The Bank Insolvency (No. 2) Rules (Northern Ireland) 2009 No. 122 xmlns:atom="http://www.w3.org/2005/Atom"
Introductory Text
PART 1 INTRODUCTORY PROVISIONS
1.Citation, commencement and revocation
2.Extent
3.Application of rules, construction and interpretation
4.Overview
5.Forms
6.Time
PART 2 APPLICATION FOR ORDER
7.Filing of application
8.Service of application
9.Proof of service
10.Other persons to receive copy of application
11.Verification of application
12.Persons entitled to copy of application
13.Certificate of compliance
14.Leave for the applicant to withdraw
15.Witness Statement in opposition
16.Making, transmission and advertisement of order
17.Authentication of bank liquidator’s appointment
18.Initial duties of bank liquidation committee
19.Expenses of voluntary arrangement
PART 3 PROVISIONAL BANK LIQUIDATOR
20.Appointment of provisional bank liquidator
21.Notice of appointment
22.Order of appointment
23.Security
24.Failure to give or keep up security
25.Remuneration
26.Termination of appointment
PART 4 STATEMENT OF AFFAIRS AND OTHER INFORMATION
27.Notice requiring statement of affairs
28.Verification and filing
29.Limited disclosure
30.Release from duty to submit statement of affairs; extension of time
31.Expenses of statement of affairs
32.Submission of accounts
33.Further disclosure
PART 5 INFORMATION TO CREDITORS AND CONTRIBUTORIES
34.Report by bank liquidator
35.Meaning of “creditors”
36.Report where statement of affairs lodged
37.Statement of affairs dispensed with
38.General rule as to reporting
39.Bank insolvency stayed
PART 6 MEETINGS OF CREDITORS AND CONTRIBUTORIES
RULES OF GENERAL APPLICATION
40.First meeting
41.Business at first meetings of creditors and contributories
42.General power to call meetings
43.The chair at meetings
44.Requisitioned meetings general
45.Requisitioned meetings reforming the liquidation committee
46.Attendance at meetings of bank’s personnel
47.Notice of meetings by advertisement only
48.Venue
49.Expenses of summoning meetings
50.Resolutions
51.Chairman of meeting as proxy-holder
52.Suspension and adjournment
53.Entitlement to vote (creditors)
54.Entitlement to vote (contributories)
55.Admission and rejection of proof (creditors’ meetings)
56.Record of proceedings
PART 7 PROOF OF DEBTS
57.Meaning of “prove”
58.Supply of forms
59.Contents of proof
60.Claim established by affidavit
61.Cost of proving
62.Bank Liquidator to allow inspection of proofs
63.New bank liquidator appointed
64.Admission and rejection of proofs for dividend
65.Appeal against decision on proof
66.Withdrawal or variation of proof
67.Expunging of proof by the court
68.Estimate of quantum
69.Negotiable instruments, etc.
70.Secured creditors
71.Discounts
72.Mutual credits and set-off
73.Disapplication of set off for eligible depositors
74.Debt in foreign Currency
75.Payments of a periodical nature
76.Interest
77.Debt payable at future time
PART 8 SECURED CREDITORS
78.Value of security
79.Surrender for non-disclosure
80.Redemption by liquidator
81.Test of security’s value
82.Realisation of security by creditor
PART 9 THE BANK LIQUIDATOR
SECTION A GENERAL
83.Remuneration of bank liquidator
84.Replacement of bank liquidator by creditors
85.Authentication of bank liquidator’s appointment
86.Appointment to be advertised and registered
SECTION B RESIGNATION AND REMOVAL
87.Creditors’ meeting to be notified of bank liquidator’s resignation
88.Action following acceptance of resignation
89.Advertisement of resignation
90.Meeting of creditors to remove bank liquidator
91.Court’s power to regulate meetings under rule 90
92.Procedure on removal
93.Advertisement of removal
94.Removal of bank liquidator by the court
95.Release of resigning or removed bank liquidator
SECTION C RELEASE ON COMPLETION OF WINDING UP
96.Final meeting
97.Rule as to reporting
SECTION D REMUNERATION
98.Fixing of remuneration
99.Bank liquidator’s entitlement to remuneration where it is not fixed under rule 98
100.Bank liquidator’s remuneration where he realises assets on behalf of chargeholder
