Rule 254 Provable debts

(1)

Subject to paragraphs (2) and (3), in a building society insolvency all claims by creditors are provable as debts against the society, whether they are present or future, certain or contingent, ascertained or sounding only in damages.

(2)

Any obligation arising under a confiscation order made under Articles 4 or 5 of the Criminal Justice (Confiscation) (Northern Ireland) Order 1990^f1 or under Parts 2, 3 or 4 of the Proceeds of Crime Act 2002^f2 is not provable.

(3)

The following are not provable except at a time when all other claims of creditors in the building society insolvency proceedings (other than any of a kind mentioned in this paragraph) have been paid in full with interest under Article 160(2) of the 1989 Order—

(a)

any claim arising by virtue of section 382(1)(a) of the Financial Services and Markets Act 2000, not being a claim arising by virtue of section 382(1)(b) of that Act; or

(b)

any claim which by virtue of the 1989 Order or any other enactment is a claim the payment of which in the building society insolvency is to be postponed.

(4)

Nothing in this rule prejudices any enactment or rule of law under which a particular kind of debt is not provable, whether on grounds of public policy or otherwise.

Annotations

Footnotes

f1: S.I. 1990/2588 (N.I. 17).
f2: 2002 c. 29.