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The Bank Insolvency (Scotland) Rules 2009

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SECTION C – RELEASE ON COMPLETION OF WINDING UP

Final meeting

44.  (1)  The bank liquidator shall give at least 14 days’ notice of the final meeting of the liquidation committee to be held under section 115 of the 2009 Act to the following–

(a)the FSA;

(b)the FSCS;

(c)the Bank of England;

(d)the Treasury;

(e)the registrar of companies; and

(f)the members of the liquidation committee.

(2) The bank liquidator’s final report to be laid before the meeting under section 115 of the 2009 Act shall contain an account of the liquidator’s administration of the winding up, including–

(a)details as to how Objective 1 was achieved having regard, in particular, to the expenses of the bank liquidator in connection with that Objective;

(b)a summary of the bank liquidator’s receipts and payments;

(c)a statement that the bank liquidator has reconciled his account with that which is held by the Secretary of State in respect of the winding up; and

(d)a statement as to the amount paid to unsecured creditors by virtue of the application of section 176A (prescribed part) of the 1986 Act.

(3) At the same time that notice of the final meeting is sent out, the bank liquidator shall lodge the final report in court and send it to the registrar of companies and the Accountant in Bankruptcy.

(4) The bank liquidator shall give notice that the final report is available to all creditors and contributories, either on request to the bank liquidator or the registrar of companies, and shall cause that notice to be advertised in the Edinburgh Gazette at least 14 days before the final meeting is held.

(5) At the final meeting, the liquidation committee may question the bank liquidator with respect to any matter contained in the final report, and may resolve against the bank liquidator being released.

(6) The bank liquidator shall give notice to the court, the registrar of companies and the Accountant in Bankruptcy that the final meeting has been held and the notice shall state whether or not he has been given his release.

(7) Where the liquidation committee does not resolve against the bank liquidator’s release, the bank liquidator vacates office and has his release when the notice in paragraph (6) is lodged in court.

(8) If there is no quorum present at the final meeting, the bank liquidator shall report to the court that a final meeting was summoned in accordance with section 115 of the 2009 Act, but there was no quorum present; and the final meeting is then deemed to have been held, and the liquidation committee not to have resolved against the bank liquidator being released.

(9) If the liquidation committee resolves against the bank liquidator having his release then rule 43 of these Rules applies.

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