Search Legislation

The Bank Insolvency Rules (Northern Ireland) 2009

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

PART 3PROVISIONAL BANK LIQUIDATOR

Appointment of provisional bank liquidator

20.—(1) The rule applies after an application for a bank insolvency order has been filed under rule 7 and before that order is made.

(2) An application to the court for the appointment of a provisional bank liquidator under section 135 of the Act may be made—

(a)by the Bank of England,

(b)by the FSA, (with the consent of the Bank of England,) or

(c)by the Secretary of State.

(3) The application must be supported by a witness statement stating—

(a)the grounds upon which it is proposed that the provisional bank liquidator should be appointed;

(b)that the person to be appointed has consented to act,

(c)that the person to be appointed is qualified to act as an insolvency practitioner,

(d)whether to the applicant’s knowledge—

(i)there has been proposed or is in force for the bank a company voluntary arrangement under Part II of the Order, or

(ii)an administrative receiver is acting in relation to the bank.

(e)the applicant’s estimate of the value of the assets in respect of which the provisional bank liquidator is to be appointed

(f)the functions the applicant wishes to be carried out by the provisional bank liquidator in relation to the bank’s affairs.

(4) The court may on the application, if satisfied that sufficient grounds are shown for the appointment, make it on such terms as it thinks fit.

Notice of appointment

21.  Where a provisional bank liquidator has been appointed, the court shall notify the applicant and the person appointed.

Order of appointment

22.—(1) The order of appointment shall specify the functions to be carried out by the provisional bank liquidator in relation to the bank’s affairs.

(2) The court shall, immediately after the order is made, send 4 sealed copies of the order (or such larger number as the provisional bank liquidator may have requested), to the provisional bank liquidator.

(3) The court shall also, if practicable, immediately send a copy of the sealed order to the bank liquidator electronically.

(4) The provisional bank liquidator shall serve a sealed copy of the order on the bank at its registered office and, where the provisional bank liquidator knows the bank’s email address, will send an electronic copy to the bank.

(5) The bank liquidator shall send a sealed copy of the order—

(a)to the Bank of England, the FSA, and the FSCS (electronically or otherwise); and

(b)to the registrar of companies; and

(c)(if applicable) to any administrative receiver of the bank.

Security

23.  Apply rule 4.031 of the 1991 Rules.

Failure to give or keep up security

24.  Apply rule 4.032 of the 1991 Rules.

Remuneration

25.—(1) Apply rule 4.033 of the 1991 Rules.

(2) Delete paragraph (5).

Termination of appointment

26.—(1) Apply rule 4.034 of the 1991 Rules.

(2) After paragraph (2) insert—

(3) On the making of a bank insolvency order the appointment of the provisional bank liquidator shall terminate..

Back to top

Options/Help

Print Options

You have chosen to open The Whole Rule

The Whole Rule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Rule as a PDF

The Whole Rule you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open The Whole Rule without Schedules

The Whole Rule without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Rule without Schedules as a PDF

The Whole Rule without Schedules you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Rule

The Whole Rule you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open the Whole Rule without Schedules

The Whole Rule without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources