The Building Society Insolvency (Scotland) Rules 2010

S.I. 2010/2584 · Made 21 October 2010 · Extends to Scotland

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