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The Building Society Insolvency (Scotland) Rules 2010

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  1. Introductory Text

  2. PART 1

    1. 1.Citation and commencement

    2. 2.Extent

    3. 3.Application of rules, construction and interpretation

    4. 4.Time limits

    5. 5.Overview

  3. PART 2

    1. 6.Application for building society insolvency order

    2. 7.Persons entitled to copy of application

    3. 8.Appointment of building society liquidator by the court

    4. 9.Initial duties of building society liquidation committee

    5. 10.Authentication of building society liquidator’s appointment

  4. PART 3

    1. 11.Appointment of provisional building society liquidator

    2. 12.Order of appointment of provisional building society liquidator

    3. 13.Caution

    4. 14.Failure to find or to maintain caution

    5. 15.Remuneration

    6. 16.Termination of appointment

  5. PART 4

    1. 17.Notice requiring statement of affairs

    2. 18.Form of the statement of affairs

    3. 19.Expenses of statement of affairs

    4. 20.Limited disclosure

  6. PART 5

    1. 21.Report by building society liquidator

    2. 22.Information as to pending liquidations

  7. PART 6

    1. 23.Meaning of “contributories”

    2. 24.First meetings in the building society liquidation

    3. 25.Business at the first meeting of creditors and contributories

    4. 26.Other meetings

    5. 27.Attendance at meetings of building society’s personnel

  8. PART 7

    1. 28.Submission of claims

    2. 29.Application of the Bankruptcy Act

    3. 30.Claims in foreign currency

    4. 31.Rights of eligible depositor and set-off

  9. PART 8

    1. SECTION A - APPOINTMENT BY CREDITORS AND FUNCTIONS OF LIQUIDATORS

      1. 32.Appointment by creditors

      2. 33.Appointment to be advertised and registered

      3. 34.Hand-over of assets to building society liquidator

      4. 35.Taking possession and realisation of the building society’s assets

      5. 36.General qualification on powers

    2. SECTION B - REMOVAL AND RESIGNATION

      1. 37.Summoning of meeting for removal of building society liquidator

      2. 38.Procedure on building society liquidator’s removal

      3. 39.Release of building society liquidator on removal

      4. 40.Removal of building society liquidator by the court

      5. 41.Advertisement of removal

      6. 42.Resignation of building society liquidator

      7. 43.Action following acceptance of building society liquidator’s resignation

      8. 44.Release of resigning or removed building society liquidator

    3. SECTION C – RELEASE ON COMPLETION OF WINDING UP

      1. 45.Final meeting

    4. SECTION D - OUTLAYS AND REMUNERATION

      1. 46.Determination of amount of outlays and remuneration

      2. 47.Recourse of liquidator to meeting of creditors

      3. 48.Recourse to the court

      4. 49.Creditors’ claim that remuneration is excessive

      5. 50.Primacy of Objective 1

    5. SECTION E – SUPPLEMENTARY PROVISIONS

      1. 51.Replacement building society liquidator

      2. 52.Building society liquidator deceased

      3. 53.Loss of qualification as insolvency practitioner

      4. 54.Resignation of the building society liquidator

      5. 55.Notice to Bank of England of intention to vacate office

      6. 56.Power of court to set aside certain transactions

      7. 57.Rule against solicitation

  10. PART 9

    1. 58.Application of rules

    2. 59.Membership of committee

    3. 60.Formalities of establishment

    4. 61.Committee established by contributories

    5. 62.Obligations of liquidator to committee

    6. 63.Meetings of the committee

    7. 64.The chair at meetings

    8. 65.Quorum

    9. 66.Committee members’ representatives

    10. 67.Resignation

    11. 68.Termination of membership

    12. 69.Removal

    13. 70.Vacancy (creditor members)

    14. 71.Vacancy (contributory members)

    15. 72.Voting rights and resolutions

    16. 73.Resolutions by post

    17. 74.Liquidator’s reports

    18. 75.Expenses of members, etc

    19. 76.Dealings by committee-members and others

    20. 77.Composition of committee when creditors paid in full

    21. 78.Formal defects

  11. PART 10

    1. 79.Order of priority in distribution

    2. 80.Order of priority of expenses of liquidation

    3. 81.Application of the Bankruptcy Act

  12. PART 11

    1. 82.Appointment and remuneration

    2. 83.Caution

    3. 84.Failure to find or maintain caution

    4. 85.Accounting

    5. 86.Termination of appointment

  13. PART 12

    1. 87.FSA’s directions under section 116 of the Banking Act

    2. 88.Procedure following appeal under section 116 of the Banking Act

    3. 89.Limitation

    4. 90.Dissolution after winding up

  14. PART 13

    1. 91.Summoning of meetings

    2. 92.Notice of meeting

    3. 93.Chair of meetings

    4. 94.Meetings requisitioned

    5. 95.Requisitioned meetings reforming the liquidation committee

    6. 96.Quorum

    7. 97.Adjournment

    8. 98.Entitlement to vote (creditors)

    9. 99.Entitlement to vote (members and contributories)

    10. 100.Chair of meeting as proxy holder

    11. 101.Resolutions

    12. 102.Report of meeting

    13. 103.Application under section 176A(5) to disapply section 176A

    14. 104.Notice of order under section 176A(5)

    15. 105.Definition of “proxy”

    16. 106.Form of proxy

    17. 107.Use of proxy at meeting

    18. 108.Retention of proxies

    19. 109.Right of inspection

    20. 110.Proxy holder with financial interest

  15. PART 14

    1. 111.Giving of notices, etc

    2. 112.Service outside the United Kingdom

    3. 113.Sending by post

    4. 114.Certificate of giving notice, etc.

    5. 115.Validity of proceedings

    6. 116.Evidence of proceedings at meetings

    7. 117.Right to list of creditors and copy documents

    8. 118.Confidentiality of documents

    9. 119.Insolvency practitioner’s caution

    10. 120.Forms for use in insolvency proceedings

    11. 121.Fees, expenses, etc

    12. 122.Power of court to cure defects in procedure

    13. 123.Sederunt book

    14. 124.Disposal of building society’s books, papers and other records

    15. 125.Information about time spent on a case

  16. Signature

  17. Explanatory Note

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