PART 3Process of Bank Administration
Reports to creditors35
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.