Rule 7.4 Additional notices in certain cases

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

rule 1.12-1.16E applied 2016 asp 21 s. 14B (as inserted) by Insolvency (Regulation (EU) 2015/848) 2017 reg. 4(8)
Rules applied (with modifications) by Building Society Special Administration 2009 rule 38-41
Rules applied (with modifications) by Limited Liability Partnerships 2001 reg. 6(1)
Rules specified provisions applied (with modifications) by Collective Investment in Transferable Securities (Contractual Scheme) 2013 Sch. 4

(1)

This Rule applies where a company goes, or proposes to go, into liquidation and it is -

(a)

a recognised bank or licensed institution within the meaning of the Banking Act 1979^f1, or

(b)

an institution to which sections 16 and 18 of that Act apply as if it were a licensed institution.

(2)

Notice of any meeting of the company at which it is intended to propose a resolution for its voluntary winding up shall be given by the directors to the Bank of England (“the Bank”) and to the Deposit Protection Board (“the Board”) as such notice is given to members of the company.

(3)

Where a creditors' meeting is summoned by the liquidator under section 95 or 98, the same notice of meeting must be given to the Bank and Board as is given to the creditors under this Chapter.

(4)

Where the company is being wound up by the court, notice of the first meetings of creditors and contributories within the meaning of Rule 4.12 shall be given to the Bank and the Board by the liquidator.

(5)

Where in any winding up a meeting of creditors or contributories is summoned for the purpose of -

(a)

receiving the liquidator's resignation, or

(b)

removing the liquidator, or

(c)

appointing a new liquidator,

the person summoning the meeting and giving notice of it shall also give notice to the Bank and the Board.

(6)

The Board is entitled to be represented at any meeting of which it is required by this Rule to be given notice; and Schedule 3 has effect with respect to the voting rights of the Board at such a meeting.

Annotations

Footnotes

f1: 1979 c.37.