PART 21DECLARATION AND PAYMENT OF DIVIDEND
Preliminary
239.—(1) The rules in this Part relate to the declaration and payment of dividends in a building society insolvency.
(2) In this Part—
“creditors” means those creditors of the building society of whom the building society liquidator is aware, or who are identified in the building society’s statement of affairs, and
“the insolvent” means the building society.
Notice of intended dividend
240. Apply rule 11.2 of the 1986 Rules(1). Ignore paragraph (1)(b).
Final admission/rejection of proofs
241. Apply rule 11.3 of the 1986 Rules(2). Ignore paragraph (4).
Postponement or cancellation of dividend
242. Apply rule 11.4 of the 1986 Rules.
Decision to declare dividend
243. Apply rule 11.5 of the 1986 Rules.
Notice of declaration
244.—(1) Apply rule 11.6 of the 1986 Rules(3).
(2) Ignore paragraph (1)(b)(4).
(3) In paragraph (2), after (b), add—
“(ba)expenses incurred by the building society liquidator in the achievement of Objective 1 under section 99 of the Banking Act.”.
Notice of no, or no further, dividend
245. Apply rule 11.7 of the 1986 Rules.
Proof altered after payment of dividend
246. Apply rule 11.8 of the 1986 Rules.
Secured creditors
247. Apply rule 11.9 of the 1986 Rules.
Disqualification from dividend
248. Apply rule 11.10 of the 1986 Rules.
Assignment of right to dividend
249. Apply rule 11.11 of the 1986 Rules.
Preferential creditors
250. Apply rule 11.12 of the 1986 Rules(5).
Debt payable at future time
251. Apply rule 11.13 of the 1986 Rules(6). For paragraph (3) substitute—
“(3) In paragraph (2), “relevant date” means the date of the commencement of building society insolvency.”.
Rule 11.2 was amended by S.I. 2002/1307, S.I. 1987/1919 and S.I. 2009/642.
Paragraphs (3) and (4) were added by S.I. 2002/1307.
Paragraph (3)(b) was substituted by S.I. 2002/1307.
Sub–paragraphs (a) and (b) of rule 11.6(1) were amended by S.I. 2002/1307.
Paragraph (2) was amended by S.I. 1987/1919.
Paragraph (2) and (3) were substituted for the original paragraph (2) by S.I. 2005/527.