101.Other matters affecting remuneration
102.Recourse of bank liquidator to meeting of creditors
103.Recourse to the court
104.Creditors’ claim that remuneration is excessive
105.Primacy of Objective 1
SECTION E SUPPLEMENTARY PROVISIONS
106.Replacement Bank liquidator
107.Bank liquidator deceased
108.Loss of qualification as insolvency practitioner
109.Resignation of the bank liquidator
110.Notice to Bank of England of intention to vacate office
111.Bank liquidator’s duties on vacating office
112.Power of court to set aside certain transactions
113.Rule against solicitation
PART 10 THE LIQUIDATION COMMITTEE
114.Application of rules in this Part
115.Membership of committee
116.Formalities of establishment
117.Committee established by contributories
118.Obligations of liquidator to committee
119.Meetings of the committee
120.The Chair at meetings
121.Quorum
122.Committee-members’ representatives
123.Resignation
124.Termination of membership
125.Removal
126.Vacancy (creditor members)
127.Vacancy (contributory members)
128.Voting rights and resolutions
129.Resolutions by post
130.Liquidator’s reports
131.Expenses of members etc.
132.Dealings by committee-members and others
133.Composition of committee when creditors paid in full
134.Committee’s functions vested in the Department
135.Formal defects
PART 11 COLLECTION AND DISTRIBUTION OF BANK’S ASSETS BY BANK LIQUIDATOR
136.General duties of bank liquidator
137.General qualification on powers
138.Manner of distributing assets
139.Debts of insolvent company to rank equally
140.Supplementary provisions as to dividend
141.Division of unsold assets
142.General powers of the liquidator
143.Enforced delivery up of company’s property
144.Final distribution
PART 12 DISCLAIMER
145.Liquidator’s notice of disclaimer
146.Communication of disclaimer to persons interested
147.Additional notices
148.Duty to keep court informed
149.Application by interested party under Article 152(4)
150.Interest in property to be declared on request
151.Disclaimer presumed valid and effective
152.Application for exercise of court’s powers under Article 155
PART 13 SETTLEMENT OF LIST OF CONTRIBUTORIES
153.Preliminary
154.Primacy of Objective 1
155.Duty of liquidator to settle list
156.Form of list
157.Procedure for settling list
158.Application to court for variation of the list
159.Variation of, or addition to, the list
160.Costs not to fall on bank liquidator
PART 14 CALLS
161.Calls by liquidator
162.Control by bank liquidation committee
163.Application to court for leave to make a call
164.Making and enforcement of the call
PART 15 SPECIAL MANAGER
165.Appointment and remuneration
166.Security
167.Failure to give or keep up security
168.Accounting
169.Termination of appointment
PART 16 ORDER OF PAYMENT AS TO COSTS, ETC. OUT OF ASSETS
170.General rule as to priority
171.Litigation expenses and property subject to a floating charge-general application
172.Litigation expenses and property subject to a floating charge-requirement for approval or authorisation
173.Litigation expenses and property subject to a floating charge-request for approval or authorisation
174.Litigation expenses and property subject to a floating charge-grant of approval or authorisation
175.Litigation expenses and property subject to a floating charge-application to court by the bank liquidator
176.Saving for powers of the court
PART 17 MISCELLANEOUS RULES
SECTION A RETURN OF CAPITAL
177.Application to court for order authorising return of capital
178.Procedure for return of capital
SECTION B CONCLUSION OF BANK INSOLVENCY
179.Department’s directions under section 116 of the 2009 Act
180.Procedure following appeal under section 116 of the 2009 Act
SECTION C LEAVE TO ACT AS DIRECTOR, ETC. OF BANK WITH PROHIBITED NAME (ARTICLE 180 OF THE ORDER)
181.Preliminary
182.Application for leave under Article 180(3) before passing of full payment resolution
183.Consideration of application for leave under Article 180(3)
184.First excepted case
185.Second excepted case
186.Third excepted case
