Rule 16 Making, transmission and advertisement of orderI1

England and Wales

(1)

The court shall not make a bank insolvency order unless the person nominated to be appointed as the bank liquidator in the application for the order has filed in court a witness statement under rule 13.

(2)

When the bank insolvency order has been made the court shall immediately send 5 sealed copies (or such larger number as the bank liquidator may have requested) to the bank liquidator.

(3)

The court shall also, if practicable, immediately send a F1copy of the order to the bank liquidator electronically.

(4)

The bank liquidator shall serve a sealed copy of the order on the bank at its registered office and, where the bank liquidator knows the bank’s email address, will send an electronic copy to the bank.

(5)

The bank liquidator shall send F22 copies of the order—

(a)

to the Bank of England, F3the appropriate regulator and the FSCS F4...

(b)

to the registrar of companies in accordance with section 130(1) of the 1986 Act (as applied by the 2009 Act) F5;

F6(c)

if there is in force for the bank a voluntary arrangement under Part 1 of the 1986 Act, the supervisor of that arrangement; and

(d)

if an administrative receiver has been appointed in relation to the bank, that receiver,

in accordance with paragraph (5A);

F7(5A)

One copy shall be sent electronically as soon as practicable and the other (a sealed copy) shall be sent by first class post on the business day on which the order is served on the bank.

F8(6)

The bank liquidator—

(a)

shall cause notice of the order to be gazetted as soon as reasonably practicable; and

(b)

may advertise notice of the order in such other manner as the bank liquidator thinks fit.

Annotations

Textual amendments

F1: Word in rule 16(3) substituted (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 12(a)
F2: Words in rule 16(5) substituted (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 12(b)(i)
F3: Words in Rules substituted (1.4.2013) by virtue of The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 163(f)
F4: Words in rule 16(5)(a) omitted (15.11.2010) by virtue of The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 12(b)(ii)
F5: Semicolon in rule 16(5)(b) substituted for full stop (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 12(b)(iii)
F6: Rule 16(5)(c)(d) and words added (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 12(b)(iii)
F7: Rule 16(5A) inserted (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 12(c)
F8: Rule 16(6) substituted (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 12(d)

Commencement

I1: Rule 16 in force at 25.2.2009, see rule 1