Introductory Text
PART 1 INTRODUCTORY PROVISIONS
1.Citation and commencement
2.Extent
3.Application of rules, construction and interpretation
4.Time limits
5.Overview
PART 2 APPLICATION FOR ORDER
6.Application for bank insolvency order
7.Persons entitled to copy of application
8.Appointment of bank liquidator by the court
9.Initial duties of bank liquidation committee
10.Authentication of bank liquidator’s appointment
PART 3 PROVISIONAL LIQUIDATION
11.Appointment of provisional bank liquidator
12.Order of appointment of provisional bank liquidator
13.Caution
14.Failure to find or to maintain caution
15.Remuneration
16.Termination of appointment
PART 4 STATEMENT OF AFFAIRS
17.Notice requiring statement of affairs
18.Form of the statement of affairs
19.Expenses of statement of affairs
20.Limited disclosure
PART 5 INFORMATION TO CREDITORS AND CONTRIBUTORIES
21.Report by bank liquidator
22.Information as to pending liquidations
PART 6 MEETINGS OF CREDITORS AND CONTRIBUTORIES
23.First meetings in the bank liquidation
24.Business at the first meeting of creditors and contributories
25.Other meetings
26.Attendance at meetings of bank’s personnel
PART 7 CLAIMS IN LIQUIDATION
27.Submission of claims
28.Application of the Bankruptcy Act
29.Claims in foreign currency
30.Rights of eligible depositor and set-off
PART 8 THE LIQUIDATOR
SECTIONA- APPOINTMENT BY CREDITORS AND FUNCTIONS OF LIQUIDATOR
31.Appointment by creditors
32.Appointment to be advertised and registered
33.Hand-over of assets to bank liquidator
34.Taking possession and realisation of the company’s assets
35.General qualification on powers
SECTION B- REMOVAL AND RESIGNATION
36.Summoning of meeting for removal of bank liquidator
37.Procedure on bank liquidator’s removal
38.Release of bank liquidator on removal
39.Removal of bank liquidator by the court
40.Advertisement of removal
41.Resignation of liquidator
42.Action following acceptance of bank liquidator’s resignation
43.Release of resigning or removed bank liquidator
SECTION C – RELEASE ON COMPLETION OF WINDING UP
44.Final meeting
SECTION D- OUTLAYS AND REMUNERATION
45.Determination of amount of outlays and remuneration
46.Recourse of liquidator to meeting of creditors
47.Recourse to the court
48.Creditors’ claim that remuneration is excessive
49.Primacy of Objective 1
SECTION E– SUPPLEMENTARY PROVISIONS
50.Replacement bank liquidator
51.Bank liquidator deceased
52.Loss of qualification as insolvency practitioner
53.Resignation of the bank liquidator
54.Notice to Bank of England of intention to vacate office
55.Power of court to set aside certain transactions
56.Rule against solicitation
PART 9 THE LIQUIDATION COMMITTEE
57.Application of rules
58.Membership of committee
59.Formalities of establishment
60.Committee established by contributories
61.Obligations of liquidator to committee
62.Meetings of the committee
63.The chair at meetings
64.Quorum
65.Committee members’ representatives
66.Resignation
67.Termination of membership
68.Removal
69.Vacancy (creditor members)
70.Vacancy (contributory members)
71.Voting rights and resolutions
72.Resolutions by post
73.Liquidator’s reports
74.Expenses of members, etc
75.Dealings by committee-members and others
76.Composition of committee when creditors paid in full
77.Formal defects
PART 10 DISTRIBUTION OF BANK ASSETS
78.Order of priority in distribution
79.Order of priority of expenses of liquidation
80.Application of the Bankruptcy Act
PART 11 SPECIAL MANAGER
81.Appointment and remuneration
82.Caution
83.Failure to find or maintain caution
84.Accounting
85.Termination of appointment
PART 12 MISCELLANEOUS
86.Secretary of State’s directions under section 116 of the 2009 Act
87.Procedure following appeal under section 116 of the 2009 Act
88.Limitation
89.Dissolution after winding up
PART 13 COMPANY WITH PROHIBITED NAME
90.Preliminary
91.Application for leave under section 216(3) before passing of full payment resolution
92.Application for leave under section 216(3)
93.First excepted case
94.Second excepted case
95.Third excepted case
96.Further exception
PART 14 MEETINGS
97.Summoning of meetings
98.Notice of meeting
99.Chair of meetings
100.Meetings requisitioned
101.Requisitioned meetings reforming the liquidation committee
102.Quorum
103.Adjournment
104.Entitlement to vote (creditors)
105.Entitlement to vote (members and contributories)
106.Chair of meeting as proxy holder
107.Resolutions
108.Report of meeting
109.Application under section 176A(5) to disapply section 176A
110.Notice of order under section 176A(5)
111.Definition of “proxy”
112.Form of proxy
113.Use of proxy at meeting
114.Retention of proxies
115.Right of inspection
116.Proxy holder with financial interest
117.Representation of corporations
PART 15 GENERAL PROVISIONS
118.Giving of notices, etc
119.Service outside the United Kingdom
120.Sending by post
121.Certificate of giving notice, etc.
122.Validity of proceedings
123.Evidence of proceedings at meetings
124.Right to list of creditors and copy documents
125.Confidentiality of documents
126.Insolvency practitioner’s caution
127.Forms for use in insolvency proceedings
128.Fees, expenses, etc
129.Power of court to cure defects in procedure
130.Sederunt book
131.Disposal of company’s books, papers and other records
132.Information about time spent on a case
Signature
Explanatory Note