Rule 46 Requisitioned meetings: reforming the liquidation committeeI1

England and Wales

(1)

Rule 4.57 of the 1986 Rules also applies where—

(a)

the liquidation committee has ceased to exist at the end of the first meeting of creditors under rule 42 and no further steps have been taken to re-establish that committee; and

(b)

the building society liquidator has been requested, by no less than one-tenth in value of the building society’s creditors, to summon a meeting for the purpose of re-establishing the liquidation committee.

(2)

Where a meeting is requisitioned to re-establish the liquidation committee, the time periods set out in rule 4.57 of the 1986 Rules may be expedited by the building society liquidator at the request of the building society’s creditors.

(3)

The building society liquidator shall give notice of the meeting to the F1appropriate regulator and Bank of England.

(4)

Rule 42(1) and (2) shall apply at this meeting as if it were the first meeting of creditors.

Annotations

Textual amendments

F1: Words in Rules substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 191(5)

Commencement

I1: Rule 46 in force at 15.11.2010, see rule 1