Article 50 Replacement bank liquidator

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 50(2) substituted by Bank Insolvency 2010 rule 14(a)
rule 50(3)-(5) words substituted by Bank Insolvency 2010 rule 14(b)
rule 50(6) omitted by Bank Insolvency 2010 rule 14(c)

(1)

Where the bank liquidator vacates his office for any reason (including death) other than by removal by a meeting of creditors in accordance with rule 36, the Bank of England shall appoint a new bank liquidator as soon as practicable.

(2)

Where a bank liquidator has been removed by a meeting of creditors but 1 month has passed and there has been no resolution passed by a meeting of creditors to appoint a new bank liquidator, the Bank of England shall appoint a new bank liquidator as soon as practicable.

(3)

The Bank of England shall lodge in court the document appointing the new bank liquidator (“the appointment document”) together with statements to the effect that the new bank liquidator–

(a)

is qualified to act as an insolvency practitioner in accordance with section 390^f1 of the 1986 Act; and

(b)

consents to act as the bank liquidator.

(4)

The Bank of England shall send a copy of the appointment document to the bank.

(5)

The bank liquidator shall forward a copy of the appointment document to the registrar of companies and the Accountant in Bankruptcy.

(6)

The bank liquidator shall as soon as reasonably practicable–

(a)

advertise the appointment in the Edinburgh Gazette; and

(b)

advertise the appointment in such manner as the bank liquidator thinks fit.

Annotations

Footnotes

f1: Section 390 was amended by paragraph 16(1) and (2) of Schedule 4(II) to the Insolvency Act 2000 (c.39); paragraph 18 of Schedule 5 to the Adults with Incapacity (Scotland) Act 2000 (asp 4); paragraph 4 of Schedule 21 to the Enterprise Act 2002 (c.40); paragraph 31(3)(c) of Schedule 6 and paragraph 1 of Schedule 7 to the Mental Capacity Act 2005 (c.9); paragraph 18(3) of Schedule 1 to S.S.I. 2005/465; and paragraph 3(3) of Schedule 1 to S.I. 2005/2078.