The Bank Administration Rules (Northern Ireland) 2009

Reports to creditors

35.—(1) “Progress report” means a report which includes—

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

(b) full details of the bank’s name, address of registered office and registered number;

(c) full details of the bank administrator’s name and address and date of appointment, including any changes in office-holder;

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

(e) details of any extensions of the initial period of appointment;

(f) details of progress during the period of the report, including a receipts and payments account (as detailed in paragraph (2));

(g) details of any assets that remain to be realised;

(h) details of any amounts received from a scheme under a resolution fund order; and

(i) any other information likely to be relevant to the creditors.

(2) A receipts and payments account shall state what assets of the bank have been realised, for what value, and what payments have been made to creditors or others.

(3) The account shall be in the form of an abstract showing receipts and payments during the period of the report; and where the bank administrator has ceased to act, the receipts and payments account shall include a statement as to the amount paid to unsecured creditors by virtue of the application of Article 150A of the Order (prescribed part).

(4) During the Objective 1 Stage, a progress report must include details of—

(a) the extent of the business of the bank that has been transferred;

(b) any property, rights or liabilities that have been transferred, or which the bank administrator expects to be transferred, under a power in Part 1 of the 2009 Act (special resolution regime);

(c) any requirements imposed on the residual bank, for the purpose of the pursuit of Objective 1, under a power under that Part; and

(d) the arrangements for managing and financing the bank during the Objective 1 Stage.

(5) In complying with paragraphs (4)(c) and (4)(d) a report—

(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.