Replacement Bank liquidator
Other duties (1) — Crown / regulator
- Bank of England must appoint a replacement bank liquidator when needed Statutory regulator
UK Statutory Instrument
2009
United Kingdom
The Bank Insolvency (England and Wales) Rules 2009
At a glance
What's here
16 compliance obligations
Who this Act binds
Plus 4 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 bank liquidator
- Resign as bank liquidator only after conditions and with Bank of England consent
General qualification on powers
Other duties (1) — Crown / regulator
- Use powers only to achieve Objective 1 until full payment resolution passes Statutory regulator
Primacy of Objective 1
Other duties (1) — Crown / regulator
- Bank liquidator must postpone other duties if Objective 1 is at risk Statutory regulator
Making, transmission and advertisement of order
- Serve and advertise the bank insolvency order
Initial duties of bank liquidation committee
Other duties (1) — Crown / regulator
- Liquidation committee must meet and recommend objectives for bank insolvency Crown / Minister / Government department
Order of appointment
- Serve the order of appointment on the bank
Right to have list of creditors
- Provide list of creditors on request (if no statement of affairs filed)
Report by bank liquidator
- Bank liquidator must prepare and publish a report on the insolvency proceedings
First meeting
- Summon and notify first meetings of creditors and contributories after full payment resolution
General power to call meetings
- Bank liquidator must notify Bank of England and regulator of removal meeting
Requisitioned meetings: reforming the liquidation committee
- Convene a creditors' meeting to re-establish the liquidation committee when requested
Remuneration of bank liquidator
- Creditors can set the bank liquidator's pay if the committee is gone
Appointment to be advertised and registered
- Advertise and register your appointment as bank liquidator
Action following acceptance of resignation
- File resignation notice with court and notify regulators
Final meeting
- Give notice of final meeting and file final report
Browse 278 other sections — procedural / definitional / commencement
The following Schedules to the 1986 Rules are applied to...
Citation and commencement
Other persons to receive copy of application
Bank liquidator’s remuneration where he realises assets on behalf of chargeholder
Other matters affecting remuneration
Recourse of bank liquidator to meeting of creditors
Recourse to the court
Creditors’ claim that remuneration is excessive
Primacy of Objective 1
Bank liquidator deceased
Loss of qualification as insolvency practitioner
Verification of application
Notice to Bank of England of intention to vacate office
Bank 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
Meetings of the committee
Persons entitled to copy of application
The chair at meetings
Quorum
Committee–members’ representatives
Resignation
Termination of membership
Removal
Vacancy (creditor members)
Vacancy (contributory members)
Voting rights and resolutions
Resolutions by post
Certificate of compliance
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 the Secretary of State
Formal defects
General duties of bank liquidator
Manner of distributing assets
Debts of insolvent company to rank equally
Leave for the applicant to withdraw
Supplementary provisions as to dividend
Division of unsold assets
General powers of the liquidator
Enforced delivery up of company’s property
Final distribution
Liquidator’s notice of disclaimer
Communication of disclaimer to persons interested
Additional notices
Duty to keep court informed
Application by interested party under s 178(5)
Witness statement in opposition
Interest in property to be declared on request
Disclaimer presumed valid and effective
Application for exercise of court’s powers under s 181
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 bank liquidator
Calls by bank liquidator
Control by bank 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
Termination of appointment
Authentication of bank liquidator’s appointment
General rule as to priority
Litigation expenses and property subject to a floating charge–general application
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 bank liquidator
Saving for powers of the court
Application to court for order authorising return of capital
Procedure for return of capital
Secretary of State’s directions under section 116 of the 2009 Act
Procedure following appeal under section 116 of the 2009 Act
Preliminary
Application for leave under s 216(3) before passing of full payment resolution
Consideration of application for leave under s 216(3)
First excepted case
Second excepted case
Third excepted case
Further exception
Preliminary
Interpretation
Expenses of voluntary arrangement
Form and contents of application
Application under section 176A(5) to disapply section 176A
Filing and service of application
Notice of application under section 176A(5)
Other hearings without notice
Hearing of application
Use of evidence
Filing and service of witness statements
Use of reports
Adjournment of hearings: directions
Extent
Appointment of provisional bank liquidator
Nomination and appointment of shorthand writers
Remuneration
Enforcement of court orders
Orders enforcing compliance with the rules
Warrants (general provisions)
Warrants under section 236
Title of proceedings
Court records
Inspection of records
File of court proceedings and inspection
Notice of appointment
Filing of Gazette notices and advertisements
Application of the CPR
Requirement to assess costs by the detailed procedure
Procedure where detailed assessment required
Costs of officers charged with executions of writs or other process
Costs paid otherwise than out of the insolvent estate
Award of costs against responsible insolvency practitioner
Application for costs
Costs and expenses of witnesses
Final costs certificate
Introductory
Appointment of another person to act
Witness statement in support of application
Service of notices following appointment
Appeals and review of court orders
Procedure on appeal
Appeal against a decision of the Secretary of State
Principal court rules and practice to apply
Right of attendance
Restriction on concurrent proceedings and remedies
Security
Security in court
Payment into court
Further information and disclosure
Office copies of documents
Definition of “proxy”
Issue and use of forms
Use of proxies at meetings
Retention of proxies
Right of inspection
Proxy–holder with financial interest
Failure to give or keep up security
Company representation
Preliminary
Form and contents of application
Order for examination, etc.
Procedure for examination
Record of examination
Costs of proceedings
Preliminary
Notice of intended dividend
Final admission/rejection of proofs
Remuneration
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
Preferential creditors
Debt payable at future time
Termination of appointment
Power of Secretary of State or Treasury 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 Secretary of State
Insolvency practitioner’s security
Time limits
Service by post
Notice requiring statement of affairs
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
False claim of status as creditor, etc
Execution overtaken by judgement debtor’s insolvency
Verification and filing
The Gazette
Punishment of offences
Notice of order under section 176A(5)
Introductory
“The court”; “the registrar”
“Give notice”, etc.
Notice, etc. to solicitors
Notice to joint bank liquidators
“Insolvent estate”
“Responsible insolvency practitioner”, etc.
Limited disclosure
“The appropriate fee”
“Debt”, “liability”
Expressions used generally
The Schedule
Application of rules, 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
Bank insolvency stayed
Overview
Business at first meetings of creditors and contributories
The chair at meetings
Requisitioned meetings: general
Attendance at meetings of bank’s personnel
Notice of meetings by advertisement only
Venue
Expenses of summoning meetings
Forms
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
Contents of proof
Time limits
Claim established by witness statement
Cost of proving
Bank liquidator to allow inspection of proofs
New bank 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
Negotiable instruments, etc.
Filing of application
Secured creditors
Discounts
Mutual credits 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
Surrender for non–disclosure
Service of application
Redemption by liquidator
Test of security’s value
Realisation of security by creditor
Replacement of bank liquidator by creditors
Authentication of bank liquidator’s appointment
Creditors’ meeting to be notified of the bank liquidator’s resignation
Advertisement of resignation
Proof of service
Meeting of creditors to remove bank liquidator
Court’s power to regulate meetings under rule 90
Procedure on removal
Advertisement of removal
Removal of bank liquidator by the court
Release of resigning or removed bank liquidator
Rule as to reporting
Fixing of remuneration
Bank liquidator’s entitlement to remuneration where it is not fixed under rule 98
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