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The Bank Administration Rules (Northern Ireland) 2009

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Bank administrator’s proposals: Objective 1 Stage

28.—(1) This Rule makes provision about the statement of proposals which the bank administrator is required to make in the Objective 1 Stage under section 147 of the 2009 Act.

(2) In addition to the information required by section 147 the statement must include—

(a)details of the court where the proceedings are and the court reference number;

(b)the full name, any other trading names, the registered address and registered number of the bank;

(c)details of the bank administrator’s appointment (including the date);

(d)in the case of joint bank administrators, details of the apportionment of functions;

(e)the names of the directors and secretary of the bank and details of any shareholdings in the bank they have;

(f)an account of the circumstances giving rise to the application for the appointment of the bank administrator;

(g)if a statement of the bank’s affairs has been submitted, a copy or summary of it with the bank administrator’s comments, if any;

(h)if an order limiting the disclosure of the statement of affairs has been made under Rule 2.033 of the 1991 Rules (as applied by Rule 58), a statement of that fact, as well as—

(i)details of who provided the statement of affairs,

(ii)the date of the order for limited disclosure,

(iii)the details or a summary of the details that are not subject to that order,

(i)if a full statement of affairs is not provided, the names, addresses and debts of the creditors including details of any security held (or, in the case of depositors, a single statement of their aggregate debt);

(j)if no statement of affairs has been submitted, details of the financial position of the bank at the latest practicable date (which shall, unless the court otherwise orders, be a date not earlier than that on which the bank entered bank administration), a list of the bank’s creditors including their names, addresses and details of their debts, including any security held, and an explanation as to why there is no statement of affairs;

(k)the basis upon which it is proposed that the bank administrator’s remuneration should be fixed under Rule 2.107 of the 1991 Rules (as applied by Rule 58);

(l)how the bank administrator proposes to pursue Objective 1;

(m)whether the bank administrator proposes to pursue Objective 2(a) or Objective 2(b);

(n)if the bank administrator proposes to pursue Objective 2(a), how it is envisaged the purpose of the bank administration will be achieved in the Objective 2 Stage;

(o)if the bank administrator proposes to pursue Objective 2(b)—

(i)how it is envisaged the purpose of the bank administration will be achieved in the Objective 2 Stage, and

(ii)how it is proposed that the bank administration shall end (winding-up or voluntary arrangement, in accordance with section 154 of the 2009 Act);

(p)the manner in which the affairs and business of the bank have been managed and financed since the date of the bank administrator’s appointment (including the reasons for and terms of any disposal of assets);

(q)the manner in which the affairs and business of the bank will be managed and financed if the bank administrator’s proposals are approved.

(3) The statement—

(a)may exclude information, the disclosure of which could seriously prejudice the commercial interests of the bank; and

(b)shall include a statement of any exclusion.

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