Rule 110 Resignation of the building society liquidator
This rule applies where the building society liquidator was appointed by the court (in the building society insolvency order), or by the Bank of England.
The building society liquidator can only resign—
after the liquidation committee has passed a full payment resolution; and
with the consent of the Bank of England.
Before calling a meeting of creditors under rule 88 to receive notice of the building society liquidator’s resignation, the building society liquidator shall write to the Bank of England notifying it of the intention to resign.
The Bank of England shall notify the building society 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 shall set out its reasons in writing.
The building society liquidator, if not content with the Bank of England’s response, may apply to the court for directions under Article 143(3) of the 1989 Order.