Section 635 — Corporation Tax Act 2010: Application of Chapter

Application of Chapter 635 1 This Chapter applies if—

a a company is being or has been wound up by the court in the United Kingdom, and b conditions A, B and C are met.

2 Condition A is that the company was, at any time within the period mentioned in subsection (5), lawfully carrying on a business of accepting deposits as—

a a person of the kind mentioned in paragraph (b) of the definition of “bank” in section 1120(2) (persons with permission under Part 4A of FISMA 2000 to accept deposits) ... b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Condition B is that the company has permanently ceased to carry on the trade that included the business of accepting deposits (the “deposit-taking trade”).

4 Condition C is that the company is insolvent and—

a was so when the winding up proceedings started, or b became so at any time in the period of 12 months following the day on which those proceedings started.

5 The period referred to in subsection (2) is the period of 12 months ending with the earlier of—

a the day on which the winding up proceedings started, and b the day on which the company permanently ceased to carry on the deposit-taking trade. 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .