Treasury has published two orders made under the Insolvency Act 1986 and the Banking Act 2009. The orders are:
- the Building Societies (Insolvency and Special Administration) Order 2009 which applies the procedure contained in Parts 2 and 3 of the Banking Act 2009 to building societies. Part 2 of the Banking Act creates a new insolvency procedure to facilitate the prompt payment, in a bank insolvency, of depositors who are eligible claimants under the Financial Services Compensation Scheme. Part 3 of the Banking Act creates a new administration procedure for banks; and
- the Building Society Special Administration (Scotland) Rules 2009 which introduce rules for a building society special administration procedure set out in Part 3 of the Banking Act.
The orders came into force on 30 March 2009.