- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
57. The rules in this Part apply only in relation to the liquidation committee established under rule 23 after a full payment resolution has been passed.
58.—(1) Apply rule 4.41 of the 1986 Rules(1).
(2) For rule 4.41(1) substitute–
“(1) Subject to rule 4.43 of the 1986 Rules as applied by rule 56 of the 2009 Rules, the liquidation committee shall consist of either 3 or 5 creditors of the bank, elected by the meeting of creditors held under rule 23 of those Rules.”.
(3) Ignore paragraphs (3) and (6) and in paragraph (5) ignore any reference to contributory members.
59.—(1) Apply rule 4.42 of the 1986 Rules(2).
60.—(1) Apply rule 4.43 of the 1986 Rules(3).
(2) For rule 4.43(1) of that rule substitute–
“(1) This rule applies where the outcome of the creditors’ meeting summoned by the bank liquidator under rule 23 of the 2009 Rules is, by virtue of rule 24(3), that the liquidation committee ceases to exist at the end of the meeting”.
(3) In rule 4.43(2) omit “Section 138 or”.
(4) In rule 4.43(4) omit “at least 3 and not more than 5” and substitute “3 or 5”.
61. Apply rule 4.44 of the 1986 Rules.
62. Apply rule 4.45 of the 1986 Rules.
63. Apply rule 4.46 of the 1986 Rules.
64. Apply rule 4.47 of the 1986 Rules.
65. Apply rule 4.48 of the 1986 Rules(4).
66. Apply rule 4.49 of the 1986 Rules.
67. Apply rule 4.50 of the 1986 Rules.
68. Apply rule 4.51 of the 1986 Rules.
69. Apply rule 4.52 of the 1986 Rules.
70. Apply rule 4.53 of the 1986 Rules(5).
71. Apply rule 4.54 of the 1986 Rules.
72.—(1) Apply rule 4.55 of the 1986 Rules(6).
(2) Ignore rule 4.55(3) and (4).
73.—(1) Apply rule 4.56 of the 1986 Rules.
(2) At the end of rule 4.56(1) insert “but does not apply to the FSCS”.
74. Apply rule 4.57(1) of the 1986 Rules.
75. Apply rule 4.58 of the 1986 Rules.
76.—(1) Apply rule 4.59 of the 1986 Rules(7).
(2) For rule 4.59(4) substitute “The members of the liquidation committee will cease to be members at the end of the final meeting held under rule 44 of the 2009 Rules.”
77. Apply rule 4.59A of the 1986 Rules(8).
Rule 4.41 was amended by paragraph 23 of Schedule 1(I) to S.I. 1987/1921.
Rule 4.42 was amended by paragraph 24 of Schedule 1(I) to S.I. 1987/1921, and paragraph 141(17) of Schedule 2(II) to S.I. 1999/1820. Rule 4.42(3) refers to section 375 of the Companies Act 1985 (c.6). That section was replaced by section 323 of the Companies Act 2006 (c.46) with effect from 1st October 2007.
Rule 4.43 was amended by paragraph 25 of Schedule 1(I) to S.I. 1987/1921.
Rule 4.48 was amended by paragraph 26 of Schedule 1(I) to S.I. 1987/1921. Rule 4.48 of the 1986 Rules refers to section 375 of the Companies Act 1985 (c.6). That section was replaced by section 323 of the Companies Act 2006 (c.46) with effect from 1st October 2007.
Rule 4.53 was amended by paragraph 27 of Schedule 1(I) to S.I. 1987/1921.
Rule 4.55 was amended by paragraph 28 of Schedule 1(I) to S.I. 1987/1921.
Rule 4.59 was amended by paragraph 141(18) of Schedule 2(II) to S.I. 1999/1820.
Rule 4.59A was inserted by paragraph 29 of Schedule 1(I) to S.I. 1987/1921.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: