PART 10THE LIQUIDATION COMMITTEE
Application of rules in this Part114
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.
Membership of committee115
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)47 and ignore any reference to contributory members in paragraph (6).
Formalities of establishment116
Committee established by contributories117
1
Apply rule 4.154 of the 1986 Rules50.
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”.
Obligations of liquidator to committee118
Apply rule 4.155 of the 1986 Rules.
Meetings of the committee119
Apply rule 4.156 of the 1986 Rules.
The chair at meetings120
Apply rule 4.157 of the 1986 Rules.
Quorum121
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.
Committee–members’ representatives122
Apply rule 4.159 of the 1986 Rules51. In paragraph (2), the reference to section 375 of the 1985 Act, shall, after that section is repealed, be to section 323 of the 2006 Act.
Resignation123
Apply rule 4.160 of the 1986 Rules.
Termination of membership124
Apply rule 4.161 of the 1986 Rules52.
Removal125
Apply rule 4.162 of the 1986 Rules.
Vacancy (creditor members)126
Apply rule 4.163 of the 1986 Rules.
Vacancy (contributory members)127
Apply rule 4.164 of the 1986 Rules.
Voting rights and resolutions128
Apply rule 4.165 of the 1986 Rules.
Resolutions by post129
Apply rule 4.167 of the 1986 Rules53.
Liquidator’s reports130
Apply rule 4.168 of the 1986 Rules.
Expenses of members, etc.131
Apply rule 4.169 of the 1986 Rules54.
Dealings by committee–members and others132
Apply rule 4.170 of the 1986 Rules55.
Composition of committee when creditors paid in full133
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.
Committee’s functions vested in the Secretary of State134
Apply rule 4.172 of the 1986 Rules. Ignore paragraph (2).
Formal defects135
Apply rule 4.172A of the 1986 Rules56.