Article 36 End of administration: successful rescue

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rule 36(5) words substituted by Bank Administration 2010 rule 12(d)(i)
rule 36(5) words omitted by Bank Administration 2010 rule 12(d)(ii)
Rules words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 161(e)
rule 36(2) substituted by Bank Administration 2010 rule 12(a)
rule 36(3) omitted by Bank Administration 2010 rule 12(b)
rule 36(4) substituted by Bank Administration 2010 rule 12(c)
rule 36(6) substituted by Bank Administration 2010 rule 12(e)
rule 36(7) substituted by Bank Administration 2010 rule 12(f)

(1)

This rule supplements section 153 of the 2009 Act (end of bank administration where bank administrator satisfied that Objective 2(a) has been achieved).

(2)

The notice of the bank administrator under paragraph 80 of Schedule B1 to the 1986 Act (as applied by section 153 of the 2009 Act)—

(a)

must be lodged with the court in Form 2.23B (subject to rule 7(2) above); and

(b)

must be accompanied by a final progress report.

(3)

The notice takes effect when the court discharges the bank administration order on the application of the bank administrator.

(4)

Before applying for discharge the bank administrator must send a copy of the notice under paragraph 80 of Schedule B1 to the 1986 Act and the progress report to—

(a)

the Bank of England;

(b)

the FSA;

(c)

the FSCS; and

(d)

the registrar of companies.

(5)

Notice under paragraph (4)(b) and (c) above must be given at least 7 days’ before the hearing of the application for approval of the notice.

(6)

The bank administrator shall be taken to have complied with the requirements of paragraph 80(5) of Schedule B1 to the 1986 Act if, within 5 business days of lodging the notice under paragraph 80 of Schedule B1 to the 1986 Act with the court, the bank administrator publishes once in the same newspaper in which the bank administrator’s notice of appointment was published, and once in the Edinburgh Gazette, a notice specifying—

(a)

the full name of the bank and any other trading names;

(b)

the name and address of the bank administrator;

(c)

the date of the notice under paragraph 80 of Schedule B1 to the 1986 Act; and

(d)

an address to which creditors of the bank can write for a copy of the notice under paragraph 80 of Schedule B1 to the 1986 Act and the final progress report.

(7)

The application of the bank administrator for discharge must certify compliance with the requirements of paragraph 80 of Schedule B1 to the 1986 Act and of the preceding paragraphs of this rule.

(8)

If the court is satisfied that the conditions in section 153(1) of the 2009 Act have been met it shall—

(a)

discharge the bank administration order; and

(b)

notify the bank administrator who shall notify the registrar of companies.