The Bank Insolvency Rules (Northern Ireland) 2009

Remuneration of bank liquidator

83.—(1) This rule applies where—

(a) the liquidation committee has ceased to exist as under rule 41(2);

(b) the committee has not been reformed at a meeting of creditors held under either rules 41, 44 and 45; and

(c) the committee has not been reformed at a meeting of contributors held under rule 117.

(2) Where this rule applies the creditors may, at the first or any subsequent meeting of creditors pass a resolution as to the terms on which, in accordance with rule 98, the bank liquidator is to be remunerated.

(3) Where such a resolution is passed—

(a) it supersedes any resolution as to the remuneration of the bank liquidator passed by the liquidation committee before the first meeting of creditors, and

(b) the bank liquidator shall be paid under the resolution passed by the bank liquidation committee under rule 18(5) in respect of the performance of his functions before the day on which the creditors' resolution is passed and under the creditors' resolution in respect of the performance of his functions on and after that day.