(1)AiB may, of its own accord or on the representation of any person, appoint itself as trustee in a protected trust deed where AiB is satisfied that—
(a)the trustee under a protected trust deed is unable to continue to act under that protected trust deed (including, for example, because the trustee is no longer authorised to act as an insolvency practitioner or because the trustee has died),
(b)all reasonable efforts have been made to appoint a replacement trustee but without success, and
(c)it is necessary, taking account of all the circumstances, for AiB to become the trustee in the protected trust deed.
(2)Before appointing itself as trustee under subsection (1), AiB must—
(a)take into account any representations made by an interested person,
(b)consider the public interest, and
(c)consider AiB’s capacity and resources.
(3)Where AiB becomes the trustee in a protected trust deed by virtue of subsection (1), AiB must—
(a)notify—
(i)the debtor, and
(ii)each creditor of whom AiB is aware, and
(b)make an appropriate entry in the register of insolvencies.]
Textual Amendments