SECTION A - APPOINTMENT BY CREDITORS AND FUNCTIONS OF LIQUIDATOR
Appointment by creditors
31.—(1) This rule applies where a person is appointed as bank liquidator by a meeting of creditors.
(2) The chair of the meeting shall certify the appointment of a person as bank liquidator by the meeting but not until the person to be appointed has provided him with a written statement to the effect that he is qualified to act as an insolvency practitioner in accordance with section 390(1) of the 1986 Act, and that he consents so to act.
(3) The appointment of the bank liquidator takes effect upon the passing of the resolution for the appointment and the date of the appointment shall be stated in the certificate.
(4) The chair of the meeting shall send the certificate to the new bank liquidator who shall send a copy of the certificate to the Bank of England (if the Bank of England was the applicant for the bank insolvency order), or the FSA, (if the FSA was that applicant).
Appointment to be advertised and registered
32.—(1) This rule applies where the bank liquidator is appointed by a meeting of the creditors under rule 31 or by the Bank of England under rule 50.
(2) The bank liquidator shall, after receiving the certificate of appointment, give notice of the appointment in such newspapers as the bank liquidator thinks most appropriate for ensuring that it comes to the notice of the bank’s creditors and contributories.
(3) The expense of giving notice under this rule shall be borne in the first instance by the bank liquidator and such expense shall be treated as an expense of the bank insolvency.
(4) The bank liquidator shall immediately notify the appointment to the court, the registrar of companies and the Accountant in Bankruptcy.
Hand-over of assets to bank liquidator
33. Apply rule 4.21 of the 1986 Rules.
Taking possession and realisation of the company’s assets
34. Apply rule 4.22 of the 1986 Rules(2).
General qualification on powers
35. In exercising any power conferred on the bank liquidator by these Rules before a full payment resolution has been passed, the bank liquidator shall exercise it consistently with Objective 1.
Section 390 was amended by paragraph 16(1) and (2) of Schedule 4(II) to the Insolvency Act 2000 (c.39); paragraph 18 of Schedule 5 to the Adults with Incapacity (Scotland) Act 2000 (asp 4); paragraph 4 of Schedule 21 to the Enterprise Act 2002 (c.40); paragraph 31(3)(c) of Schedule 6 and paragraph 1 of Schedule 7 to the Mental Capacity Act 2005 (c.9); paragraph 18(3) of Schedule 1 to S.S.I. 2005/465; and paragraph 3(3) of Schedule 1 to S.I. 2005/2078.
Rule 4.22 was inserted by paragraph 19 of Schedule 1(I) to S.I. 1987/1921.