Northern Ireland Statutory Rule SI 2014/41 United Kingdom

The Building Society Insolvency Rules (Northern Ireland) 2014

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Director or Officer12 Trader1

Plus 3 duties on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Director or Officer — also bound by 429 other Acts
Companies Act 2006 126 duties
Trader — also bound by 825 other Acts
Companies Act 2006 243 duties
Companies Act 1985 85 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

s.rule 107 Replacement building society liquidator Regulated
Other duties (1) — Crown / regulator
  • Bank of England must appoint a replacement building society liquidatorCrown / Minister / Government department
s.rule 110 Resignation of the building society liquidator Regulated
  • Building society liquidator must obtain consent before resigningDirector or Officer
s.rule 138 General qualification on powers Regulated
Other duties (1) — Crown / regulator
  • Building society liquidator must act consistently with Objective 1Statutory regulator
s.rule 155 Primacy of Objective 1 Regulated
Other duties (1) — Crown / regulator
  • Liquidator must postpone duties that prejudice Objective 1Statutory regulator
s.rule 16 Making, transmission and advertisement of order Regulated
  • Serve, transmit and advertise the building society insolvency orderDirector or Officer
s.rule 22 Order of appointment Regulated
  • Serve copy of appointment order on building society and regulatorsDirector or Officer
s.rule 269 Right to have list of creditors Regulated
  • Building society liquidator must provide list of creditors upon requestDirector or Officer
s.rule 34 Report by building society liquidator Regulated
  • Building society liquidator must report on insolvency proceedingsDirector or Officer
s.rule 41 First meeting Regulated
  • Liquidator must summon first meetings of creditors and contributories within 3 months of full payment resolutionDirector or Officer
s.rule 43 General power to call meetings Regulated
  • Notify Bank of England and regulator of removal meetingDirector or Officer
s.rule 44 The chair at meetings Regulated
  • Ensure meetings are chaired by the liquidator or a qualified nomineeDirector or Officer
s.rule 46 Requisitioned meetings: reforming the liquidation committee Regulated
  • Liquidator must notify regulator and Bank of England of meeting to re‑establish committeeDirector or Officer
s.rule 84 Remuneration of building society liquidator Regulated
  • Creditors can set the liquidator's pay when the liquidation committee is goneTrader
s.rule 87 Appointment to be advertised and registered Regulated
  • Advertise your appointment as building society liquidator and notify the regulatorDirector or Officer
s.rule 89 Action following acceptance of resignation Regulated
  • Liquidator must file resignation notice and notify Bank of England and regulatorDirector or Officer
s.rule 97 Final meeting Regulated
  • Notify regulators of final meeting and submit final reportDirector or Officer
266 other provisions — procedural and definitional
s.rule 1 Citation and commencement
s.rule 10 Other persons to receive copies of application
s.rule 100 Building society liquidator’s entitlement to remuneration where it is not fixed under rule 99
s.rule 101 Building society liquidator’s remuneration where he realises assets on behalf of chargeholder
s.rule 102 Other matters affecting remuneration
s.rule 103 Recourse of building society liquidator to meeting of creditors
s.rule 104 Recourse to the court
s.rule 105 Creditors’ claim that remuneration is excessive
s.rule 106 Primacy of Objective 1
s.rule 108 Building society liquidator deceased
s.rule 109 Loss of qualification as insolvency practitioner
s.rule 11 Verification of application
s.rule 111 Notice to Bank of England of intention to vacate office
s.rule 112 Building society liquidator’s duties on vacating office
s.rule 113 Power of court to set aside certain transactions
s.rule 114 Rule against solicitation
s.rule 115 Application of rules in this Part
s.rule 116 Membership of committee
s.rule 117 Formalities of establishment
s.rule 118 Committee established by contributories
s.rule 119 Obligations of liquidator to committee
s.rule 12 Persons entitled to copy of application
s.rule 120 Meetings of the committee
s.rule 121 The chair at meetings
s.rule 122 Quorum
s.rule 123 Committee-members’ representatives
s.rule 124 Resignation
s.rule 125 Termination of membership
s.rule 126 Removal
s.rule 127 Vacancy (creditor members)
s.rule 128 Vacancy (contributory members)
s.rule 129 Voting rights and resolutions
s.rule 13 Certificate of compliance
s.rule 130 Resolutions by post
s.rule 131 Liquidator’s reports
s.rule 132 Expenses of members, etc.
s.rule 133 Dealings by committee-members and others
s.rule 134 Composition of committee when creditors paid in full
s.rule 135 Committee’s functions vested in Department
s.rule 136 Formal defects
