The Building Society Insolvency (England and Wales) Rules 2010

Remuneration of building society liquidator

84.—(1) This rule applies where—

(a) the liquidation committee has ceased to exist as mentioned in rule 42(2),

(b) the committee has not been reformed at a meeting of creditors held under rule 42, 45 or 46, and

(c) the committee has not been reformed at a meeting of contributories held under rule 118.

(2) Where this rule applies the creditors may, at the first or any subsequent meeting of creditors, pass a resolution as to the terms on which, in accordance with rule 99, the building society liquidator is to be remunerated.

(3) Where such a resolution is passed—

(a) it supersedes any resolution as to the remuneration of the building society liquidator passed by the liquidation committee before the first meeting of creditors, and

(b) the building society liquidator shall be paid under the resolution passed by the liquidation committee under rule 18(5) in respect of the performance of the building society liquidator’s functions before the day on which the creditors’ resolution is passed and under the creditors’ resolution in respect of the performance of the building society liquidator’s functions on and after that day.