The Bank Insolvency (Scotland) Rules 2009

PART 3 PROVISIONAL LIQUIDATION

Appointment of provisional bank liquidator

11.—(1) This rule applies after an application for a bank insolvency order has been made under Part 2 of these Rules and Part VII of Chapter 74 of the Court of Session Rules(1) and before that order is made.

(2) Apply rule 4.1 of the 1986 Rules.

(3) For rule 4.1(1) substitute–

“(1) An application to the court for the appointment of a provisional bank liquidator under section 135 of the 1986 Act may be made–

(a) by the Bank of England;

(b) by the FSA, with the consent of the Bank of England; or

(c) by the Secretary of State.”.

Order of appointment of provisional bank liquidator

12.—(1) The order of appointment of the provisional bank liquidator shall specify the functions to be carried out by the provisional bank liquidator in relation to the bank’s affairs.

(2) The applicant shall, immediately after the order is made, send a certified copy of the order to–

(a) the provisional bank liquidator;

(b) the Bank of England, if the Bank of England is not the applicant;

(c) the FSA, if the FSA is not the applicant; and

(d) the FSCS,

and may also send to those persons an electronic copy of the certified copy order.

(3) The provisional bank liquidator shall immediately after the order appointing him is made–

(a) serve a certified copy of the order on the bank and each director of the bank;

(b) give notice of his appointment to the registrar of companies and the Accountant in Bankruptcy;

(c) give notice of his appointment to any receiver of the whole or any part of the property of the bank; and

(d) advertise the appointment in accordance with the directions of the court.

(4) Service on a director may be effected electronically by sending it to his work email address.

Caution

13.  Apply rule 4.3 of the 1986 Rules.

Failure to find or to maintain caution

14.  Apply rule 4.4 of the 1986 Rules.

Remuneration

15.  Apply rule 4.5 of the 1986 Rules(2).

Termination of appointment

16.—(1) Apply rule 4.6(1)(3) and (2)(4) of the 1986 Rules.

(2) In rule 4.6(1) ignore “Except in relation to winding up petitions under section 124A”.

(3) After rule 4.6(2) insert–

“(3) On the making of a bank insolvency order, the appointment of the provisional bank liquidator shall terminate.”.

(1)

S.I. 1994/1443. Part VII of Chapter 74 was inserted by rule 3 of S.S.I. 2009/63.

(2)

Rule 4.5 was amended by paragraph 10 of Schedule 1(I) to S.I. 1987/1921.

(3)

Rule 4.6(1) was amended by rule 13(b) of S.I. 2006/734.

(4)

Rule 4.6(2) was amended by paragraph 11 of Schedule 1(I) to S.I. 1987/1921.