Replacement building society liquidator
Other duties (1) — Crown / regulator
- Bank of England must appoint a replacement building society liquidator Crown / Minister / Government department
Northern Ireland Statutory Rule
2014
United Kingdom
The Building Society Insolvency Rules (Northern Ireland) 2014
At a glance
What's here
16 compliance obligations
Who this Act binds
Plus 3 non-business duties on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Resignation of the building society liquidator
- Building society liquidator must obtain consent before resigning
General qualification on powers
Other duties (1) — Crown / regulator
- Building society liquidator must act consistently with Objective 1 Statutory regulator
Primacy of Objective 1
Other duties (1) — Crown / regulator
- Liquidator must postpone duties that prejudice Objective 1 Statutory regulator
Making, transmission and advertisement of order
- Serve, transmit and advertise the building society insolvency order
Order of appointment
- Serve copy of appointment order on building society and regulators
Right to have list of creditors
- Building society liquidator must provide list of creditors upon request
Report by building society liquidator
- Building society liquidator must report on insolvency proceedings
First meeting
- Liquidator must summon first meetings of creditors and contributories within 3 months of full payment resolution
General power to call meetings
- Notify Bank of England and regulator of removal meeting
The chair at meetings
- Ensure meetings are chaired by the liquidator or a qualified nominee
Requisitioned meetings: reforming the liquidation committee
- Liquidator must notify regulator and Bank of England of meeting to re‑establish committee
Remuneration of building society liquidator
- Creditors can set the liquidator's pay when the liquidation committee is gone
Appointment to be advertised and registered
- Advertise your appointment as building society liquidator and notify the regulator
Action following acceptance of resignation
- Liquidator must file resignation notice and notify Bank of England and regulator
Final meeting
- Notify regulators of final meeting and submit final report
Browse 266 other sections — procedural / definitional / commencement
Citation and commencement
Other persons to receive copies of application
Building society liquidator’s entitlement to remuneration where it is not fixed under rule 99
Building society liquidator’s remuneration where he realises assets on behalf of chargeholder
Other matters affecting remuneration
Recourse of building society liquidator to meeting of creditors
Recourse to the court
Creditors’ claim that remuneration is excessive
Primacy of Objective 1
Building society liquidator deceased
Loss of qualification as insolvency practitioner
Verification of application
Notice to Bank of England of intention to vacate office
Building society liquidator’s duties on vacating office
Power of court to set aside certain transactions
Rule against solicitation
Application of rules in this Part
Membership of committee
Formalities of establishment
Committee established by contributories
Obligations of liquidator to committee
Persons entitled to copy of application
Meetings of the committee
The chair at meetings
Quorum
Committee-members’ representatives
Resignation
Termination of membership
Removal
Vacancy (creditor members)
Vacancy (contributory members)
Voting rights and resolutions
Certificate of compliance
Resolutions by post
Liquidator’s reports
Expenses of members, etc.
Dealings by committee-members and others
Composition of committee when creditors paid in full
Committee’s functions vested in Department
Formal defects
General duties of building society liquidator
Manner of distributing assets
Dismissal or withdrawal of application
Debts of insolvent building society to rank equally
Supplementary provisions as to dividend
Division of unsold assets
General powers of the liquidator
Enforced delivery up of building society’s property
Final distribution
Liquidator’s notice of disclaimer
Communication of disclaimer to persons interested
Additional notices
Duty to keep court informed
Affidavit in opposition
Application by interested party under Article 152(4)
Interest in property to be declared on request
Disclaimer presumed valid and effective
Application for exercise of court’s powers under Article 155
Preliminary
Duty of liquidator to settle list
Form of list
Procedure for settling list
Application to court for variation of the list
Variation of, or addition to, the list
Costs not to fall on building society liquidator
Calls by building society liquidator
Control by building society liquidation committee
Application to court for leave to make a call
Making and enforcement of the call
Appointment and remuneration
Security
Failure to give or keep up security
Accounting
Authentication of building society liquidator’s appointment
Termination of appointment
General rule as to priority
Litigation expenses and property subject to a floating charge-general provisions
Litigation expenses and property subject to a floating charge-requirement for approval or authorisation
Litigation expenses and property subject to a floating charge-request for approval or authorisation
Litigation expenses and property subject to a floating charge-grant of approval or authorisation
Litigation expenses and property subject to a floating charge-application to court by the building society liquidator
Saving for powers of the court
Application to court for order authorising return of capital
Procedure for return of capital
