UK Statutory Instrument SI 2010/2584 United Kingdom

The Building Society Insolvency (Scotland) Rules 2010

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 Officer13

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

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.art008 Appointment of building society liquidator by the court Regulated
  • Building society liquidator must notify regulators and advertise appointmentDirector or Officer
s.art009 Initial duties of building society liquidation committee Regulated
Other duties (1) — Crown / regulator
  • Liquidation committee must meet liquidator, recommend objectives, and set remunerationStatutory regulator
s.art012 Order of appointment of provisional building society liquidator Regulated
  • Provisional liquidator must serve order and give notice of appointmentDirector or Officer
s.art021 Report by building society liquidator Regulated
  • Building society liquidator must make and publish an insolvency report within 8 weeksDirector or Officer
s.art024 First meetings in the building society liquidation Regulated
  • Liquidator must summon and notify creditors and contributories of first meetingsDirector or Officer
s.art025 Business at the first meeting of creditors and contributories Regulated
Other duties (1) — Crown / regulator
  • FSCS must state whether it is resigning from the liquidation committee at first creditors' meetingStatutory regulator
s.art033 Appointment to be advertised and registered Regulated
  • Liquidator must advertise appointment and notify authoritiesDirector or Officer
s.art036 General qualification on powers Regulated
  • Prioritise Objective 1 before paying creditorsDirector or Officer
s.art042 Resignation of building society liquidator Regulated
  • Building society liquidator must follow resignation processDirector or Officer
s.art043 Action following acceptance of building society liquidator’s resignation Regulated
  • File resignation notice and notify regulators after creditors' meetingDirector or Officer
s.art045 Final meeting Regulated
  • Hold final meeting and finalise winding up of building societyDirector or Officer
s.art051 Replacement building society liquidator Regulated
Other duties (1) — Crown / regulator
  • Bank of England must appoint replacement liquidator for insolvent building societyStatutory regulator
s.art054 Resignation of the building society liquidator Regulated
  • Get the Bank of England's consent before you resign as liquidatorDirector or Officer
s.art055 Notice to Bank of England of intention to vacate office Regulated
  • Notify Bank of England before vacating office as building society liquidatorDirector or Officer
s.art093 Chair of meetings Regulated
  • Building society liquidator must chair meetings or nominate a qualified personDirector or Officer
s.art095 Requisitioned meetings reforming the liquidation committee Regulated
  • Summon a meeting to re‑establish the liquidation committee when requested by qualifying creditorsDirector or Officer
109 other provisions — procedural and definitional
s.art001 Citation and commencement
s.art002 Extent
s.art003 Application of rules, construction and interpretation
s.art004 Time limits
s.art005 Overview
s.art006 Application for building society insolvency order
s.art007 Persons entitled to copy of application
s.art010 Authentication of building society liquidator’s appointment
s.art011 Appointment of provisional building society liquidator
s.art013 Caution
s.art014 Failure to find or to maintain caution
s.art015 Remuneration
s.art016 Termination of appointment
s.art017 Notice requiring statement of affairs
s.art018 Form of the statement of affairs
s.art019 Expenses of statement of affairs
s.art020 Limited disclosure
s.art022 Information as to pending liquidations
s.art023 Meaning of “contributories”
s.art026 Other meetings
s.art027 Attendance at meetings of building society’s personnel
s.art028 Submission of claims
s.art029 Application of the
s.art030 Claims in foreign currency
s.art031 Rights of eligible depositor and set-off
s.art032 Appointment by creditors
s.art034 Hand-over of assets to building society liquidator
s.art035 Taking possession and realisation of the building society’s assets
s.art037 Summoning of meeting for removal of building society liquidator
s.art038 Procedure on building society liquidator’s removal
s.art039 Release of building society liquidator on removal
s.art040 Removal of building society liquidator by the court
s.art041 Advertisement of removal
s.art044 Release of resigning or removed building society liquidator
s.art046 Determination of amount of outlays and remuneration
s.art047 Recourse of liquidator to meeting of creditors
s.art048 Recourse to the court
s.art049 Creditors’ claim that remuneration is excessive
s.art050 Primacy of Objective 1
s.art052 Building society liquidator deceased
s.art053 Loss of qualification as insolvency practitioner
s.art056 Power of court to set aside certain transactions
s.art057 Rule against solicitation
s.art058 Application of rules
s.art059 Membership of committee
s.art060 Formalities of establishment
s.art061 Committee established by contributories
s.art062 Obligations of liquidator to committee
s.art063 Meetings of the committee
s.art064 The chair at meetings
s.art065 Quorum
s.art066 Committee members’ representatives
s.art067 Resignation
s.art068 Termination of membership
s.art069 Removal
s.art070 Vacancy (creditor members)
s.art071 Vacancy (contributory members)
s.art072 Voting rights and resolutions
s.art073 Resolutions by post
s.art074 Liquidator’s reports
s.art075 Expenses of members,
s.art076 Dealings by committee-members and others
s.art077 Composition of committee when creditors paid in full
s.art078 Formal defects
s.art079 Order of priority in distribution
s.art080 Order of priority of expenses of liquidation
s.art081 Application of the Bankruptcy Act
s.art082 Appointment and remuneration
s.art083 Caution
s.art084 Failure to find or maintain caution
s.art085 Accounting
s.art086 Termination of appointment
s.art087 art.87
s.art088 Procedure following appeal under section 116 of the Banking Act
s.art089 Limitation
s.art090 Dissolution after winding up
s.art091 Summoning of meetings
s.art092 Notice of meeting
s.art094 Meetings requisitioned
s.art096 Quorum
s.art097 Adjournment
s.art098 Entitlement to vote (creditors)
s.art099 Entitlement to vote (members and contributories)
s.art100 Chair of meeting as proxy holder
s.art101 Resolutions
s.art102 Report of meeting
s.art103 Application under section 176A(5) to disapply section 176A
s.art104 Notice of order under section 176A(5)
s.art105 Definition of “proxy”
s.art106 Form of proxy
s.art107 Use of proxy at meeting
s.art108 Retention of proxies
s.art109 Right of inspection
s.art110 Proxy holder with financial interest
s.art111 Giving of notices, etc
s.art112 Service outside the United Kingdom
s.art113 Sending by post
s.art114 Certificate of giving notice,
s.art115 Validity of proceedings
s.art116 Evidence of proceedings at meetings
s.art117 Right to list of creditors and copy documents
s.art118 Confidentiality of documents
s.art119 Insolvency practitioner’s caution
s.art120 Forms for use in insolvency proceedings
s.art121 Fees, expenses, etc
s.art122 Power of court to cure defects in procedure
s.art123 Sederunt book
s.art124 Disposal of building society’s books, papers and other records
s.art125 Information about time spent on a case

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