Banking Act 2009

Tenure of bank liquidatorU.K.

106Term of appointmentU.K.

A bank liquidator appointed by bank insolvency order remains in office until vacating office—

(a)by resigning under section 107,

(b)on removal under section 108 or 109,

(c)on disqualification under section 110,

(d)on the appointment of a replacement in accordance with section 112,

(e)in accordance with sections 113 to 115, or

(f)on death.

Commencement Information

I1S. 106 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2

107ResignationU.K.

(1)A bank liquidator may resign by notice to the court.

(2)Rules under section 411 of the Insolvency Act 1986 (as applied by section 125 below) may restrict a bank liquidator's power to resign.

(3)Resignation shall take effect in accordance with those rules (which shall include provision about release).

Commencement Information

I2S. 107 in force at 17.2.2009 for specified purposes by S.I. 2009/296, arts. 2, 3, Sch. para. 2

I3S. 107 in force at 21.2.2009 in so far as not already in force by S.I. 2009/296, arts. 2, 3, Sch. para. 2

108Removal by courtU.K.

(1)A bank liquidator may be removed by order of the court on the application of—

(a)the liquidation committee,

(b)the [F1PRA], or

(c)the Bank of England.

(2)Before making an application the [F2PRA] must consult F3... [F4 the FCA].

(3)Before making an application the Bank of England must consult F5[F6...the FCA].

(4)A bank liquidator removed by order has release with effect from a time determined by—

(a)the Secretary of State, or

(b)in the case of a bank liquidator in Scotland, the Accountant of Court.

Textual Amendments

F1Word in s. 108(1)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 39(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement Information

I4S. 108 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2

109Removal by creditorsU.K.

(1)A bank liquidator may be removed by resolution of a meeting of creditors held pursuant to section 195 of the Insolvency Act 1986 (as applied by section 103 above) provided that the following conditions are met.

(2)Condition 1 is that the liquidation committee has passed a full payment resolution.

(3)Condition 2 is that the notice given to creditors of the meeting includes notice of intention to move a resolution removing the bank liquidator.

(4)Condition 3 is that the Bank of England[F7, the PRA and the FCA]

(a)receive notice of the meeting, and

(b)are given an opportunity to make representations to it.

(5)A bank liquidator who is removed under this section has release with effect—

(a)from the time when the court is informed of the removal, or

(b)if the meeting removing the bank liquidator resolves to disapply paragraph (a), from a time determined by—

(i)the Secretary of State, or

(ii)in the case of a bank liquidator in Scotland, the Accountant of Court.

Textual Amendments

F7Words in s. 109(4) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 40 (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement Information

I5S. 109 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2

110DisqualificationU.K.

(1)If a bank liquidator ceases to be qualified to act as an insolvency practitioner [F8in relation to the bank], the appointment lapses.

(2)A bank liquidator whose appointment lapses under subsection (1) has release with effect from a time determined by—

(a)the Secretary of State, or

(b)in the case of a bank liquidator in Scotland, the Accountant of Court.

111ReleaseU.K.

A bank liquidator who is released is discharged from all liability in respect of acts or omissions in the bank insolvency and otherwise in relation to conduct as bank liquidator (but without prejudice to the effect of section 212 of the Insolvency Act 1986 as applied by section 103 above).

Commencement Information

I7S. 111 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2

112ReplacementU.K.

(1)Where a bank liquidator vacates office the Bank of England must as soon as is reasonably practicable appoint a replacement bank liquidator.

(2)But where a bank liquidator is removed by resolution of a meeting of creditors under section 109—

(a)a replacement may be appointed by resolution of the meeting, and

(b)failing that, subsection (1) above applies.

Commencement Information

I8S. 112 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2