Rule 8 Appointment of building society liquidator by the courtI1

Scotland

(1)

This rule applies where an application for a building society insolvency order is made to the court under section 95 of the Banking Act.

(2)

The court shall not make the order unless there is lodged in court a statement to the effect that—

(a)

the person proposed to be appointed as the building society liquidator is qualified to act as an insolvency practitioner in accordance with section 390^f1 of the Insolvency Act; and

(b)

that person consents so to act.

(3)

When the building society insolvency order has been made the court shall immediately send a certified copy of the order to—

(a)

the building society liquidator who shall also, where practicable, be sent an electronic copy of the certified copy order; and

(b)

the applicant.

(4)

The building society liquidator shall immediately—

(a)

serve a copy of the order on the building society at its principal office and, where the building society liquidator has received an electronic copy of the order and knows the building society’s email address, send an electronic copy to the building society;

(b)

give notice of the appointment to the Accountant in Bankruptcy;

(c)

advertise the appointment once in the Edinburgh Gazette and such newspaper as the building society liquidator may select or as the court may otherwise direct; and

(d)

send (electronically or otherwise) a copy of the order to—

(i)

F1the appropriate regulator, if it is not the applicant;

(ii)

the Bank of England, if it is not the applicant;

(iii)

the FSCS;

(iv)

if there is in force for the building society a voluntary arrangement under Part 1 of the Insolvency Act, the supervisor of that arrangement; and

(v)

if an administrative receiver has been appointed in relation to the building society, that receiver.

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. 192(8)

Commencement

I1: Rule 8 in force at 15.11.2010, see rule 1

Footnotes

f1: Section 390 was amended by paragraph 16(1) and (2) of Schedule 4(II) to the Insolvency Act 2000 (c.39); paragraph 18 of Schedule 5 to the Adults with Incapacity (Scotland) Act 2000 (asp 4); paragraph 4 of Schedule 21 to the Enterprise Act 2002 (c.40); paragraph 31(3)(c) of Schedule 6 and paragraph 1 of Schedule 7 to the Mental Capacity Act 2005 (c.9); paragraph 18(3) of Schedule 1 to S.S.I. 2005/465; paragraph 3(3) of Schedule 1 to S.I. 2005/2078; paragraphs 1, 6(1),(2) and (3) of Schedule 20, Part 1, to the Tribunal, Courts and Enforcement Act 2007; and S.I. 2009/1941, art.2(1).