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The Building Society Insolvency (Scotland) Rules 2010
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Removal of building society liquidator by the court
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40.—(1) This rule applies where application is made to the court for the removal of the building society liquidator, or for an order directing the building society liquidator to summon a meeting of creditors for the purpose of removing the building society liquidator.
(2) If the liquidation committee has not yet passed a full payment resolution, the court shall dismiss any application under paragraph (1) where the application is made by a person other than the Bank of England, the FSA or the liquidation committee.
(3) The court may require the applicant to make a deposit or give caution for the expenses to be incurred by the building society liquidator on the application.
(4) Subject to paragraph (2) and (3), the applicant shall send to the building society liquidator a notice of the hearing, stating date, time and place and accompanied by a copy of the application, and of any evidence which the applicant intends to adduce in support of it.
(5) The notice and copies mentioned in paragraph (4) shall be sent—
(a)if the application is made before the passing of a full payment resolution, so as to give the building society liquidator such notice of the hearing as is reasonable in all the circumstances; and
(b)if the application is made after the passing of a full payment resolution, at least 14 days before the hearing.
(6) Subject to any contrary order of the court, the expenses of the application are not payable as an expense of the building society liquidation.
(7) Where the court removes the building society liquidator—
(a)it shall send three copies of the order of removal to the building society liquidator;
(b)the order may include such provision as the court thinks fit with respect to matters arising in connection with the removal; and
(c)if the court appoints a new liquidator, rule 8 of these Rules applies.
(8) The building society liquidator, on receipt of the three copies of the court orders under paragraph (7), shall send one copy of the order to each of the FSA, the Accountant in Bankruptcy and the Bank of England, together with a notice of ceasing to act as a building society liquidator.
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