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.