The Building Society Insolvency (England and Wales) Rules 2010

First meeting

41.—(1) Once the liquidation committee passes a full payment resolution the building society liquidator shall—

(a) immediately summon a meeting of the building society’s creditors and a meeting of the building society’s contributories, and

(b) fix a venue, date and time for the meetings,

and the date must be within three months of the date on which the full payment resolution was passed.

(2) When the venue, date and time of the meetings have been fixed the building society liquidator shall give notice of the meetings to—

(a) the court,

(b) every creditor who is known to the building society liquidator or is identified in the building society’s statement of affairs,

(c) every person appearing (by the building society’s books or otherwise) to be a contributory of the building society, and

(d) each member of the liquidation committee.

(3) The building society liquidator—

(a) shall gazette the notice of the meeting as soon as reasonably practicable, and

(b) may advertise it in such other manner as the building society liquidator thinks fit.

(4) In giving the notice mentioned in paragraph (2) the building society liquidator shall, if practicable, indicate whether the present intention of the FSCS is to resign from the liquidation committee at the meeting.

(5) Notice to the court and the members of the liquidation committee shall be given immediately; notice to creditors and contributories shall be given, and the advertisements placed to appear, at least 21 days before the date fixed for the meeting.

(6) The notice to creditors shall specify a time and date, not more than four days before the date fixed for the meeting, by which they must lodge proofs and (if applicable) proxies, in order to be entitled to vote at the meeting.

(7) The FSCS is entitled to be represented at the meeting and Schedule 1 to the 1986 Rules, as applied by rule 285, has effect with respect to its voting rights at such a meeting.

(8) Meetings summoned under this rule are known respectively as “the first meeting of creditors” and “the first meeting of contributories”, and jointly as “the first meetings in the building society liquidation”.