s.rule 137 General duties of building society liquidator
s.rule 139 Manner of distributing assets
s.rule 14 Dismissal or withdrawal of application
s.rule 140 Debts of insolvent building society to rank equally
s.rule 141 Supplementary provisions as to dividend
s.rule 142 Division of unsold assets
s.rule 143 General powers of the liquidator
s.rule 144 Enforced delivery up of building society’s property
s.rule 145 Final distribution
s.rule 146 Liquidator’s notice of disclaimer
s.rule 147 Communication of disclaimer to persons interested
s.rule 148 Additional notices
s.rule 149 Duty to keep court informed
s.rule 15 Affidavit in opposition
s.rule 150 Application by interested party under Article 152(4)
s.rule 151 Interest in property to be declared on request
s.rule 152 Disclaimer presumed valid and effective
s.rule 153 Application for exercise of court’s powers under Article 155
s.rule 154 Preliminary
s.rule 156 Duty of liquidator to settle list
s.rule 157 Form of list
s.rule 158 Procedure for settling list
s.rule 159 Application to court for variation of the list
s.rule 160 Variation of, or addition to, the list
s.rule 161 Costs not to fall on building society liquidator
s.rule 162 Calls by building society liquidator
s.rule 163 Control by building society liquidation committee
s.rule 164 Application to court for leave to make a call
s.rule 165 Making and enforcement of the call
s.rule 166 Appointment and remuneration
s.rule 167 Security
s.rule 168 Failure to give or keep up security
s.rule 169 Accounting
s.rule 17 Authentication of building society liquidator’s appointment
s.rule 170 Termination of appointment
s.rule 171 General rule as to priority
s.rule 172 Litigation expenses and property subject to a floating charge-general provisions
s.rule 173 Litigation expenses and property subject to a floating charge-requirement for approval or authorisation
s.rule 174 Litigation expenses and property subject to a floating charge-request for approval or authorisation
s.rule 175 Litigation expenses and property subject to a floating charge-grant of approval or authorisation
s.rule 176 Litigation expenses and property subject to a floating charge-application to court by the building society liquidator
s.rule 177 Saving for powers of the court
s.rule 178 Application to court for order authorising return of capital
s.rule 179 Procedure for return of capital
s.rule 18 Initial duties of building society liquidation committee
s.rule 180 Appropriate regulator’s directions under section 116 of the Banking Act
s.rule 181 Procedure following appeal under section 116 of the Banking Act
s.rule 182 Preliminary
s.rule 183 Interpretation
s.rule 184 Form and contents of application
s.rule 185 Application under Article 150A(5) to disapply Article 150A
s.rule 186 Filing and service of application
s.rule 187 Notice of application under Article 150A(5)
s.rule 188 Other hearings without notice
s.rule 189 Hearing of application
s.rule 19 Expenses of voluntary arrangement
s.rule 190 Use of affidavit evidence
s.rule 191 Filing and service of affidavits
s.rule 192 Use of reports
s.rule 193 Adjournment of hearing: directions
s.rule 194 Nomination and appointment of shorthand writers
s.rule 195 Remuneration
s.rule 196 Enforcement of court orders
s.rule 197 Orders enforcing compliance with the Rules
s.rule 198 Warrants (general provisions)
s.rule 199 Warrants under Article 200
s.rule 2 Application of Rules
s.rule 20 Appointment of provisional building society liquidator
s.rule 200 Title of proceedings
s.rule 201 Court records
s.rule 202 Inspection of records
s.rule 203 File of court proceedings and inspection
s.rule 204 Application of Rules of the Court of Judicature
s.rule 205 Requirement to tax costs
s.rule 206 Measurement of remuneration by Taxing Master
s.rule 207 Procedure where taxation required
s.rule 208 Costs paid otherwise than out of the insolvent estate
s.rule 209 Award of costs against responsible insolvency practitioner
s.rule 21 Notice of appointment
s.rule 210 Application for costs
s.rule 211 Costs and expenses of witnesses
s.rule 212 Certificate of taxation
s.rule 213 Introductory
s.rule 214 Appointment of another person to act
s.rule 215 Affidavit in support of application
s.rule 216 Service of notices following appointment
s.rule 217 Appeals and review of court orders
s.rule 218 Procedure on appeal
s.rule 219 Appeal against a decision of the Department
s.rule 220 Principal court Rules and practice to apply
s.rule 221 Right of attendance
s.rule 222 Restriction on concurrent proceedings and remedies
s.rule 223 Security in court
s.rule 224 Payment into court
s.rule 225 Discovery
s.rule 226 Office copies of documents
s.rule 227 Definition of “proxy”
s.rule 228 Issue and use of forms
s.rule 229 Use of proxies at meetings
s.rule 23 Security
s.rule 230 Retention of proxies
s.rule 231 Right of inspection
s.rule 232 Proxy-holder with financial interest
s.rule 233 Preliminary
