Article 41 Resignation of liquidator
Before resigning office in accordance with section 109 of the 2009 Act, the bank liquidator must call a meeting of creditors to notify them of the proposed resignation and, where the bank liquidator was appointed by the Bank of England or by the court, obtain the consent of the Bank of England.
The notice summoning the meeting shall–
indicate that this is the purpose, or one of the purposes of the meeting;
draw the creditors’ attention to section 111 of the 2009 Act and rule 43 with respect to the bank liquidator’s release and shall also be accompanied by an account of the bank liquidator’s administration of the bank insolvency, including a summary of his receipts and payments and a statement as to the amount paid to unsecured creditors by virtue of the application of section 176A of the 1986 Act (prescribed part); and
where the bank liquidator was appointed by the Bank of England or by the court, enclose a copy of the Bank of England’s consent.
Copies of the notice and of the account mentioned in paragraph (2) shall be sent to the court, the Bank of England and the FSA.
Subject to paragraph (5), the bank liquidator may only proceed under this rule on the grounds of ill health or because–
he intends ceasing to be in practice as an insolvency practitioner; or
there has been some conflict of interest or change of personal circumstances which precludes or makes impracticable the further discharge by him of the duties of the bank liquidator.
Where two or more persons are acting as the bank liquidator jointly, any one of them may resign (without prejudice to the continuation in office of the other or others) on the ground that, in his opinion and that of the other or others, it is no longer expedient that there should continue to be the present number of joint bank liquidators.