The Building Society Insolvency Rules (Northern Ireland) 2014

Power of Department to regulate certain matters

252.—(1) As provided for in Article 359 of and paragraph 27 of Schedule 5 to the 1989 Order(1), the Department or the Department of Finance and Personnel may, subject to that Order and to these Rules, make regulations with respect to any matter provided for in these Rules relating to the carrying out of the functions of a building society liquidator or provisional building society liquidator, including, without prejudice to the generality of the above, provision with respect to the following matters arising in building society insolvency—

(a) the preparation and keeping by building society liquidators and provisional building society liquidators of books, accounts and other records, and their production to such persons as may be authorised or required to inspect them;

(b) the auditing of building society liquidators’ accounts;

(c) the manner in which building society liquidators are to act in relation to the society’s books, papers and other records, and the manner of their disposal by the building society liquidator or others;

(d) the supply by the building society liquidator to creditors and contributories and to the liquidation committee of copies of documents relating to the building society insolvency and the affairs of the society (on payment, in such cases as may be specified in the regulations, of the appropriate fee);

(e) the manner in which insolvent estates are to be distributed by the building society liquidator, including provision with respect to unclaimed funds and dividends;

(f) the manner in which monies coming into the hands of the building society liquidator are to be handled and invested and the payment of interest on sums which, in pursuance of regulations made under this sub-paragraph, have been paid into the Insolvency Account.(2)

(2) Regulations made under paragraph (1) may—

(a) confer a discretion on the court;

(b) make non-compliance with any of the regulations a criminal offence;

(c) make different provision for different cases, including different provision for different areas; and

(d) contain such incidental, supplemental and transitional provisions as may appear to the Department or the Department of Finance and Personnel as necessary or expedient.

(1)

Article 359 of the 1989 Order (S.I. 1989/2405 (N.I. 19)), which introduces Schedule 5, was amended by sections 125 and 134 of the Banking Act 2009 to extend the powers in the Schedule to Rules made under Part 2 of that Act.

(2)

The Insolvency Account is referred to at Article 358 of the Insolvency (Northern Ireland) Order 1989.