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The Bank Insolvency (Scotland) Rules 2009

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  1. Introductory Text

  2. PART 1 INTRODUCTORY PROVISIONS

    1. 1.Citation and commencement

    2. 2.Extent

    3. 3.Application of rules, construction and interpretation

    4. 4.Time limits

    5. 5.Overview

  3. PART 2 APPLICATION FOR ORDER

    1. 6.Application for bank insolvency order

    2. 7.Persons entitled to copy of application

    3. 8.Appointment of bank liquidator by the court

    4. 9.Initial duties of bank liquidation committee

    5. 10.Authentication of bank liquidator’s appointment

  4. PART 3 PROVISIONAL LIQUIDATION

    1. 11.Appointment of provisional bank liquidator

    2. 12.Order of appointment of provisional bank liquidator

    3. 13.Caution

    4. 14.Failure to find or to maintain caution

    5. 15.Remuneration

    6. 16.Termination of appointment

  5. PART 4 STATEMENT OF AFFAIRS

    1. 17.Notice requiring statement of affairs

    2. 18.Form of the statement of affairs

    3. 19.Expenses of statement of affairs

    4. 20.Limited disclosure

  6. PART 5 INFORMATION TO CREDITORS AND CONTRIBUTORIES

    1. 21.Report by bank liquidator

    2. 22.Information as to pending liquidations

  7. PART 6 MEETINGS OF CREDITORS AND CONTRIBUTORIES

    1. 23.First meetings in the bank liquidation

    2. 24.Business at the first meeting of creditors and contributories

    3. 25.Other meetings

    4. 26.Attendance at meetings of bank’s personnel

  8. PART 7 CLAIMS IN LIQUIDATION

    1. 27.Submission of claims

    2. 28.Application of the Bankruptcy Act

    3. 29.Claims in foreign currency

    4. 30.Rights of eligible depositor and set-off

  9. PART 8 THE LIQUIDATOR

    1. SECTIONA- APPOINTMENT BY CREDITORS AND FUNCTIONS OF LIQUIDATOR

      1. 31.Appointment by creditors

      2. 32.Appointment to be advertised and registered

      3. 33.Hand-over of assets to bank liquidator

      4. 34.Taking possession and realisation of the company’s assets

      5. 35.General qualification on powers

    2. SECTION B- REMOVAL AND RESIGNATION

      1. 36.Summoning of meeting for removal of bank liquidator

      2. 37.Procedure on bank liquidator’s removal

      3. 38.Release of bank liquidator on removal

      4. 39.Removal of bank liquidator by the court

      5. 40.Advertisement of removal

      6. 41.Resignation of liquidator

      7. 42.Action following acceptance of bank liquidator’s resignation

      8. 43.Release of resigning or removed bank liquidator

    3. SECTION C – RELEASE ON COMPLETION OF WINDING UP

      1. 44.Final meeting

    4. SECTION D- OUTLAYS AND REMUNERATION

      1. 45.Determination of amount of outlays and remuneration

      2. 46.Recourse of liquidator to meeting of creditors

      3. 47.Recourse to the court

      4. 48.Creditors’ claim that remuneration is excessive

      5. 49.Primacy of Objective 1

    5. SECTION E– SUPPLEMENTARY PROVISIONS

      1. 50.Replacement bank liquidator

      2. 51.Bank liquidator deceased

      3. 52.Loss of qualification as insolvency practitioner

      4. 53.Resignation of the bank liquidator

      5. 54.Notice to Bank of England of intention to vacate office

      6. 55.Power of court to set aside certain transactions

      7. 56.Rule against solicitation

  10. PART 9 THE LIQUIDATION COMMITTEE

    1. 57.Application of rules

    2. 58.Membership of committee

    3. 59.Formalities of establishment

    4. 60.Committee established by contributories

    5. 61.Obligations of liquidator to committee

    6. 62.Meetings of the committee

    7. 63.The chair at meetings

    8. 64.Quorum

    9. 65.Committee members’ representatives

    10. 66.Resignation

    11. 67.Termination of membership

    12. 68.Removal

    13. 69.Vacancy (creditor members)

    14. 70.Vacancy (contributory members)

    15. 71.Voting rights and resolutions

    16. 72.Resolutions by post

    17. 73.Liquidator’s reports

    18. 74.Expenses of members, etc

    19. 75.Dealings by committee-members and others

    20. 76.Composition of committee when creditors paid in full

    21. 77.Formal defects

  11. PART 10 DISTRIBUTION OF BANK ASSETS

    1. 78.Order of priority in distribution

    2. 79.Order of priority of expenses of liquidation

    3. 80.Application of the Bankruptcy Act

  12. PART 11 SPECIAL MANAGER

    1. 81.Appointment and remuneration

    2. 82.Caution

    3. 83.Failure to find or maintain caution

    4. 84.Accounting

    5. 85.Termination of appointment

  13. PART 12 MISCELLANEOUS

    1. 86.Secretary of State’s directions under section 116 of the 2009 Act

    2. 87.Procedure following appeal under section 116 of the 2009 Act

    3. 88.Limitation

    4. 89.Dissolution after winding up

  14. PART 13 COMPANY WITH PROHIBITED NAME

    1. 90.Preliminary

    2. 91.Application for leave under section 216(3) before passing of full payment resolution

    3. 92.Application for leave under section 216(3)

    4. 93.First excepted case

    5. 94.Second excepted case

    6. 95.Third excepted case

    7. 96.Further exception

  15. PART 14 MEETINGS

    1. 97.Summoning of meetings

    2. 98.Notice of meeting

    3. 99.Chair of meetings

    4. 100.Meetings requisitioned

    5. 101.Requisitioned meetings reforming the liquidation committee

    6. 102.Quorum

    7. 103.Adjournment

    8. 104.Entitlement to vote (creditors)

    9. 105.Entitlement to vote (members and contributories)

    10. 106.Chair of meeting as proxy holder

    11. 107.Resolutions

    12. 108.Report of meeting

    13. 109.Application under section 176A(5) to disapply section 176A

    14. 110.Notice of order under section 176A(5)

    15. 111.Definition of “proxy”

    16. 112.Form of proxy

    17. 113.Use of proxy at meeting

    18. 114.Retention of proxies

    19. 115.Right of inspection

    20. 116.Proxy holder with financial interest

    21. 117.Representation of corporations

  16. PART 15 GENERAL PROVISIONS

    1. 118.Giving of notices, etc

    2. 119.Service outside the United Kingdom

    3. 120.Sending by post

    4. 121.Certificate of giving notice, etc.

    5. 122.Validity of proceedings

    6. 123.Evidence of proceedings at meetings

    7. 124.Right to list of creditors and copy documents

    8. 125.Confidentiality of documents

    9. 126.Insolvency practitioner’s caution

    10. 127.Forms for use in insolvency proceedings

    11. 128.Fees, expenses, etc

    12. 129.Power of court to cure defects in procedure

    13. 130.Sederunt book

    14. 131.Disposal of company’s books, papers and other records

    15. 132.Information about time spent on a case

  17. Signature

  18. Explanatory Note

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