Section 115 DissolutionI1

United Kingdom

(1)

A bank liquidator who thinks that the winding up of the bank is for practical purposes complete shall summon a final meeting of the liquidation committee.

(2)

The bank liquidator—

(a)

shall present a final report on the bank insolvency to the meeting,

(b)

shall send a copy of the report to—

F1(i)

the PRA,

(ia)

the FCA,

(ii)

the FSCS,

(iii)

the Bank of England,

(iv)

the Treasury, and

(v)

the registrar of companies, and

(c)

shall make the report available to members, creditors and contributories on request.

(3)

At the meeting the liquidation committee shall—

(a)

consider the report, and

(b)

decide whether to release the bank liquidator.

(4)

If the liquidation committee decides to release the bank liquidator, the bank liquidator—

(a)

shall notify the court and the registrar of companies, and

(b)

vacates office, and has release, when the court is notified.

(5)

If the liquidation committee decides not to release the bank liquidator, the bank liquidator may apply to the Secretary of State for release; if the application is granted, the bank liquidator—

(a)

vacates office when the application is granted, and

(b)

has release from a time determined by the Secretary of State.

(6)

In the case of a bank liquidator in Scotland, a reference in subsection (5) to the Secretary of State is a reference to the Accountant of Court.

(7)

On receipt of a notice under subsection (4)(a) the registrar of companies shall register it.

(8)

At the end of the period of 3 months beginning with the day of the registration of the notice, the bank is dissolved (subject to deferral under section 116).

Annotations

Textual amendments

F1: S. 115(2)(b)(i)(ia) substituted for s. 115(2)(b)(i) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 42 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1: S. 115 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2

Notes on Part 2

Modifications

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