PART 3Process of Bank Administration
End of administration: successful rescue48
1
This Rule supplements section 153 of the Banking Act 2009 (end of bank administration where bank administrator satisfied that Objective 2(a) has been achieved).
2
The bank administrator’s notice under paragraph 80 of Schedule B1 to the Insolvency Act 1986 (as applied by section 153)—
a
must be filed with the court in Form 2.32B (the form specified in rule 2.113 of the Insolvency Rules 1986 subject to Rule 7(2) above), and
b
must be accompanied by a final progress report.
3
The notice takes effect when 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 80 of Schedule B1 and the progress report to—
a
the Bank of England,
b
the FSA,
c
the FSCS, and
d
the registrar of companies.
5
Notice under paragraph (4)(b) and (c) must be given at least 7 days’ before the hearing of the application for approval of the notice.
6
The bank administrator shall be taken to have complied with the requirements of paragraph 80(5) if, within 5 business days of filing the notice under paragraph 80 with the court, he publishes in the same manner as he published his notice of appointment, and in the Gazette, a notice specifying—
a
the full name of the bank and any other trading names,
b
the name and address of the bank administrator,
c
the date of the notice under paragraph 80, and
d
an address to which creditors can write for a copy of the notice under paragraph 80 and the final progress report.
7
The bank administrator’s application for discharge must certify compliance with the requirements of paragraph 80 and of the preceding paragraphs of this Rule.
8
If the court is satisfied that the conditions in section 153(1) of the Banking Act 2009 have been met it shall—
a
discharge the bank administration order, and
b
notify the bank administrator, who shall notify the registrar of companies.