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Clause 24 - Effect of insolvency etc of institutions

Dormant Assets Bill [Lords] – in a Public Bill Committee at 10:00 am on 11 January 2022.

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Question proposed, That the clause stand part of the Bill.

Photo of Nigel Huddleston Nigel Huddleston The Parliamentary Under-Secretary of State for Digital, Culture, Media and Sport

Clause 24 sets out the effect of a participating institution becoming insolvent on an owner’s right to reclaim. The reclaim fund will be liable for meeting a reclaim for an asset it receives, even if the participant that transferred it becomes insolvent or winds up. However, in those cases, an owner’s entitlement will be limited to the amount that they would have received from the participant in its insolvency. That may result in the owner’s entitlement being reduced.

Question put and agreed to.

Clause 24 accordingly ordered to stand part of the Bill.