Appointment of building society liquidator by the court
- Building society liquidator must notify regulators and advertise appointment
UK Statutory Instrument
2010
United Kingdom
The Building Society Insolvency (Scotland) Rules 2010
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.
Initial duties of building society liquidation committee
Other duties (1) — Crown / regulator
- Liquidation committee must meet liquidator, recommend objectives, and set remuneration Statutory regulator
Order of appointment of provisional building society liquidator
- Provisional liquidator must serve order and give notice of appointment
Report by building society liquidator
- Building society liquidator must make and publish an insolvency report within 8 weeks
First meetings in the building society liquidation
- Liquidator must summon and notify creditors and contributories of first meetings
Business at the first meeting of creditors and contributories
Other duties (1) — Crown / regulator
- FSCS must state whether it is resigning from the liquidation committee at first creditors' meeting Statutory regulator
Appointment to be advertised and registered
- Liquidator must advertise appointment and notify authorities
General qualification on powers
- Prioritise Objective 1 before paying creditors
Resignation of building society liquidator
- Building society liquidator must follow resignation process
Action following acceptance of building society liquidator’s resignation
- File resignation notice and notify regulators after creditors' meeting
Final meeting
- Hold final meeting and finalise winding up of building society
Replacement building society liquidator
Other duties (1) — Crown / regulator
- Bank of England must appoint replacement liquidator for insolvent building society Statutory regulator
Resignation of the building society liquidator
- Get the Bank of England's consent before you resign as liquidator
Notice to Bank of England of intention to vacate office
- Notify Bank of England before vacating office as building society liquidator
Chair of meetings
- Building society liquidator must chair meetings or nominate a qualified person
Requisitioned meetings reforming the liquidation committee
- Summon a meeting to re‑establish the liquidation committee when requested by qualifying creditors
Browse 109 other sections — procedural / definitional / commencement
Citation and commencement
Extent
Application of rules, construction and interpretation
Time limits
Overview
Application for building society insolvency order
Persons entitled to copy of application
Authentication of building society liquidator’s appointment
Appointment of provisional building society liquidator
Caution
Failure to find or to maintain caution
Remuneration
Termination of appointment
Notice requiring statement of affairs
Form of the statement of affairs
Expenses of statement of affairs
Limited disclosure
Information as to pending liquidations
Meaning of “contributories”
Other meetings
Attendance at meetings of building society’s personnel
Submission of claims
Application of the
Claims in foreign currency
Rights of eligible depositor and set-off
Appointment by creditors
Hand-over of assets to building society liquidator
Taking possession and realisation of the building society’s assets
Summoning of meeting for removal of building society liquidator
Procedure on building society liquidator’s removal
Release of building society liquidator on removal
Removal of building society liquidator by the court
Advertisement of removal
Release of resigning or removed building society liquidator
Determination of amount of outlays and remuneration
Recourse of 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
Power of court to set aside certain transactions
Rule against solicitation
Application of rules
Membership of committee
Formalities of establishment
Committee established by contributories
Obligations of liquidator to committee
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
Resolutions by post
Liquidator’s reports
Expenses of members,
Dealings by committee-members and others
Composition of committee when creditors paid in full
Formal defects
Order of priority in distribution
Order of priority of expenses of liquidation
Application of the Bankruptcy Act
Appointment and remuneration
Caution
Failure to find or maintain caution
Accounting
Termination of appointment
art.87
Procedure following appeal under section 116 of the Banking Act
Limitation
Dissolution after winding up
Summoning of meetings
Notice of meeting
Meetings requisitioned
Quorum
Adjournment
Entitlement to vote (creditors)
Entitlement to vote (members and contributories)
Chair of meeting as proxy holder
Resolutions
Report of meeting
Application under section 176A(5) to disapply section 176A
Notice of order under section 176A(5)
Definition of “proxy”
Form of proxy
Use of proxy at meeting
Retention of proxies
Right of inspection
Proxy holder with financial interest
Giving of notices, etc
Service outside the United Kingdom
Sending by post
Certificate of giving notice,
Validity of proceedings
Evidence of proceedings at meetings
Right to list of creditors and copy documents
Confidentiality of documents
Insolvency practitioner’s caution
Forms for use in insolvency proceedings
Fees, expenses, etc
Power of court to cure defects in procedure
Sederunt book
Disposal of building society’s books, papers and other records
Information about time spent on a case
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