Rule 109 Resignation of the bank liquidatorI1

This rule applies where the bank liquidator was appointed by the bank insolvency order or by the Bank of England.

The bank liquidator can only resign—

Before calling a meeting of creditors under rule 87 to receive notice of the bank liquidator’s resignation, the bank liquidator must write to the Bank of England notifying it of the intention to resign.

The Bank of England shall notify the bank liquidator in writing within 21 days as to whether it consents to the resignation; if the Bank of England does not consent to the resignation, it shall set out its reasons in writing.

The bank liquidator, if not content with the Bank of England’s response, may apply to the Court for directions under section 168(3) of the 1986 Act.