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The Bank Administration Rules (Northern Ireland) 2009

Status:

This is the original version (as it was originally made).

End of administration: dissolution

49.—(1) This Rule supplements section 154(2)(a) of the 2009 Act (bank administrator giving notice under paragraph 85 of Schedule B1 to the Order that there are no more assets for distribution, and moving to dissolution).

(2) The bank administrator’s notice under paragraph 85—

(a)shall be filed with the court in Form 2.36B (subject to Rule 7(2)); and

(b)shall be accompanied by a final progress report.

(3) The notice shall not take effect until the court discharges the bank administration order on the application of the bank administrator.

(4) Before applying for discharge the bank administrator must send a copy of the notice under paragraph 85 and the progress report to—

(a)the registrar of companies; and

(b)each person who received notice of the bank administrator’s appointment.

(5) After the expiry of the period mentioned in paragraph 85(6) (and subject to extension under paragraph 85(7)) if the court discharges the bank administration order —

(a)the notice takes effect as specified in paragraph 85(6); and

(b)the court shall notify the bank administrator, who shall notify the registrar of companies.

(6) If the court makes an order under paragraph 85(7) it shall notify the bank administrator in Form 2.36B (subject to Rule 7(2)), who shall notify the registrar of companies.

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