# The Building Society Insolvency (Scotland) Rules 2010, Rule 43: Action following acceptance of building society liquidator’s resignation

Extent: S

(1) This rule applies where a meeting is summoned to notify the creditors of the building society liquidator’s resignation.
(2) The meeting shall resolve whether to release the building society liquidator.
(3) If the meeting resolves not to release the building society liquidator, the building society liquidator shall be given a copy of that resolution and rule 44 applies.
(4) After the meeting the building society liquidator shall lodge the notice of resignation in court and shall send copies of it to the Bank of England and the appropriate regulator.
(5) The building society liquidator’s resignation is effective as from the date on which the court receives notice of that resignation, and the court shall endorse that date on the notice.
(6) Where the creditors have resolved to appoint a new building society liquidator in place of the one who has resigned, rules 4.19 to 4.21 of the 1986 Rules shall apply to the appointment of the new building society liquidator, except that the notice to be given by the new building society liquidator under rule 4.19(4) of the 1986 Rules shall also state that the preceding building society liquidator has resigned and whether that predecessor has been released.
(7) If there is no quorum present at the meeting summoned to notify the creditors of the building society liquidator’s resignation, the meeting is deemed to have been held, a resolution is deemed to have been passed that the building society liquidator’s resignation be accepted, and the creditors are deemed not to have resolved against the building society liquidator having release.

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Source: https://www.legislation.gov.uk/uksi/2010/2584/rule/43 (the official version)
Page: https://openlegislation.uk/building-society-insolvency-scotland-rules-2010/rule-43
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.