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Article 53 Resignation of the bank liquidator

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

(1)

This rule applies where the bank liquidator was appointed by the court or by the Bank of England under rule 50.

(2)

The bank liquidator can only resign–

(a)

after the liquidation committee has passed a full payment resolution; and

(b)

with the consent of the Bank of England.

(3)

Before calling a meeting of creditors under rule 41 to receive notice of the bank liquidator’s resignation, the bank liquidator must write to the Bank of England notifying it of the intention to resign.

(4)

The Bank of England shall notify the bank liquidator in writing within 21 days as to whether it consents to the resignation. If the Bank of England does not consent to the resignation, it will set out its reasons in writing.

(5)

The bank liquidator, if not content with the Bank of England’s response above, may apply to the court for directions in relation to any particular matter in the bank insolvency.