PART 10 THE LIQUIDATION COMMITTEE

114 Application of rules in this Part
The rules in this Part apply only in relation to the liquidation committee established under rule 41 after a full payment resolution has been passed.

115 Membership of committee
1 Apply rule 4.152 of the 1986 Rules.
2 For paragraph (1) substitute—

“1 Subject to rule 4.154 as applied by rule 117 of the Bank Insolvency Rules 2009, the liquidation committee shall consist of either 3 or 5 creditors of the company, elected by the meeting of creditors held under rule 41 of those Rules.”

3 Ignore paragraphs (2), (4) and (7) and ignore any reference to contributory members in paragraph (6).
Paragraph (7) was substituted by S.I. 2001/3649.

116 Formalities of establishment
Apply rule 4.153 of the 1986 Rules. In paragraph (3), the reference to section 375 of the 1985 Act, shall, after that section is repealed, be to section 323 of the 2006 Act.
Paragraphs (3) and (3A) were substituted by S.I. 1987/1919.
Section 375 is repealed on 1 October 2009.

117 Committee established by contributories
1 Apply rule 4.154 of the 1986 Rules.
Paragraph (4) was amended by S.I. 1987/1919.
2 For paragraph (1) substitute—

“1 This rule applies where the outcome of the creditors’ meeting summoned by the bank liquidator under rule 41 of the Bank Insolvency 2009 Rules is, (by virtue of rule 41 (2)), that the liquidation committee ceases to exist at the end of the meeting.”

.
3 In paragraph (2), for “that section” substitute “section 141 of the Act”.
4 In paragraph (4) for “at least 3 and not more than 5”, substitute “3 or 5”.

118 Obligations of liquidator to committee
Apply rule 4.155 of the 1986 Rules.

119 Meetings of the committee
Apply rule 4.156 of the 1986 Rules.

120 The chair at meetings
Apply rule 4.157 of the 1986 Rules.

121 Quorum
A meeting of the committee is duly constituted if due notice of it has been given to all the members, and at least 2 members are present or represented.

122 Committee–members’ representatives
Apply rule 4.159 of the 1986 Rules. In paragraph (2), the reference to section 375 of the 1985 Act, shall, after that section is repealed, be to section 323 of the 2006 Act.
Rule 4.159 was amended by S.I. 1987/1919 and S.I. 2004/584.

123 Resignation
Apply rule 4.160 of the 1986 Rules.

124 Termination of membership
Apply rule 4.161 of the 1986 Rules.
Paragraph (1) was amended by S.I. 1987/1919.

125 Removal
Apply rule 4.162 of the 1986 Rules.

126 Vacancy (creditor members)
Apply rule 4.163 of the 1986 Rules.

127 Vacancy (contributory members)
Apply rule 4.164 of the 1986 Rules.

128 Voting rights and resolutions
Apply rule 4.165 of the 1986 Rules.

129 Resolutions by post
Apply rule 4.167 of the 1986 Rules.
Paragraph (2) was amended by S.I. 1987/1919.

130 Liquidator’s reports
Apply rule 4.168 of the 1986 Rules.

131 Expenses of members, etc.
Apply rule 4.169 of the 1986 Rules.
Rule 4.169 was amended by S.I. 2008/737.

132 Dealings by committee–members and others
Apply rule 4.170 of the 1986 Rules.
Paragraphs (2) and (7) were amended by S.I. 2008/737.

133 Composition of committee when creditors paid in full
1 Apply rule 4.171 of the 1986 Rules.
2 For paragraph (4) substitute—

“4 The members of the liquidation committee will cease to be members at the end of the final meeting held under rule 96 of the Bank Insolvency Rules 2009.”

134 Committee’s functions vested in the Secretary of State
Apply rule 4.172 of the 1986 Rules. Ignore paragraph (2).

135 Formal defects
Apply rule 4.172A of the 1986 Rules.
Rule 4.172A was inserted by S.I. 1987/1919.