s.rule 234 Form and contents of application
s.rule 235 Order for examination, etc
s.rule 236 Procedure for examination
s.rule 237 Record of examination
s.rule 238 Cost of proceedings
s.rule 239 Preliminary
s.rule 24 Failure to give or keep up security
s.rule 240 Notice of intended dividend
s.rule 241 Final admission/rejection of proofs
s.rule 242 Postponement or cancellation of dividend
s.rule 243 Decision to declare dividend
s.rule 244 Notice of declaration
s.rule 245 Notice of no, or no further, dividend
s.rule 246 Proof altered after payment of dividend
s.rule 247 Secured creditors
s.rule 248 Disqualification from dividend
s.rule 249 Assignment of right to dividend
s.rule 25 Remuneration
s.rule 250 Preferential creditors
s.rule 251 Debt payable at future time
s.rule 252 Power of Department to regulate certain matters
s.rule 253 Costs, expenses, etc
s.rule 254 Provable debts
s.rule 255 Notices
s.rule 256 Quorum at meeting of creditors or contributories
s.rule 257 Evidence of proceedings at meetings
s.rule 258 Documents issuing from the Department
s.rule 259 Insolvency practitioner’s security
s.rule 26 Termination of appointment
s.rule 260 Time
s.rule 261 Service by post
s.rule 262 General provisions as to service
s.rule 263 Service outside the jurisdiction
s.rule 264 Confidentiality of documents
s.rule 265 Notices sent simultaneously to the same person
s.rule 266 Right to copy documents
s.rule 267 Charge for copy documents
s.rule 268 Non-receipt of notice of meeting
s.rule 27 Notice requiring statement of affairs
s.rule 270 False claim of status as creditor, etc.
s.rule 271 The Gazette
s.rule 272 Punishment of offences
s.rule 273 Notice of order under Article 150A(5)
s.rule 274 Introductory
s.rule 275 Expressions used generally
s.rule 276 “Give notice”, etc.
s.rule 277 Notice, etc to solicitors
s.rule 278 Notice to joint building society liquidators
s.rule 279 “Insolvent estate”
s.rule 28 Verification and filing
s.rule 280 “Responsible insolvency practitioner”, etc.
s.rule 281 “The appropriate fee”
s.rule 282 The Schedule
s.rule 29 Limited disclosure
s.rule 3 Construction and interpretation
s.rule 30 Release from duty to submit statement of affairs; extension of time
s.rule 31 Expenses of statement of affairs
s.rule 32 Submission of accounts
s.rule 33 Further disclosure
s.rule 35 Meaning of “creditors”
s.rule 36 Report where statement of affairs lodged
s.rule 37 Statement of affairs dispensed with
s.rule 38 General rule as to reporting
s.rule 39 Building society insolvency stayed
s.rule 4 Overview
s.rule 40 Meaning of “contributories”
s.rule 42 Business at first meetings of creditors and contributories
s.rule 45 Requisitioned meetings: general
s.rule 47 Attendance at meetings of building society’s personnel
s.rule 48 Notice of meetings by advertisement only
s.rule 49 Venue
s.rule 5 Forms
s.rule 50 Expenses of summoning meetings
s.rule 51 Resolutions
s.rule 52 Chair of meeting as proxy-holder
s.rule 53 Suspension and adjournment
s.rule 54 Entitlement to vote (creditors)
s.rule 55 Entitlement to vote (contributories)
s.rule 56 Admission and rejection of proof (creditors’ meetings)
s.rule 57 Record of proceedings
s.rule 58 Meaning of “prove”
s.rule 59 Supply of forms
s.rule 6 Time
s.rule 60 Contents of proof
s.rule 61 Claim established by affidavit
s.rule 62 Cost of proving
s.rule 63 Building society liquidator to allow inspection of proofs
s.rule 64 New building society liquidator appointed
s.rule 65 Admission and rejection of proofs for dividend
s.rule 66 Appeal against decision on proof
s.rule 67 Withdrawal or variation of proof
s.rule 68 Expunging of proof by the court
s.rule 69 Estimate of quantum
s.rule 7 Filing of application
s.rule 70 Negotiable instruments, etc.
s.rule 71 Secured creditors
s.rule 72 Discounts
s.rule 73 Mutual credit and set-off
s.rule 74 Disapplication of set-off for eligible depositors
s.rule 75 Debt in foreign currency
s.rule 76 Payments of a periodical nature
s.rule 77 Interest
s.rule 78 Debt payable at future time
s.rule 79 Value of security
s.rule 8 Service of application
s.rule 80 Surrender for non-disclosure
s.rule 81 Redemption by liquidator
s.rule 82 Test of security’s value
s.rule 83 Realisation of security by creditor
s.rule 85 Replacement of building society liquidator by creditors
s.rule 86 Authentication of building society liquidator’s appointment
s.rule 88 Creditors’ meeting to be notified of building society liquidator’s resignation
s.rule 9 Proof of service
s.rule 90 Advertisement of resignation
s.rule 91 Meeting of creditors to remove building society liquidator
s.rule 92 Court’s power to regulate meetings under rule 89
s.rule 93 Procedure on removal
s.rule 94 Advertisement of removal
s.rule 95 Removal of building society liquidator by the court
s.rule 96 Release of resigning or removed building society liquidator
s.rule 98 Rule as to reporting
s.rule 99 Fixing of remuneration

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.