Rule 45 Requisitioned meetings: reforming the liquidation committeeI1
England and Wales
Rule 4.57 of the 1986 Rules also applies where—
the liquidation committee has ceased to exist at the end of the first meeting of creditors under rule 41 and no further steps have been taken to F1re-establish that committee; and
the bank liquidator has been requested, by no less than one-tenth in value of the bank’s creditors, to summon a meeting for the purpose of re-establishing the liquidation committee.
Where a meeting is requisitioned to re-establish the liquidation committee, the time periods set out in rule 4.57 of the 1986 Rules may be expedited by the bank liquidator F2at the request of the bank’s creditors.
The bank liquidator shall give notice of the meeting to F3the appropriate regulator and Bank of England.
Rule 41(1) and (2) shall apply at this meeting as if it were the first meeting of creditors.
Annotations
Textual amendments
- F1
Word in rule 45(1)(a) substituted (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 29(a)
- F2
Words in rule 45(2) substituted (15.11.2010) by The Bank Insolvency (England and Wales) (Amendment) Rules 2010 (S.I. 2010/2579), rules 1, 29(b)
- 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)
Commencement
- I1
Rule 45 in force at 25.2.2009, see rule 1