- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (13/03/2014)
- Gwreiddiol (a wnaed Fel)
Version Superseded: 01/03/2017
Point in time view as at 13/03/2014.
There are currently no known outstanding effects for the The Building Society Special Administration Rules (Northern Ireland) 2014,
PART 1
.
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1. These Rules may be cited as the Building Society Special Administration Rules (Northern Ireland) 2014.
2. These Rules shall come into operation on 13th March 2014.
3. These Rules apply in relation to a building society undergoing the procedure in Part 3 of the Banking Act 2009 M1, as applied and modified by section 90C of the Building Societies Act 1986 M2.
Marginal Citations
M21986 c.53; section 90C was inserted by Article 2 of the Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805).
4.—(1) In these Rules—
“the 1989 Order” means the Insolvency (Northern Ireland) Order 1989;
“the 1991 Rules” means the Insolvency Rules (Northern Ireland)1991 M3 including all amendments to them up to and including those made by the Insolvency (Amendment) Rules (Northern Ireland) 2013 M4;
“the 2009 Order” means the Building Societies (Insolvency and Special Administration) Order 2009;
“the 2014 Rules” means these Rules;
“an affidavit” means an affidavit as provided for by Article 165 of the 1989 Order;
“the appropriate regulator”, in relation to a building society, means—
if the building society is a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000), the Prudential Regulation Authority and, where relevant, the Financial Conduct Authority; and
in any other case, the Financial Conduct Authority;
“the Banking Act” means the Banking Act 2009 (and includes those provisions as applied by Part 3 of Schedule 1 to the 2009 Order;
“the Building Societies Act” means the Building Societies Act 1986 M5;
“building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act;
“building society special administration”, “building society special administration order” and “building society special administrator” have the same meaning as in the Building Societies Act (see sections 90C(2) and 119(1) of that Act) M6;
“business day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in any part of Northern Ireland under or by virtue of the Banking and Financial Dealings Act 1971 M7;
“contributory”, in relation to a building society—
means every person liable to contribute to the assets of the society in the event of its being wound up, and
for the purposes of all proceedings for determining, and all proceedings prior to the determination of, the persons who are deemed to be contributories, includes any person alleged to be a contributory, and
includes persons who are liable to pay or contribute to the payment of any debt or liability of the building society, or any sum for the adjustment of rights of members among themselves, or the expenses of the winding up,
but does not include persons liable to contribute by virtue of a declaration by the court under Article 177 (fraudulent trading) or 178 (wrongful trading) of the 1989 Order;
“the Department” means the Department of Enterprise, Trade and Investment M8;
“principal office” means—
the place which is specified in a building society's memorandum sent to the appropriate regulator under paragraph 1(1)(c) of Schedule 2 to the Building Societies Act as the address of its principal office, or
if notice has been given by a building society to the appropriate regulator under paragraph 11(2) of that Schedule (change of principal office), the place specified in that notice or, as the case may be, in the last such notice;
“registered name”, in relation to a building society, means the name of the society which is for the time being registered with the appropriate regulator; and
“society”, “special administration”, “special administration order” and “special administrator” mean respectively building society, building society special administration, building society special administration order and building society special administrator;
(2) (a) the following expressions have the same meaning as in Part 1 or Part 3 of the Banking Act—
(i)“bridge bank” (s. 136(2)),
(ii)“the court” (the High Court– s. 166(1)),
(iii)“the FCA” (the Financial Conduct Authority—s 166(2)),
(iv)“Objective 1” (support for commercial purchaser or bridge bank– ss. 137 and 138),
(v)“Objective 1 Achievement Notice” (s. 139(4)),
(vi)“Objective 2” (normal administration– ss. 137 & 140),
(vii)“the PRA” (the Prudential Regulation Authority—s 166(2)),
(viii)“private sector purchaser” (s. 136(2)),
(ix)“property transfer instrument” (s. 33),
(x)“residual building society” (s. 136(2)) M9,
(xi)“resolution fund order” (s. 49(3)).
(b)any reference to Part 1 of the Banking Act (Special Resolution Regime), or to any provision in that Part, is a reference to that Part or to that provision as applied, with modifications, by section 84 of that Act;
(c)any reference to Part 3 of the Banking Act (Bank Administration), or to any provision in that Part, is a reference to that Part or to that provision as applied by section 167 of that Act and as applied and modified by section 90C of the Building Societies Act and by any order made under section 158 of the Banking Act M10; and
(d)any reference to any provision of the Building Societies (Insolvency and Special Administration) Order 2009 is a reference to that provision as applied by Article 17 of that Order.
(3) Other expressions used in these Rules, where used in relation to building societies, have the same meaning as in the Building Societies Act.
Marginal Citations
M3The Insolvency Rules (Northern Ireland) 1991 (S.R. 1991 No. 364), as amended by S.R. 1994 No. 26, S.R. 1995 No. 291, S.R. 2000 No. 247, S.R. 2002 No. 261, S.R. 2003 No. 549, S.R. 2006 No. 47, S.R. 2008 No. 118, S.R. 2009 No. 404, S.R. 2011 No. 151, S.I. 2004/355 and S.R. 2013 No. 278.
M4S.R. 2013 No. 278.
M6Section 90C was inserted, and section 119(1) amended, by S.I. 2009/805.
M8Formerly the Department of Economic Development, see the Departments (Northern Ireland) Order 1999 (S.I. 1999/283 (N.I. 1)).
M9In the application of Parts 2 and 3 of the Banking Act 2009 to building societies, references to “bank” (with certain exceptions) have effect as references to “building society”: see section 90C(2) of the Building Societies Act 1986, inserted by S.I. 2009/805.
M10Section 90C was inserted by S.I. 2009/805, which also modifies the application of Part 3 in relation to building societies. S.I. 2009/805 was modified by S.I. 2010/1189 and S.I. 2013/496.
5. In these Rules—
(a)“the FSCS” means the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000 M11);
(b)“the Objective 1 Stage” means the period during which a building society special administration order is in force before the Bank of England gives an Objective 1 Achievement Notice;
(c)“the Objective 2 Stage” means the period during which a building society special administration order is in force after the Bank of England gives an Objective 1 Achievement Notice;
(d)a reference to personal service is a reference to personal service in accordance with Order 65 of the Rules of the Court of Judicature (Northern Ireland) 1980 M12;
(e)a reference to an affidavit (including a reference implied by the application of an enactment) is a reference to an affidavit, if made by a special administrator, stating that the affidavit is made in that capacity and giving the address at which the special administrator works; and
(f)a reference to “the purpose of the special administration” is a reference to the objectives of building society administration in section 137 of the Banking Act.
Marginal Citations
M12S.R. 1980 No. 346, as amended by the Constitutional Reform Act 2005 (c.4), section 59 and Schedule 11.
6. The purpose of these Rules is to prescribe a procedure for the appointment of a special administrator, and the operation of special administration, under Part 3 of the Banking Act in Northern Ireland.
7.—(1) This rule applies where a provision of these rules—
(a)applies a provision of the 1991 Rules which requires the use of a prescribed form, or
(b)makes provision similar to that made by a provision of those Rules which requires the use of a prescribed form.
(2) The form prescribed for the purposes of those Rules is to be used with any modification that the person using the form thinks desirable to reflect the nature of building society insolvency.
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