187.Further exception
PART 18 COURT PROCEDURE AND PRACTICE
CHAPTER 1 APPLICATIONS (GENERAL)
188.Preliminary
189.Interpretation
190.Form and contents of application
191.Application under Article 150A(5) to disapply Article 150A
192.Filing and service of application
193.Notice of application under Article 150A(5)
194.Other hearings without notice
195.Hearing of application
196.Use of affidavit evidence
197.Filing and service of affidavits
198.Use of reports
199.Adjournment of hearing: directions
CHAPTER 3 SHORTHAND WRITERS
200.Nomination and appointment of shorthand writers
201.Remuneration
CHAPTER 4 ENFORCEMENT PROCEDURES
202.Enforcement of court orders
203.Orders enforcing compliance with the rules
204.Warrants (general provisions)
205.Warrants under Article 200
CHAPTER 5 COURT RECORDS AND RETURNS
206.Title of proceedings
207.Court records
208.Inspection of records
209.File of court proceedings and inspection
210.Filing of Gazette notices and advertisements
CHAPTER 6 COSTS AND DETAILED ASSESSMENT
211.Application of the Supreme Court Rules
212.Requirement to assess costs by the detailed procedure
213.Procedure where detailed assessment required
214.Cost of officers charged with executions of writs or other process
215.Costs paid otherwise than out of the insolvent estate
216.Award of costs against responsible insolvency practitioner
217.Application for costs
218.Costs and expenses of witnesses
CHAPTER 7 PERSONS INCAPABLE OF MANAGING THEIR AFFAIRS
219.Introductory
220.Appointment of another person to act
221.Affidavit in support of application
222.Service of notices following appointment
CHAPTER 8 APPEALS IN BANK INSOLVENCY PROCEEDINGS
223.Appeals and review of court orders
224.Procedure on appeal
225.Appeal against a decision of the Department
CHAPTER 9 GENERAL
226.Principal court rules and practice to apply
227.Right of attendance
228.Restriction on concurrent proceedings and remedies
229.Security in court
230.Further information and disclosure
231.Office copies of documents
PART 19 PROXIES AND COMPANY REPRESENTATION
232.Definition of “proxy”
233.Issue and use of forms
234.Use of proxies at meetings
235.Retention of proxies
236.Right of inspection
237.Proxy-holder with financial interest
238.Company representation
PART 20 EXAMINATION OF PERSONS CONCERNED IN BANK INSOLVENCY
239.Preliminary
240.Form and contents of application
241.Order for examination, etc
242.Procedure for examination
243.Record of examination
244.Cost of proceedings
PART 21 DECLARATION AND PAYMENT OF DIVIDEND
245.Preliminary
246.Notice of intended dividend
247.Final admission/rejection of proofs
248.Postponement or cancellation of dividend
249.Decision to declare dividend
250.Notice of declaration
251.Notice of no, or no further, dividend
252.Proof altered after payment of dividend
253.Secured creditors
254.Disqualification from dividend
255.Assignment of right to dividend
256.Preferential creditors
257.Debt payable at future time
PART 22 MISCELLANEOUS AND GENERAL
258.Power of Department to regulate certain matters
259.Costs, expenses, etc
260.Provable debts
261.Notices
262.Quorum at meeting of creditors or contributories
263.Evidence of proceedings at meetings
264.Documents issuing from the Department
265.Insolvency practitioner’s security
266.Time
267.Service by post
268.General provisions as to service
269.Service outside the jurisdiction
270.Confidentiality of documents
271.Notices sent simultaneously to the same person
272.Right to copy documents
273.Charge for copy documents
274.Non-receipt of notice of meeting
275.Right to have list of creditors
276.False claim of status as creditors
277.Execution overtaken by judgement debtor’s insolvency
278.The Gazette
279.Punishment of offences
280.Notice of order under Article 150A(5)
PART 23 INTERPRETATION
281.Introductory
282.Expressions used generally
283.“Give notice”, etc
284.Notice, etc to solicitors
285.Notice to joint bank liquidators
286.“Insolvent estate”
287.“Responsible insolvency practitioner”, etc
288.The Schedule
Signature
SCHEDULE
Explanatory Note