The Building Society Special Administration Rules (Northern Ireland) 2014

End of special administration: successful rescue

50.—(1) This Rule supplements section 153 of the Banking Act 2009 (successful rescue)(1).

(2) The special administrator’s application under paragraph 80 of Schedule B1 to the 1989 Order (as applied by section 153 of the Banking Act 2009(2) (the “application”) shall have attached to it a progress report for the period from the date of the previous report (or, if there was none, from the beginning of the special administration) and a statement indicating what the special administrator thinks should be the next step for the society.

(3) Before making the application the special administrator shall send a copy of the application and the progress report to—

(a) the Bank of England;

(b) the FCA and where relevant the PRA; and

(c) the FSCS.

(4) Notice under paragraph (3)(b) and (c) shall be sent at least 7 days before the hearing of the application.

(5) Within 5 business days of filing the application with the court, the special administrator shall gazette a notice undertaking to provide a copy of the application to any creditor or shareholding member of the society.

(6) The notice in paragraph (5) may also be published in such other manner as the special administrator thinks fit.

(7) The application shall certify compliance with paragraphs (1) to (6) of this Rule.

(8) If the court is satisfied that the conditions in section 153(1) of the Banking Act 2009 have been met it shall—

(a) discharge the special administration order; and

(b) notify the special administrator, who shall notify the FCA and where relevant the PRA.

(1)

Paragraph 32A of S.I. 2009/805, inserted by S.I. 2010/1189 and amended by S.I. 2013/496, modifies the application of section 153 of the Banking Act 2009.

(2)

S.I. 2009/805, as amended by S.I. 2010/1189 and S.I. 2013/496, modifies the application of paragraph 80 of Schedule B1.