Initial duties of building society liquidation committee
Appropriate regulator’s directions under section 116 of the Banking Act
Procedure following appeal under section 116 of the Banking Act
Preliminary
Interpretation
Form and contents of application
Application under Article 150A(5) to disapply Article 150A
Filing and service of application
Notice of application under Article 150A(5)
Other hearings without notice
Hearing of application
Expenses of voluntary arrangement
Use of affidavit evidence
Filing and service of affidavits
Use of reports
Adjournment of hearing: directions
Nomination and appointment of shorthand writers
Remuneration
Enforcement of court orders
Orders enforcing compliance with the Rules
Warrants (general provisions)
Warrants under Article 200
Application of Rules
Appointment of provisional building society liquidator
Title of proceedings
Court records
Inspection of records
File of court proceedings and inspection
Application of Rules of the Court of Judicature
Requirement to tax costs
Measurement of remuneration by Taxing Master
Procedure where taxation required
Costs paid otherwise than out of the insolvent estate
Award of costs against responsible insolvency practitioner
Notice of appointment
Application for costs
Costs and expenses of witnesses
Certificate of taxation
Introductory
Appointment of another person to act
Affidavit in support of application
Service of notices following appointment
Appeals and review of court orders
Procedure on appeal
Appeal against a decision of the Department
Principal court Rules and practice to apply
Right of attendance
Restriction on concurrent proceedings and remedies
Security in court
Payment into court
Discovery
Office copies of documents
Definition of “proxy”
Issue and use of forms
Use of proxies at meetings
Security
Retention of proxies
Right of inspection
Proxy-holder with financial interest
Preliminary
Form and contents of application
Order for examination, etc
Procedure for examination
Record of examination
Cost of proceedings
Preliminary
Failure to give or keep up security
Notice of intended dividend
Final admission/rejection of proofs
Postponement or cancellation of dividend
Decision to declare dividend
Notice of declaration
Notice of no, or no further, dividend
Proof altered after payment of dividend
Secured creditors
Disqualification from dividend
Assignment of right to dividend
Remuneration
Preferential creditors
Debt payable at future time
Power of Department to regulate certain matters
Costs, expenses, etc
Provable debts
Notices
Quorum at meeting of creditors or contributories
Evidence of proceedings at meetings
Documents issuing from the Department
Insolvency practitioner’s security
Termination of appointment
Time
Service by post
General provisions as to service
Service outside the jurisdiction
Confidentiality of documents
Notices sent simultaneously to the same person
Right to copy documents
Charge for copy documents
Non-receipt of notice of meeting
Notice requiring statement of affairs
False claim of status as creditor, etc.
The Gazette
Punishment of offences
Notice of order under Article 150A(5)
Introductory
Expressions used generally
“Give notice”, etc.
Notice, etc to solicitors
Notice to joint building society liquidators
“Insolvent estate”
Verification and filing
“Responsible insolvency practitioner”, etc.
“The appropriate fee”
The Schedule
Limited disclosure
Construction and interpretation
Release from duty to submit statement of affairs; extension of time
Expenses of statement of affairs
Submission of accounts
Further disclosure
Meaning of “creditors”
Report where statement of affairs lodged
Statement of affairs dispensed with
General rule as to reporting
Building society insolvency stayed
Overview
Meaning of “contributories”
Business at first meetings of creditors and contributories
Requisitioned meetings: general
Attendance at meetings of building society’s personnel
Notice of meetings by advertisement only
Venue
Forms
Expenses of summoning meetings
Resolutions
Chair of meeting as proxy-holder
Suspension and adjournment
Entitlement to vote (creditors)
Entitlement to vote (contributories)
Admission and rejection of proof (creditors’ meetings)
Record of proceedings
Meaning of “prove”
Supply of forms
Time
Contents of proof
Claim established by affidavit
Cost of proving
Building society liquidator to allow inspection of proofs
New building society liquidator appointed
Admission and rejection of proofs for dividend
Appeal against decision on proof
Withdrawal or variation of proof
Expunging of proof by the court
Estimate of quantum
Filing of application
Negotiable instruments, etc.
Secured creditors
Discounts
Mutual credit and set-off
Disapplication of set-off for eligible depositors
Debt in foreign currency
Payments of a periodical nature
Interest
Debt payable at future time
Value of security
Service of application
Surrender for non-disclosure
Redemption by liquidator
Test of security’s value
Realisation of security by creditor
Replacement of building society liquidator by creditors
Authentication of building society liquidator’s appointment
Creditors’ meeting to be notified of building society liquidator’s resignation
Proof of service
Advertisement of resignation
Meeting of creditors to remove building society liquidator
Court’s power to regulate meetings under rule 89
Procedure on removal
Advertisement of removal
Removal of building society liquidator by the court
Release of resigning or removed building society liquidator
Rule as to reporting
Fixing of remuneration
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