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The Bank Insolvency (Scotland) Rules 2009

S.I. 2009/351 · Made 23 February 2009

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Banks And Banking, Scotland

Made 23rd February 2009

Laid before Parliament 24th February 2009

Coming into force 25th February 2009

The Treasury, in exercise of the powers conferred by section 411(1A)(b), (2), (2C) and (3) of the Insolvency Act 1986f1, make the following Rules.

Annotations to the whole text

Footnotes

f1

1986 c.45. Subsections (1A) and (2C) were inserted by the Banking Act 2009, section 125.

Contents

  1. Part 1: INTRODUCTORY PROVISIONS
  2. 1Citation and commencement
  3. 2Extent
  4. 3Application of rules, construction and interpretation
  5. 4Time limits
  6. 5Overview
  7. Part 2: APPLICATION FOR ORDER
  8. 6Application for bank insolvency order
  9. 7Persons entitled to copy of application
  10. 8Appointment of bank liquidator by the court
  11. 9Initial duties of bank liquidation committee
  12. 10Authentication of bank liquidator’s appointment
  13. Part 3: PROVISIONAL LIQUIDATION
  14. 11Appointment of provisional bank liquidator
  15. 12Order of appointment of provisional bank liquidator
  16. 13Caution
  17. 14Failure to find or to maintain caution
  18. 15Remuneration
  19. 16Termination of appointment
  20. Part 4: STATEMENT OF AFFAIRS
  21. 17Notice requiring statement of affairs
  22. 18Form of the statement of affairs
  23. 19Expenses of statement of affairs
  24. 20Limited disclosure
  25. Part 5: INFORMATION TO CREDITORS AND CONTRIBUTORIES
  26. 21Report by bank liquidator
  27. 22Information as to pending liquidations
  28. Part 6: MEETINGS OF CREDITORS AND CONTRIBUTORIES
  29. 23First meetings in the bank liquidation
  30. 24Business at the first meeting of creditors and contributories
  31. 25Other meetings
  32. 26Attendance at meetings of bank’s personnel
  33. Part 7: CLAIMS IN LIQUIDATION
  34. 27Submission of claims
  35. 28Application of the Bankruptcy Act
  36. 29Claims in foreign currency
  37. 30Rights of eligible depositor and set-off
  38. Part 8: THE LIQUIDATOR
  40. 31Appointment by creditors
  41. 32Appointment to be advertised and registered
  42. 33Hand-over of assets to bank liquidator
  43. 34Taking possession and realisation of the company’s assets
  44. 35General qualification on powers
  46. 36Summoning of meeting for removal of bank liquidator
  47. 37Procedure on bank liquidator’s removal
  48. 38Release of bank liquidator on removal
  49. 39Removal of bank liquidator by the court
  50. 40Advertisement of removal
  51. 41Resignation of liquidator
  52. 42Action following acceptance of bank liquidator’s resignation
  53. 43Release of resigning or removed bank liquidator
  55. 44Final meeting
  57. 45Determination of amount of outlays and remuneration
  58. 46Recourse of liquidator to meeting of creditors
  59. 47Recourse to the court
  60. 48Creditors’ claim that remuneration is excessive
  61. 49Primacy of Objective 1
  63. 50Replacement bank liquidator
  64. 51Bank liquidator deceased
  65. 52Loss of qualification as insolvency practitioner
  66. 53Resignation of the bank liquidator
  67. 54Notice to Bank of England of intention to vacate office
  68. 55Power of court to set aside certain transactions
  69. 56Rule against solicitation
  70. Part 9: THE LIQUIDATION COMMITTEE
  71. 57Application of rules
  72. 58Membership of committee
  73. 59Formalities of establishment
  74. 60Committee established by contributories
  75. 61Obligations of liquidator to committee
  76. 62Meetings of the committee
  77. 63The chair at meetings
  78. 64Quorum
  79. 65Committee members’ representatives
  80. 66Resignation
  81. 67Termination of membership
  82. 68Removal
  83. 69Vacancy (creditor members)
  84. 70Vacancy (contributory members)
  85. 71Voting rights and resolutions
  86. 72Resolutions by post
  87. 73Liquidator’s reports
  88. 74Expenses of members, etc
  89. 75Dealings by committee-members and others
  90. 76Composition of committee when creditors paid in full
  91. 77Formal defects
  92. Part 10: DISTRIBUTION OF BANK ASSETS
  93. 78Order of priority in distribution
  94. 79Order of priority of expenses of liquidation
  95. 80Application of the Bankruptcy Act
  96. Part 11: SPECIAL MANAGER
  97. 81Appointment and remuneration
  98. 82Caution
  99. 83Failure to find or maintain caution
  100. 84Accounting
  101. 85Termination of appointment
  102. Part 12: MISCELLANEOUS
  103. 86Secretary of State’s directions under section 116 of the 2009 Act
  104. 87Procedure following appeal under section 116 of the 2009 Act
  105. 88Limitation
  106. 89Dissolution after winding up
  107. Part 13: COMPANY WITH PROHIBITED NAME
  108. 90Preliminary
  109. 91Application for leave under section 216(3) before passing of full payment resolution
  110. 92Application for leave under section 216(3)
  111. 93First excepted case
  112. 94Second excepted case
  113. 95Third excepted case
  114. 96Further exception
  115. Part 14: MEETINGS
  116. 97Summoning of meetings
  117. 98Notice of meeting
  118. 99Chair of meetings
  119. 100Meetings requisitioned
  120. 101Requisitioned meetings reforming the liquidation committee
  121. 102Quorum
  122. 103Adjournment
  123. 104Entitlement to vote (creditors)
  124. 105Entitlement to vote (members and contributories)
  125. 106Chair of meeting as proxy holder
  126. 107Resolutions
  127. 108Report of meeting
  128. 109Application under section 176A(5) to disapply section 176A
  129. 110Notice of order under section 176A(5)
  130. 111Definition of “proxy”
  131. 112Form of proxy
  132. 113Use of proxy at meeting
  133. 114Retention of proxies
  134. 115Right of inspection
  135. 116Proxy holder with financial interest
  136. 117Representation of corporations
  137. Part 15: GENERAL PROVISIONS
  138. 118Giving of notices, etc
  139. 119Service outside the United Kingdom
  140. 120Sending by post
  141. 121Certificate of giving notice, etc.
  142. 122Validity of proceedings
  143. 123Evidence of proceedings at meetings
  144. 124Right to list of creditors and copy documents
  145. 125Confidentiality of documents
  146. 126Insolvency practitioner’s caution
  147. 127Forms for use in insolvency proceedings
  148. 128Fees, expenses, etc
  149. 129Power of court to cure defects in procedure
  150. 130Sederunt book
  151. 131Disposal of company’s books, papers and other records
  152. 132Information about time spent on a case
  153. Signature
  154. Explanatory note