Rule 95 Requisitioned meetings reforming the liquidation committeeI1

Scotland

(1)

Rule 7.6 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 25 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 reform the liquidation committee, the time periods set out in rule 7.6 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 F1the appropriate regulator and the Bank of England.

(4)

Rule 25(1), (2) and (3) shall then apply at this meeting as it were the first meeting of the 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. 192(8)

Commencement

I1: Rule 95 in force at 15.11.2010, see rule 1