Section 108 Removal by courtI1

United Kingdom

(1)

A bank liquidator may be removed by order of the court on the application of—

(a)

the liquidation committee,

(b)

the F1PRA, or

(c)

the Bank of England.

(2)

Before making an application the F2PRA must consult F3... F4 the FCA.

(3)

Before making an application the Bank of England must consult F5F6...the FCA.

(4)

A bank liquidator removed by order has release with effect from a time determined by—

(a)

the Secretary of State, or

(b)

in the case of a bank liquidator in Scotland, the Accountant of Court.

Annotations

F1: Word in s. 108(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 39(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: Word in s. 108(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 39(3)(a) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3: Words in s. 108(2) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 57(2) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F4: Words in s. 108(2) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 39(3)(b) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5: Words in s. 108(3) omitted (1.3.2017) by virtue of Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 57(3) (with Sch. 3); S.I. 2017/43, reg. 2(g)
F6: Words in s. 108(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 39(4) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

C1: Pt. 2 applied (with modifications) by 1986 c. 53, s. 90C (as inserted (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), art. 2)
C2: Pt. 2 modified (29.3.2009) by Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805), Sch. 1 para. 1 (as amended (7.4.2010) by Building Societies (Insolvency and Special Administration) (Amendment) Order 2010 (S.I. 2010/1189), arts. 1(2), 2 and amended (7.4.2017) by The Deregulation Act 2015, the Small Business, Enterprise and Employment Act 2015 and the Insolvency (Amendment) Act (Northern Ireland) 2016 (Consequential Amendments and Transitional Provisions) Regulations 2017 (S.I. 2017/400), regs. 1(2), 8)
C3: Pt. 2 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C4: Pt. 2 applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 1 paras. 6, 7