Replacement building society liquidator
Other duties (1) — Crown / regulator
- Bank of England must appoint a replacement building society liquidator when the post becomes vacant Statutory regulator
UK Statutory Instrument
2010
United Kingdom
The Building Society Insolvency (England and Wales) Rules 2010
At a glance
What's here
15 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Director or Officer 13
- Any Person 1
Plus 1 non-business duty on Crown ministers, regulators, local authorities or tribunals — shown collapsed under each section below.
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
Any Person also bound by 2337 other Acts (top 5 shown)
- Human Medicines Regulations 2012 2012 169 duties
- Merchant Shipping Act 1995 1995 144 duties
- Insolvency (England and Wales) Rules 2016 2016 101 duties
- Road Traffic Act 1988 1988 95 duties
- Air Navigation Order 2016 2016 95 duties
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 follow resignation procedure with Bank of England consent Director or Officer
General qualification on powers
- Building society liquidator must act in line with Objective 1 Director or Officer
Making, transmission and advertisement of order
- Serve, distribute and advertise the building society insolvency order Director or Officer
Initial duties of building society liquidation committee
- Liquidation committee must meet liquidator, recommend objectives, and set remuneration Any Person
Order of appointment
- Serve the appointment order and notify relevant authorities Director or Officer
Right to have list of creditors
- Provide creditor list upon request to eligible creditors Director or Officer
Report by building society liquidator
- Liquidator must publish a report on building society insolvency within 8 weeks Director or Officer
First meeting
- Liquidator must summon creditor and contributory meetings within 3 months of full-payment resolution Director or Officer
General power to call meetings
- Notify Bank of England and regulator of meeting to remove liquidator Director or Officer
The chair at meetings
- Chair meetings or nominate a qualified person to chair Director or Officer
Requisitioned meetings: reforming the liquidation committee
- Liquidator must notify regulators when creditors request a meeting to re‑establish the liquidation committee Director or Officer
Appointment to be advertised and registered
- Advertise your appointment as building society liquidator and notify the regulator Director or Officer
Action following acceptance of resignation
- Building society liquidator must file resignation notice and notify regulators after creditors' meeting Director or Officer
Final meeting
- Give notice and file final report for liquidation committee meeting Director or Officer
Browse 271 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
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 the Secretary of State
Formal defects
General duties of building society liquidator
Manner of distributing assets
Leave for the applicant to withdraw
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
Witness statement in opposition
Application by interested party under section 178(5)
Interest in property to be declared on request
Disclaimer presumed valid and effective
Application for exercise of court’s powers under s 181
Preliminary
Primacy of Objective 1
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 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 building society liquidator
Saving for powers of the court
Application to court for order authorising return of capital
Procedure for return of capital
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 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
Expenses of voluntary arrangement
Use of evidence
Filing and service of witness statements
Use of reports
Adjournment of hearings: directions
Nomination and appointment of shorthand writers
Remuneration
Enforcement of court orders
Orders enforcing compliance with the Rules
Warrants (general provisions)
Warrants under section 236
Extent
Appointment of provisional building society liquidator
Title of proceedings
Court records
Inspection of records
File of court proceedings and inspection
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
Notice of appointment
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 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
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
Costs 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 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
Termination of appointment
Time limits
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
Execution overtaken by judgement debtor’s insolvency
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 building society liquidators
Verification and filing
“Insolvent estate”
“Responsible insolvency practitioner”, etc.
“The appropriate fee”
“Debt”, “liability”
Expressions used generally
The Schedule
Limited disclosure
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
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 limits
Contents of proof
Claim established by witness statement
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 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
Service of application
Surrender for non–disclosure
Redemption by liquidator
Test of security’s value
Realisation of security by creditor
Remuneration of building society liquidator
Replacement of building society liquidator by creditors
Authentication of building society liquidator’s appointment
Creditors’ meeting to be notified of the 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
Explore more
Browse legislation
Find other UK business legislation with related guidance.