Article 37 End of administration: dissolution

(1)

This rule supplements section 154(2)(a) of the 2009 Act (bank administrator giving notice under paragraph 84 of Schedule B1 to the 1986 Act that there are no more assets for distribution, and moving to dissolution).

(2)

The notice of the bank administrator under paragraph 84 of Schedule B1 to the 1986 Act—

(a)

must be lodged with the court in Form 2.26B (subject to rule 7(2) above); and

(b)

must be accompanied by a final progress report.

(3)

The notice shall not take effect until 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 84 of Schedule B1 to the 1986 Act and the final progress report to—

(a)

the registrar of companies; and

(b)

each person who received notice of the appointment of the bank administrator.

(5)

After the expiry of the period mentioned in paragraph 84(6) of Schedule B1 to the 1986 Act (and subject to extension under paragraph 84(7) of Schedule B1 to the 1986 Act) if the court discharges the bank administration order under paragraph 84 of Schedule B1 to the 1986 Act—

(a)

the notice takes effect as specified in paragraph 84(6) of Schedule B1 to the 1986 Act and;

(b)

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

(6)

If the court makes an order under paragraph 84(7) of Schedule B1 to the 1986 Act it shall notify the bank administrator in Form 2.27 (subject to rule 7(2) above), who shall notify the registrar of companies.