The Bank Insolvency (Scotland) Rules 2009
PART 1INTRODUCTORY PROVISIONS
1Citation and commencement
2Extent
3Application of rules, construction and interpretation
4Time limits
5Overview
PART 2APPLICATION FOR ORDER
6Application for bank insolvency order
7Persons entitled to copy of application
8Appointment of bank liquidator by the court
9Initial duties of bank liquidation committee
10Authentication of bank liquidator’s appointment
PART 3PROVISIONAL LIQUIDATION
11Appointment of provisional bank liquidator
12Order of appointment of provisional bank liquidator
13Caution
14Failure to find or to maintain caution
15Remuneration
16Termination of appointment
PART 4STATEMENT OF AFFAIRS
17Notice requiring statement of affairs
18Form of the statement of affairs
19Expenses of statement of affairs
20Limited disclosure
PART 5INFORMATION TO CREDITORS AND CONTRIBUTORIES
21Report by bank liquidator
22Information as to pending liquidations
PART 6MEETINGS OF CREDITORS AND CONTRIBUTORIES
23First meetings in the bank liquidation
24Business at the first meeting of creditors and contributories
25Other meetings
26Attendance at meetings of bank’s personnel
PART 7CLAIMS IN LIQUIDATION
27Submission of claims
28Application of the Bankruptcy Act
29Claims in foreign currency
30Rights of eligible depositor and set-off
PART 8THE LIQUIDATOR
SECTIONA- APPOINTMENT BY CREDITORS AND FUNCTIONS OF LIQUIDATOR
31Appointment by creditors
32Appointment to be advertised and registered
33Hand-over of assets to bank liquidator
34Taking possession and realisation of the company’s assets
35General qualification on powers
SECTION B- REMOVAL AND RESIGNATION
36Summoning of meeting for removal of bank liquidator
37Procedure on bank liquidator’s removal
38Release of bank liquidator on removal
39Removal of bank liquidator by the court
40Advertisement of removal
41Resignation of liquidator
42Action following acceptance of bank liquidator’s resignation
43Release of resigning or removed bank liquidator
SECTION C – RELEASE ON COMPLETION OF WINDING UP
44Final meeting
SECTION D- OUTLAYS AND REMUNERATION
45Determination of amount of outlays and remuneration
46Recourse of liquidator to meeting of creditors
47Recourse to the court
48Creditors’ claim that remuneration is excessive
49Primacy of Objective 1
SECTION E– SUPPLEMENTARY PROVISIONS
50Replacement bank liquidator
51Bank liquidator deceased
52Loss of qualification as insolvency practitioner
53Resignation of the bank liquidator
54Notice to Bank of England of intention to vacate office
55Power of court to set aside certain transactions
56Rule against solicitation
PART 9THE LIQUIDATION COMMITTEE
57Application of rules
58Membership of committee
59Formalities of establishment
60Committee established by contributories
61Obligations of liquidator to committee
62Meetings of the committee
63The chair at meetings
64Quorum
65Committee members’ representatives
66Resignation
67Termination of membership
68Removal
69Vacancy (creditor members)
70Vacancy (contributory members)
71Voting rights and resolutions
72Resolutions by post
73Liquidator’s reports
74Expenses of members, etc
75Dealings by committee-members and others
76Composition of committee when creditors paid in full
77Formal defects
PART 10DISTRIBUTION OF BANK ASSETS
78Order of priority in distribution
79Order of priority of expenses of liquidation
80Application of the Bankruptcy Act
PART 11SPECIAL MANAGER
81Appointment and remuneration
82Caution
83Failure to find or maintain caution
84Accounting
85Termination of appointment
PART 12MISCELLANEOUS
86Secretary of State’s directions under section 116 of the 2009 Act
87Procedure following appeal under section 116 of the 2009 Act
88Limitation
89Dissolution after winding up
PART 13COMPANY WITH PROHIBITED NAME
90Preliminary
91Application for leave under section 216(3) before passing of full payment resolution
92Application for leave under section 216(3)
93First excepted case
94Second excepted case
95Third excepted case
96Further exception
PART 14MEETINGS
97Summoning of meetings
98Notice of meeting
99Chair of meetings
100Meetings requisitioned
101Requisitioned meetings reforming the liquidation committee
102Quorum
103Adjournment
104Entitlement to vote (creditors)
105Entitlement to vote (members and contributories)
106Chair of meeting as proxy holder
107Resolutions
108Report of meeting
109Application under section 176A(5) to disapply section 176A
110Notice of order under section 176A(5)
111Definition of “proxy”
112Form of proxy
113Use of proxy at meeting
114Retention of proxies
115Right of inspection
116Proxy holder with financial interest
117Representation of corporations
PART 15GENERAL PROVISIONS
118Giving of notices, etc
119Service outside the United Kingdom
120Sending by post
121Certificate of giving notice, etc.
122Validity of proceedings
123Evidence of proceedings at meetings
124Right to list of creditors and copy documents
125Confidentiality of documents
126Insolvency practitioner’s caution
127Forms for use in insolvency proceedings
128Fees, expenses, etc
129Power of court to cure defects in procedure
130Sederunt book
131Disposal of company’s books, papers and other records
132Information about time spent on a case

2009 No. 351 (S.5)

Banks And Banking, Scotland

The Bank Insolvency (Scotland) Rules 2009

Made

Laid before Parliament

Coming into force

The Treasury, in exercise of the powers conferred by section 411(1A)(b), (2), (2C) and (3) of the Insolvency Act 19861, make the following Rules.