The Building Society Insolvency Rules (Northern Ireland) 2014

Removal of building society liquidator by the court

95.—(1) Apply rule 4.126 of the 1991 Rules(1).

(2) After paragraph (1) insert—

“(1A) If the liquidation committee has not yet passed a full payment resolution, the court shall dismiss any application under paragraph (1) where the application is made by someone other than the Bank of England, the appropriate regulator or the liquidation committee.”.

(3) In paragraph (2), for “at least 7 days’ notice” substitute—

“(a) if the application is made before the passing of a full payment resolution, such notice as is reasonable in all the circumstances; and

(b) if the application is made after the passing of a full payment resolution, at least 7 days’ notice.”.

(4) In paragraph (5)—

(i) omit “, at least 14 days before the hearing,”,

(ii) for “the official receiver” substitute “the Bank of England and the appropriate regulator”.

(5) After paragraph (5) insert—

“(5A) The notice and copies mentioned in paragraph (5) shall be sent—

(a) if the application is made before the passing of a full payment resolution, within such time as is reasonable in all the circumstances to give the building society liquidator notice of the hearing; and

(b) if the application is made after the passing of a full payment resolution, at least 14 days before the hearing.”.

(6) In paragraph (7)—

(a) in sub-paragraph (a), for “official receiver” substitute “Bank of England and the appropriate regulator” and at the end insert “and”;

(b) omit “and” at the end of sub-paragraph (b); and

(c) omit sub–paragraph (c).

(1)

Paragraph (6) was amended by S.R. 2008 No. 118.