Article 20 Appointment of provisional bank liquidatorI1

Northern Ireland

(1)

This rule applies after an application for a bank insolvency order has been filed under rule 7 and before that order is made.

(2)

An application to the court for the appointment of a provisional bank liquidator under Article 115 of the Order may be made—

(a)

by the Bank of England;

F1(b)

by the Financial Conduct Authority, with the consent of the Bank of England;

(ba)

if the bank is a PRA-authorised person (within the meaning of the Financial Services and Markets Act 2000), by the Prudential Regulation Authority, with the consent of the Bank of England; or

(c)

by the Department.

(3)

The application must be supported by a witness statement stating—

(a)

the grounds upon which it is proposed that the provisional bank liquidator should be appointed;

(b)

that the person to be appointed has consented to act,

(c)

that the person to be appointed is qualified to act as an insolvency practitioner,

(d)

whether to the applicant’s knowledge—

(i)

there has been proposed or is in force for the bank a company voluntary arrangement under Part II of the Order; or

(ii)

an administrative receiver is acting in relation to the bank.

(e)

the applicant’s estimate of the value of the assets in respect of which the provisional bank liquidator is to be appointed; and

(f)

the functions the applicant wishes to be carried out by the provisional bank liquidator in relation to the bank’s affairs.

(4)

The court may on the application, if satisfied that sufficient grounds are shown for the appointment, make it on such terms as it thinks fit.

Annotations

Textual amendments

F1: Rule 20(2)(b)(ba) substituted for rule 20(2)(b) (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 154(d)

Commencement

I1: Rule 20 in operation at 1.4.2009, see rule 1(1)