(1)A bank liquidator may be removed by resolution of a meeting of creditors held pursuant to section 195 of the Insolvency Act 1986 (as applied by section 103 above) provided that the following conditions are met.
(2)Condition 1 is that the liquidation committee has passed a full payment resolution.
(3)Condition 2 is that the notice given to creditors of the meeting includes notice of intention to move a resolution removing the bank liquidator.
(4)Condition 3 is that the Bank of England and the FSA—
(a)receive notice of the meeting, and
(b)are given an opportunity to make representations to it.
(5)A bank liquidator who is removed under this section has release with effect—
(a)from the time when the court is informed of the removal, or
(b)if the meeting removing the bank liquidator resolves to disapply paragraph (a), from a time determined by—
(i)the Secretary of State, or
(ii)in the case of a bank liquidator in Scotland, the Accountant of Court.