Banking Act 2009

115 Dissolution

(1) A bank liquidator who thinks that the winding up of the bank is for practical purposes complete shall summon a final meeting of the liquidation committee.

(2) The bank liquidator—

(a) shall present a final report on the bank insolvency to the meeting,

(b) shall send a copy of the report to—

(i) the FSA,

(ii) the FSCS,

(iii) the Bank of England,

(iv) the Treasury, and

(v) the registrar of companies, and

(c) shall make the report available to members, creditors and contributories on request.

(3) At the meeting the liquidation committee shall—

(a) consider the report, and

(b) decide whether to release the bank liquidator.

(4) If the liquidation committee decides to release the bank liquidator, the bank liquidator—

(a) shall notify the court and the registrar of companies, and

(b) vacates office, and has release, when the court is notified.

(5) If the liquidation committee decides not to release the bank liquidator, the bank liquidator may apply to the Secretary of State for release; if the application is granted, the bank liquidator—

(a) vacates office when the application is granted, and

(b) has release from a time determined by the Secretary of State.

(6) In the case of a bank liquidator in Scotland, a reference in subsection (5) to the Secretary of State is a reference to the Accountant of Court.

(7) On receipt of a notice under subsection (4)(a) the registrar of companies shall register it.

(8) At the end of the period of 3 months beginning with the day of the registration of the notice, the bank is dissolved (subject to deferral under section 116).