Rule 4.179 Composition of committee when creditors paid in full

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rules 11.01-11.13 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 6(10)-CP(3) substituted by Insolvency 2000 rule 5
rule 4.056-CVL(2) words inserted by Insolvency 2006 Sch. 1 para. 22
rule 4.228A-4.228E inserted by Insolvency 2008 rule 5
rules 2.028-2.110 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.114-2.115 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.119-2.130 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.027-4.029 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.031-4.034 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.197-4.204 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.05-7.07 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.09-7.14 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.19-7.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.24-7.30 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.34-7.42 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.50-7.54 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 12.01-12.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 4.179 applied and text amended by Bank Insolvency 2009 rule 133
rule 4.179 applied (with modifications) by Bank Insolvency 2009 rule 133
rule 7. 13B(2) word omitted by Insolvency 2023 rule 37(1)

(1)

This Rule applies if the liquidator issues a certificate that the creditors have been paid in full, with interest in accordance with Article 160.

(2)

The liquidator shall forthwith file the certificate in court and send a copy to the registrar. (NO CVL APPLICATION)FORM 4.51

(3-CVL)

The liquidator shall forthwith send a copy of the certificate to the registrar.FORM 4.52FORM 4.51

(4)

The creditor members of the liquidation committee cease to be members of the committee.

(5)

The committee continues in being unless and until abolished by decision of a meeting of contributories, and (subject to paragraph (6)) so long as it consists of at least three contributory members.

(6)

The committee does not cease to exist on account of the number of contributory members falling below three, unless and until 28 days have elapsed since the issue of the liquidator's certificate under paragraph (1).

(7)

At any time when the committee consists of less than three contributory members, it is suspended and cannot act.

(8)

Contributories may be co-opted by the liquidator, or appointed by a contributories' meeting, to be members of the committee; but the maximum number of members is five.

(9)

Rules 4.159 to 4.178 continue to apply to the liquidation committee (with any necessary modifications) as if all the members of the committee were creditor members.

[E.R.4.171]