http://www.legislation.gov.uk/uksi/2010/2584/contents/made

The Building Society Insolvency (Scotland) Rules 2010

Building societies

Building control services

Banking

Appointments procedure

King's Printer of Acts of Parliament

2015-11-20

BUILDING SOCIETIES, SCOTLAND

INSOLVENCY, SCOTLAND

These Rules set out the procedure for the building society insolvency process under Part 2 of the Banking Act 2009 (as applied to building societies by the Building Societies (Insolvency and Special Administration) Order 2009 (S.I. 2009/805, amended by S.I. 2010/1189).

The Building Society Insolvency (Scotland) Rules 2010

rule 3(2)

The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

Sch. 2

para. 192(2)(a)(i)

The Building Society Insolvency (Scotland) Rules 2010

rule 3(2)

The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

Sch. 2

para. 192(2)(a)(ii)

The Building Society Insolvency (Scotland) Rules 2010

rule 3(2)

The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

Sch. 2

para. 192(2)(a)(iii)

The Building Society Insolvency (Scotland) Rules 2010

rule 3(2)

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Sch. 2

para. 192(2)(a)(iv)

The Building Society Insolvency (Scotland) Rules 2010

rule 3(2)

The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

Sch. 2

para. 192(2)(a)(v)

The Building Society Insolvency (Scotland) Rules 2010

rule 3(2)

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Sch. 2

para. 192(2)(a)(vi)

The Building Society Insolvency (Scotland) Rules 2010

rule 3(6)(s)

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Sch. 2

para. 192(2)(b)

The Building Society Insolvency (Scotland) Rules 2010

rule 31(1)

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Sch. 2

para. 192(3)

The Building Society Insolvency (Scotland) Rules 2010

rule 32(4)

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Sch. 2

para. 192(4)

The Building Society Insolvency (Scotland) Rules 2010

rule 40(7)

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The Building Society Insolvency (Scotland) Rules 2010

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para. 192(6)(a)

The Building Society Insolvency (Scotland) Rules 2010

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para. 192(6)(b)

The Building Society Insolvency (Scotland) Rules 2010

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para. 192(7)

The Building Society Insolvency (Scotland) Rules 2010

Rules

The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

Sch. 2

para. 192(8)

The Building Society Insolvency (Scotland) Rules 2010

PART 1

1Citation and commencement

2Extent

3Application of rules, construction and interpretation

4Time limits

5Overview

PART 2

6Application for building society insolvency order

7Persons entitled to copy of application

8Appointment of building society liquidator by the court

9Initial duties of building society liquidation committee

10Authentication of building society liquidator’s appointment

PART 3

11Appointment of provisional building society liquidator

12Order of appointment of provisional building society liquidator

13Caution

14Failure to find or to maintain caution

15Remuneration

16Termination of appointment

PART 4

17Notice requiring statement of affairs

18Form of the statement of affairs

19Expenses of statement of affairs

20Limited disclosure

PART 5

21Report by building society liquidator

22Information as to pending liquidations

PART 6

23Meaning of “contributories”

24First meetings in the building society liquidation

25Business at the first meeting of creditors and contributories

26Other meetings

27Attendance at meetings of building society’s personnel

PART 7

28Submission of claims

29Application of the Bankruptcy Act

30Claims in foreign currency

31Rights of eligible depositor and set-off

PART 8

SECTION A - APPOINTMENT BY CREDITORS AND FUNCTIONS OF LIQUIDATORS

32Appointment by creditors

33Appointment to be advertised and registered

34Hand-over of assets to building society liquidator

35Taking possession and realisation of the building society’s assets

36General qualification on powers

SECTION B - REMOVAL AND RESIGNATION

37Summoning of meeting for removal of building society liquidator

38Procedure on building society liquidator’s removal

39Release of building society liquidator on removal

40Removal of building society liquidator by the court

41Advertisement of removal

42Resignation of building society liquidator

43Action following acceptance of building society liquidator’s resignation

44Release of resigning or removed building society liquidator

SECTION C – RELEASE ON COMPLETION OF WINDING UP

45Final meeting

SECTION D - OUTLAYS AND REMUNERATION

46Determination of amount of outlays and remuneration

47Recourse of liquidator to meeting of creditors

48Recourse to the court

49Creditors’ claim that remuneration is excessive

50Primacy of Objective 1

SECTION E – SUPPLEMENTARY PROVISIONS

51Replacement building society liquidator

52Building society liquidator deceased

53Loss of qualification as insolvency practitioner

54Resignation of the building society liquidator

55Notice to Bank of England of intention to vacate office

56Power of court to set aside certain transactions

57Rule against solicitation

PART 9

58Application of rules

59Membership of committee

60Formalities of establishment

61Committee established by contributories

62Obligations of liquidator to committee

63Meetings of the committee

64The chair at meetings

65Quorum

66Committee members’ representatives

67Resignation

68Termination of membership

69Removal

70Vacancy (creditor members)

71Vacancy (contributory members)

72Voting rights and resolutions

73Resolutions by post

74Liquidator’s reports

75Expenses of members, etc

76Dealings by committee-members and others

77Composition of committee when creditors paid in full

78Formal defects

PART 10

79Order of priority in distribution

80Order of priority of expenses of liquidation

81Application of the Bankruptcy Act

PART 11

82Appointment and remuneration

83Caution

84Failure to find or maintain caution

85Accounting

86Termination of appointment

PART 12

87FSA’s directions under section 116 of the Banking Act

88Procedure following appeal under section 116 of the Banking Act

89Limitation

90Dissolution after winding up

PART 13

91Summoning of meetings

92Notice of meeting

93Chair of meetings

94Meetings requisitioned

95Requisitioned meetings reforming the liquidation committee

96Quorum

97Adjournment

98Entitlement to vote (creditors)

99Entitlement to vote (members and contributories)

100Chair of meeting as proxy holder

101Resolutions

102Report of meeting

103Application under section 176A(5) to disapply section 176A

104Notice of order under section 176A(5)

105Definition of “proxy”

106Form of proxy

107Use of proxy at meeting

108Retention of proxies

109Right of inspection

110Proxy holder with financial interest

PART 14

111Giving of notices, etc

112Service outside the United Kingdom

113Sending by post

114Certificate of giving notice, etc.

115Validity of proceedings

116Evidence of proceedings at meetings

117Right to list of creditors and copy documents

118Confidentiality of documents

119Insolvency practitioner’s caution

120Forms for use in insolvency proceedings

121Fees, expenses, etc

122Power of court to cure defects in procedure

123Sederunt book

124Disposal of building society’s books, papers and other records

125Information about time spent on a case

2010 No. 2584 (S. 6)

Building Societies, Scotland

Insolvency, Scotland

The Building Society Insolvency (Scotland) Rules 2010

Made21st October 2010

Laid before Parliament25th October 2010

Coming into force15th November 2010

The Treasury, in exercise of the powers conferred by section 411(1A)(b), (2), (2C), (3) and (3A) of the Insolvency Act 19861, make the following Rules.