The Building Society Insolvency Rules (Northern Ireland) 2014

SECTION A GENERAL

Remuneration of building society liquidator

84.—(1) This rule applies where—

(a) the liquidation committee has ceased to exist as mentioned in rule 42(3);

(b) the committee has not been reformed at a meeting of creditors held under rule 42, 45 or 46; and

(c) the committee has not been reformed at a meeting of contributories held under rule 118.

(2) Where this rule applies the creditors may, at the first or any subsequent meeting of creditors, pass a resolution as to the terms on which, in accordance with rule 99, the building society liquidator is to be remunerated.

(3) Where such a resolution is passed—

(a) it supersedes any resolution as to the remuneration of the building society liquidator passed by the liquidation committee before the first meeting of creditors; and

(b) the building society liquidator shall be paid under the resolution passed by the liquidation committee under rule 18(5) in respect of the performance of the building society liquidator’s functions before the day on which the creditors’ resolution is passed and under the creditors’ resolution in respect of the performance of the building society liquidator’s functions on and after that day.

Replacement of building society liquidator by creditors

85.—(1) Apply rule 4.106 of the 1991 Rules.

(2) For paragraph (1) substitute—

“(1) This rule applies where a person is appointed as building society liquidator by a meeting of creditors.”.

(3) For paragraph (4) substitute—

“(4) The chair of the meeting shall—

(a) send the certificate to the new building society liquidator;

(b) send a copy of the certificate to the Bank of England and the appropriate regulator; and

(c) file a copy of the certificate in court.”.

Authentication of building society liquidator’s appointment

86.—(1) Apply rule 4.112 of the 1991 Rules.

(2) Omit from “or (as the case may be)” to “the Order,”.

Appointment to be advertised and registered

87.—(1) This rule applies where the building society liquidator is appointed by a meeting of the creditors or by the Bank of England under rule 107.

(2) The building society liquidator shall, after receiving the certificate of appointment, as soon as reasonably practicable give notice of that appointment.

(3) The notice in paragraph (2)—

(a) shall be gazetted; and

(b) may be advertised in such other manner as the building society liquidator thinks fit.

(4) The expense of giving notice under this rule shall be borne in the first instance by the building society liquidator, but the building society liquidator is entitled to be reimbursed as an expense of the building society insolvency.

(5) The building society liquidator shall immediately notify his appointment to the appropriate regulator.