Article 8 Appointment of bank liquidator by the court

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

rule 8(4)(e)(i)(ia) substituted for rule 8(4)(e)(i) by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 162(b)
Rules words substituted by Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) 2013 Sch. 2 para. 162(g)
rule 8(4)(e)(ii) word omitted by Bank Insolvency 2010 rule 5(a)
rule 8(4)(e)(iv)(v) inserted by Bank Insolvency 2010 rule 5(b)

(1)

This rule applies where an application for a bank insolvency order is made to the court under section 95 of the 2009 Act.

(2)

The court shall not make the order unless there is lodged in court a statement to the effect that–

(a)

the person proposed to be appointed as the bank liquidator is qualified to act as an insolvency practitioner in accordance with section 390^f1 of the 1986 Act; and

(b)

that person consents so to act.

(3)

When the bank insolvency order has been made the court shall immediately send a certified copy of the order to–

(a)

the bank liquidator who shall also, where practicable, be sent an electronic copy of the certified copy order; and

(b)

the applicant.

(4)

The bank liquidator shall immediately–

(a)

serve a copy of the order on the bank at its registered office and, where the bank liquidator has received an electronic copy of the order and knows the bank ‘s email address, send an electronic copy to the bank;

(b)

give notice of the appointment to the Accountant in Bankruptcy;

(c)

forward a copy of the order to the registrar of companies in accordance with section 130(1) of the 1986 Act (as applied by section 103 of the 2009 Act);

(d)

advertise the appointment once in the Edinburgh Gazette and such newspaper as the bank liquidator may select or as the court may otherwise direct; and

(e)

send (electronically or otherwise) a copy of the order to–

(i)

the FSA, if it is not the applicant;

(ii)

the Bank of England, if it is not the applicant; and

(iii)

the FSCS.

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.