Termination of membershipE+W
76.—(1) Membership of the creditors’ committee is automatically terminated if the member—
(a)becomes bankrupt,
(b)at three consecutive meetings of the creditors’ committee is neither present nor represented (unless at the third of those meetings it is resolved that this rule is not to apply in that member’s case),
(c)subject to paragraph (3), if voted onto the creditors’ committee under rule 69 by the creditors of the institution, ceases to be a creditor and a period of three months has elapsed from the date that that member ceased to be a creditor or is found never to have been a creditor, or
(d)subject to paragraph (4), if voted onto the creditors’ committee under rule 69 by the customers of the institution, has had all relevant funds claims settled (subject to there being an identified shortfall claim or any amounts being retained by the administrator under rule 112(2)(d)), or is found never to have been a customer.
(2) If the cause of termination is the member’s bankruptcy, their trustee in bankruptcy must replace them as a member of the creditors’ committee.
(3) A person to whom paragraph (1)(c) applies must not have their membership terminated if—
(a)that person is also a customer of the institution, and
(b)that person has not had all relevant funds claims settled (subject to there being an identified shortfall claim or any amount being retained by the administrator under rule 112(2)(d)),
but the administrator may require that person to resign if the administrator thinks that the make-up of the creditors’ committee does not reflect all parties with an interest in the achievement of the special administration objectives.
(4) A person to whom paragraph (1)(d) applies must not have their membership terminated if they are also a creditor of the institution but the administrator may require them to resign if the administrator thinks that the make-up of the creditors’ committee does not reflect all parties with an interest in the achievement of the special administration objectives.
Commencement Information
I1Rule 76 in force at 12.11.2021, see rule 2