The Bank Insolvency (No. 2) Rules (Northern Ireland) 2009

SECTION B N.I. RESIGNATION AND REMOVAL

Creditors’ meeting to be notified of bank liquidator’s resignation N.I.

87.—(1) Apply rule 4.115 of the 1991 Rules.

(2) For paragraph (1), substitute—

“(1) Before resigning office, the bank liquidator shall obtain the consent of the Bank of England and shall call a meeting of creditors to notify them of this.

(1A) The notice summoning the meeting shall indicate that this is the purpose, or one of the purposes, of the meeting and shall draw the attention of the creditors to rule 95 with respect to the bank liquidator’s release.

(1B) The notice in (1A) shall enclose a copy of the Bank of England’s consent.”.

(3) For paragraph (2) substitute—

“(2) Copies of the notice and of the account mentioned in paragraph (3) shall be sent to the court, the Bank of England and the FSA.”.

Commencement Information

I1 Rule 87 in operation at 1.4.2009, see rule 1(1)

Action following acceptance of resignation N.I.

88.—(1) This rule applies where a meeting is summoned to notify the creditors of the bank liquidator’s resignation

(2) The meeting shall resolve whether to give the bank liquidator their release.

(3) If the meeting decides to not give the bank liquidator his release, the bank liquidator shall be given a copy of that resolution and rule 95 applies.

(4) After the meeting the bank liquidator shall file the notice of his resignation in court and shall send copies of the notice to the Bank of England, the FSA and the registrar of companies.

(5) The bank liquidator’s resignation is effective as from the date on which the court receives the notice of his resignation, and the court shall endorse that date on the notice.

Commencement Information

I2 Rule 88 in operation at 1.4.2009, see rule 1(1)

Advertisement of resignation N.I.

89.  Apply rule 4.119 of the 1991 Rules.

Commencement Information

I3 Rule 89 in operation at 1.4.2009, see rule 1(1)

Meeting of creditors to remove bank liquidator N.I.

90.—(1) Apply rule 4.120 of the 1991 Rules.

(2) In paragraph (1), for “Article 148(4)”, substitute “section 109 of the 2009 Act”.

(3) In paragraph (2), for “official receiver” substitute “Bank of England and the FSA”.

(4) In paragraph (4) substitute—

“(4) Where the meeting passes a resolution that—

(a) the bank liquidator be removed;

(b) a new bank liquidator be appointed, or

(c) the bank liquidator not to be given their release

the bank liquidator shall be given a copy of that resolution and if it has been resolved to remove the bank liquidator, the bank liquidator shall be given a certificate to that effect.”.

(5) For paragraph (5) substitute—

“(5) If the creditors have resolved to appoint a new bank liquidator, the certificate of his appointment shall also be sent to the registrar of companies within that time and rule 4.106 shall apply.”.

Commencement Information

I4 Rule 90 in operation at 1.4.2009, see rule 1(1)

Court’s power to regulate meetings under rule 90 N.I.

91.—(1) Apply rule 4.122 of the 1991 Rules.

(2) Delete “or 4.121-CVL”.

Commencement Information

I5 Rule 91 in operation at 1.4.2009, see rule 1(1)

Procedure on removal N.I.

92.—(1) Apply rule 4.123 of the 1991 Rules.

(2) For “official receiver”, wherever it appears, substitute “out-going bank liquidator”.

(3) For paragraph (3) substitute—

“(3) A copy of the certificate so endorsed shall be sent by the court to the outgoing bank liquidator and, if a new liquidator has been appointed, to him.”.

(4) Delete paragraph (4).

Commencement Information

I6 Rule 92 in operation at 1.4.2009, see rule 1(1)

Advertisement of removal N.I.

93.  Apply rule 4.125 of the 1991 Rules.

Commencement Information

I7 Rule 93 in operation at 1.4.2009, see rule 1(1)

Removal of bank liquidator by the court N.I.

94.—(1) Apply rule 4.126 of the 1991 Rules.

(2) After paragraph (1) insert—

“(2A) 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 someone other than the Bank of England, the [F1 Financial Conduct Authority, the Prudential Regulation Authority] or the liquidation committee.”.

(3) In paragraph (2), for “at least 7 days’ notice” substitute—

“(a) if the application is made before the passing of a full payment resolution, such notice as is reasonable in all the circumstances, and

(b) if the application is made after the passing of a full payment resolution, at least 7 days’ notice.”.

(4) In paragraph (4), leave out “, at least 14 days before the hearing,”.

(5) After paragraph (4) insert—

“(4A) 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, within such time so as to give the bank liquidator 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) In paragraph (6)—

(a) in sub-paragraph (a), for “official receiver” substitute “Bank of England and [F2 the appropriate regulator] ” and at the end insert “and”, and

(b) leave out “and” at the end of sub-paragraph (b), and sub–paragraph (c).

Textual Amendments

F1 Words in rule 94(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 154(f)

F2 Words in rule 94(6)(a) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 154(g)

Commencement Information

I8 Rule 94 in operation at 1.4.2009, see rule 1(1)

Release of resigning or removed bank liquidator N.I.

95.—(1) Apply rule 4.128 of the 1991 Rules.

(2) In paragraph (1)—

(a) for “accepted by” substitute “notified to”;

(b) for rule 4.116 substitute “rule 88 of the Bank Insolvency (No.2) Rules (Northern Ireland) 2009”.

(3) In paragraph (3)—

(a) in sub-paragraph (a) for “receive his resignation” substitute “be notified of his resignation”; and delete “or” at the end;

(b) at the end of sub-paragraph (b) insert—

“, or

(c) the bank liquidator resigns, and the Bank of England has refused his release.”.

(4) For paragraph (4) substitute—

“(4) When the Department gives the release it shall certify it accordingly, file the certificate in court and send a copy to the registrar of companies.”.

Commencement Information

I9 Rule 95 in operation at 1.4.2009, see rule 1(1)