The Building Society Insolvency (Scotland) Rules 2010

Final meeting

45.—(1) The building society liquidator shall give at least 14 days’ notice of the final meeting of the liquidation committee to be held under section 115 of the Banking Act to the following—

(a) the FSA;

(b) the FSCS;

(c) the Bank of England;

(d) the Treasury; and

(e) the members of the liquidation committee.

(2) The building society liquidator’s final report to be laid before the meeting under section 115 of the Banking Act shall contain an account of the liquidator’s administration of the winding up, including—

(a) details as to how Objective 1 was achieved having regard, in particular, to the expenses of the building society liquidator in connection with that Objective;

(b) a summary of the building society liquidator’s receipts and payments;

(c) a statement that the building society liquidator has reconciled the account with that which is held by the Secretary of State in respect of the winding up; and

(d) a statement as to the amount paid to unsecured creditors by virtue of the application of section 176A (prescribed part) of the Insolvency Act.

(3) At the same time that notice of the final meeting is sent out, the building society liquidator shall lodge the final report in court and send it to the FSA and the Accountant in Bankruptcy.

(4) The building society liquidator shall give notice to all creditors and contributories that the final report is available, either on request to the building society liquidator or from the FSA, and shall cause that notice to be advertised in the Edinburgh Gazette and to be advertised by such other method as the liquidator sees fit at least 14 days before the final meeting is held.

(5) At the final meeting, the liquidation committee may question the building society liquidator with respect to any matter contained in the final report, and may resolve against the building society liquidator being released.

(6) The building society liquidator shall give notice to the court, the FSA and the Accountant in Bankruptcy that the final meeting has been held and the notice shall state whether or not the liquidator has been released.

(7) Where the liquidation committee does not resolve against the building society liquidator’s release, the building society liquidator vacates office and has release when the notice in paragraph (6) is lodged in court.

(8) If there is no quorum present at the final meeting, the building society liquidator shall report to the court that a final meeting was summoned in accordance with section 115 of the Banking Act, but there was no quorum present; and the final meeting is then deemed to have been held, and the liquidation committee not to have resolved against the building society liquidator being released.

(9) If the liquidation committee resolves against the building society liquidator having release then rule 44 of these Rules applies.