The Building Society Special Administration (Scotland) Rules 2009

End of administration: dissolution

36.—(1) This rule supplements section 154(2)(a) of the Banking Act (special administrator giving notice that there are no more assets for distribution, and moving to dissolution)(1).

(2) The notice of the special administrator under paragraph 30 of Schedule 1 to the 2009 Order–

(a) must be lodged with the court in Form 2.26B (subject to rule 7(2) above); and

(b) must be accompanied by a final progress report.

(3) The notice shall not take effect until the court discharges the special administration order on the application of the special administrator.

(4) Before applying for discharge the special administrator must send a copy of the notice referred to in paragraph (2) and the final progress report to–

(a) the FSA; and

(b) each person who received notice of the appointment of the special administrator.

(5) After the expiry of the period mentioned in paragraph 30(7) of Schedule 1 to the 2009 Order (and subject to extension under paragraph 30(8) of that Schedule) if the court discharges the special administration order–

(a) the notice takes effect as specified in paragraph 30(7) of that Schedule; and

(b) the court shall notify the special administrator, who shall notify the FSA.

(6) If the court makes an order under paragraph 30(8) of Schedule 1 to the 2009 Order it shall notify the special administrator in Form 2.27 (subject to rule 7(2) above), who shall notify the FSA.

(1)

The Building Societies (Insolvency and Special Administration) Order 2009 modifies the application of section 154.