements (No.2) Regulations 2003;• “market charge” has the same meaning as in Part 7 of the Companies Act 1989;• “system-charge” has the meaning given by the Financial Markets and Insolvency Regulations 1996.”

(c)in the entry relating to section 432(4) (offences by bodies corporate), for the second column substitute “Omit the words “A27(1)” and “51, 53, 54, 62, 64, 66,””;

(d)at the appropriate place insert—“For sub-paragraph (4) substitute:4 In sub-paragraph (3)(g) “relevant petition” means a petition presented by the Attorney General or the Charity Commission under section 113 of the Charities Act 2011.”

(e)omit the entries relating to Schedule A1 (moratorium where directors propose voluntary arrangements);

(f)in the entry relating to Schedule 10 (punishment of offences), in the second column, after “table,” insert “omit the entries relating to sections A27 and A48, and”.

6Application of Schedule 4 to the Corporate Insolvency and Governance Act 2020#

The reference to the Insolvency Act 1986 in paragraph 1(1) of Schedule 1 to the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012 is to be treated as including Part 1, Part 2 (other than paragraph 6(2)) and Part 3 (other than paragraph 48(2) and (3)) of Schedule 4 to the Corporate Insolvency and Governance Act 2020 (moratoriums: temporary provision).

7Transition#

(1)Nothing in these Regulations affects the operation of the Insolvency Act 1986 in relation to a moratorium for a CIO under Schedule A1 to that Act which came into force before the repeal of that Schedule by Schedule 3 to the Corporate Insolvency and Governance Act 2020.

(2)Accordingly, in relation to such a moratorium the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012 have effect without the amendments made by these Regulations.

(3)References in this regulation to the Insolvency Act 1986 are to that Act as applied by the Charitable Incorporated Organisations (Insolvency and Dissolution) Regulations 2012.

Contains public sector information licensed under the Open Government Licence v3.0.