Alliance & Leicester Plc & Anor, Re Financial Services & Markets Act 2000

Alliance & Leicester Plc & Anor, Re Financial Services & Markets Act 2000

The scheme satisfies all statutory requirements, provides adequate protection for affected depositors, and is fair in all circumstances; therefore, it is appropriate to sanction the transfer under section 111(3) of the Financial Services and Markets Act 2000.

Parties
Claimant: Alliance & Leicester Plc; Claimant: Santander UK Plc
Jurisdiction
England and Wales
Judgment Date
13 May 2010
Procedural Posture
Banking Business Transfer Scheme Application / Judgment on Application for Sanction
Outcome
scheme sanctioned
Legal Topics
Business Transfer Scheme, Deposit Protection, Set Off Rights, Compensation Scheme, Scheme of Arrangement
Banking Law Company Law Financial Regulation Business Transfer Scheme Deposit Protection Set Off Rights Compensation Scheme Scheme of Arrangement

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Parties

Alliance & Leicester Plc

Claimant

Santander UK Plc

Claimant

Procedural Posture

Banking Business Transfer Scheme Application / Judgment on Application for Sanction

Legal Issues

  1. 1 Whether the proposed transfer scheme under Part VII of the Financial Services and Markets Act 2000 should be sanctioned
  2. 2 Whether the interests of depositors and other affected persons are adequately protected
  3. 3 Whether the statutory requirements for sanctioning the scheme are satisfied

Ratio Decidendi

The scheme satisfies all statutory requirements, provides adequate protection for affected depositors, and is fair in all circumstances; therefore, it is appropriate to sanction the transfer under section 111(3) of the Financial Services and Markets Act 2000.

Court Disposition

scheme sanctioned

Orders

  • Order sanctioning the transfer of Alliance & Leicester's business to Santander under section 111(1) of the Financial Services and Markets Act 2000
  • Ancillary orders under section 112 for effective implementation of the scheme