114. 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.—(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)(1) and ignore any reference to contributory members in paragraph (6).
116. Apply rule 4.153 of the 1986 Rules(2). In paragraph (3), the reference to section 375 of the 1985 Act, shall, after that section is repealed, be to section 323 of the 2006 Act.(3)
117.—(1) Apply rule 4.154 of the 1986 Rules(4).
(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. Apply rule 4.155 of the 1986 Rules.
119. Apply rule 4.156 of the 1986 Rules.
120. Apply rule 4.157 of the 1986 Rules.
121. 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. Apply rule 4.159 of the 1986 Rules(5). In paragraph (2), the reference to section 375 of the 1985 Act, shall, after that section is repealed, be to section 323 of the 2006 Act.
123. Apply rule 4.160 of the 1986 Rules.
124. Apply rule 4.161 of the 1986 Rules(6).
125. Apply rule 4.162 of the 1986 Rules.
126. Apply rule 4.163 of the 1986 Rules.
127. Apply rule 4.164 of the 1986 Rules.
128. Apply rule 4.165 of the 1986 Rules.
129. Apply rule 4.167 of the 1986 Rules(7).
130. Apply rule 4.168 of the 1986 Rules.
131. Apply rule 4.169 of the 1986 Rules(8).
132. Apply rule 4.170 of the 1986 Rules(9).
133.—(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. Apply rule 4.172 of the 1986 Rules. Ignore paragraph (2).
135. Apply rule 4.172A of the 1986 Rules(10).
Paragraph (7) was substituted by S.I. 2001/3649.
Paragraphs (3) and (3A) were substituted by S.I. 1987/1919.
Section 375 is repealed on 1 October 2009.
Paragraph (4) was amended by S.I. 1987/1919.
Rule 4.159 was amended by S.I. 1987/1919 and S.I. 2004/584.
Paragraph (1) was amended by S.I. 1987/1919.
Paragraph (2) was amended by S.I. 1987/1919.
Rule 4.169 was amended by S.I. 2008/737.
Paragraphs (2) and (7) were amended by S.I. 2008/737.
Rule 4.172A was inserted by S.I. 1987/1919.