Article 42 Action following acceptance of bank liquidator’s resignation

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

Rules words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 162(g)
rule 42(2) word substituted by Bank Insolvency 2010 rule 12(a)
rule 42(3) substituted by Bank Insolvency 2010 rule 12(b)
rule 42(5) word substituted by Bank Insolvency 2010 rule 12(c)

(1)

This rule applies where a meeting is summoned to notify the creditors of the bank liquidator’s resignation.

(2)

The meeting will resolve whether to give the bank liquidator his release.

(3)

If the meeting decides not to give the bank liquidator his release, the bank liquidator will be given a copy of that resolution and rule 43 applies.

(4)

After the meeting the bank liquidator shall lodge the notice of his resignation in court and shall send copies of it to the Bank of England and registrar of companies.

(5)

The bank liquidator’s resignation is effective as from the date on which the court receives notice of his resignation, and the court shall endorse that date on the notice.

(6)

Where the creditors have resolved to appoint a new bank liquidator in place of the one who has resigned, rules 4.19 to 4.21^f1 of the 1986 Rules shall apply to the appointment of the new bank liquidator, except that the notice to be given by the new bank liquidator under rules 4.19(4) of the 1986 Rules shall also state that his predecessor as bank liquidator has resigned and whether he has been released.

(7)

If there is no quorum present at the meeting summoned to notify the creditors of the bank liquidator’s resignation, the meeting is deemed to have been held, a resolution is deemed to have been passed that the bank liquidator’s resignation be accepted, and the creditors are deemed not to have resolved against the bank liquidator having his release.

Annotations

Footnotes

f1: Rule 4.19 was amended by paragraph 17(1) of Schedule 1(I) to S.I. 1987/1921.