PART 21DECLARATION AND PAYMENT OF DIVIDEND
PreliminaryI1245
1
The rules in this Part relate to the declaration and payment of dividends in a bank insolvency.
2
In this part—
a
“creditors” means those creditors of the bank of whom the bank liquidator is aware, or who are identified in the bank’s statement of affairs; and
b
“the insolvent” means the bank.
Notice of intended dividendI2246
1
Apply rule 11.02 of the 1991 Rules.
2
Delete paragraph (1)(b) .
Final admission/rejection of proofsI3247
1
Apply rule 11.03 of the 1991 Rules.
2
Delete paragraph (4).
Postponement or cancellation of dividendI4248
Apply rule 11.04 of the 1991 Rules.
Decision to declare dividendI5249
Apply rule 11.05 of the 1991 Rules.
Notice of declarationI6250
1
Apply rule 11.06 of the 1991 Rules.
2
Delete paragraph (1)(b).
3
In paragraph (2), after (b) add—
ba
expenses incurred by the bank liquidator in the achievement of objective 1 under section 99 of the Banking Act 2009;
Notice of no, or no further, dividendI7251
Apply rule 11.07 of the 1991 Rules.
Proof altered after payment of dividendI8252
Apply rule 11.08 of the 1991 Rules.
Secured creditorsI9253
Apply rule 11.09 of the 1991 Rules.
Disqualification from dividendI10254
1
Apply rule 11.10 of the 1991 Rules.
2
For “the Order” substitute “the Order as applied by the 2009 Act”.
Assignment of right to dividendI11255
Apply rule 11.11 of the 1991 Rules.
Preferential creditorsI12256
Apply rule 11.12 of the 1991 Rules.
Debt payable at future timeI13257
1
Apply rule 11.13 of the 1991 Rules.
2
For paragraph (3) substitute—
3
In paragraph (2) “relevant date” means the date of the commencement of the bank insolvency.