The Bank Insolvency (England and Wales) Rules 2009

• Citation: S.I. 2009/356
• Sections: 294

Section 1 Citation and commencement

These Rules may be cited as the Bank Insolvency (England and Wales) Rules 2009 and come into force on 25th February 2009.

Section 2 Extent

These Rules extend to England and Wales only.

Section 3 Application of rules, construction and interpretation

(1) These Rules apply in relation to a bank undergoing the procedure in Part 2 of the Banking Act 2009 known as bank insolvency.

(2) In these Rules—

“the 1985 Act” means the Companies Act 1985 ;

“the 1986 Act” means the Insolvency Act 1986 (and includes those provisions as applied by section 103 of the 2009 Act);

“the 1986 Rules” means the Insolvency Rules 1986 ;

“the 2006 Act” means the Companies Act 2006 ;

“the 2009 Act” means the Banking Act 2009;

“ bank ” means the bank (as defined by section 91(1) of the 2009 Act) which is or is to be the subject of the bank insolvency order;

“CPR” means the Civil Procedure Rules 1998 ;

“the FSA” means the Financial Services Authority;

“the FSCS” means the Financial Services Compensation Scheme (established under Part 15 of the Financial Services and Markets Act 2000 ) or, where appropriate, the scheme manager of that scheme;

“ the insolvent ” means the bank that has been put into bank insolvency;

“ liquidation committee ” means the committee established pursuant to section 100 of the 2009 Act;

“ personal service ” has the meaning given in Part 6 of the CPR;

“ registered address ” has the meaning given by section 1140 of the 2006 Act;

“ sealed ” means sealed with the seal of the court under which the application was made: and

“ statement of truth ” has the meaning set out in Part 22 of the CPR.

(3) These Rules consist of—

(a) the rules set out in full;

(b) in the case of a rule applying a rule in Part 4, 7, 8, 9, 11, 12 or 13 of the 1986 Rules, the rule so applied with—

(i) the modifications set out in paragraph (4),

(ii) the modifications contained in the rule applying it, and

(iii) any other necessary modification;

(c) the Schedule, which applies the relevant schedules of the 1986 Rules.

(4) The modifications are that where applicable, a reference to—

(a) the 1986 Act (or to “the Act”) is a reference to that Act as applied, with modifications, by the 2009 Act, (and includes, where appropriate, a reference to Part 2 of the 2009 Act.)

(b) the 1986 Rules (or to “the Rules”) is a reference to these Rules,

(c) an affidavit is a reference to a witness statement,

(d) the commencement of winding up is a reference to the commencement of bank insolvency,

(e) the chairman is a reference to the chair,

(f) a reference to a company is a reference to a bank,

(g) going into liquidation is a reference to entering bank insolvency,

(h) insolvency proceedings is a reference to bank insolvency proceedings,

(i) the official receiver should be ignored unless otherwise stated,

(j) a petition for winding up is a reference to an application for bank insolvency under section 95 of the 2009 Act,

(k) a petitioner is a reference to an applicant,

(l) the provisional liquidator is a reference to the provisional bank liquidator,

(m) winding up is a reference to bank insolvency,

(n) winding up by the court is a reference to a bank being placed into bank insolvency by the court, and

(o) a winding–up order is a reference to a bank insolvency order.

(5) Expressions used—

(a) both in a rule set out in full and in Part 2 of the 2009 Act, or

(b) both in a modification to a rule from the 1986 Rules applied by these Rules and in Part 2 of the 2009 Act,

have the same meaning as in Part 2 of the 2009 Act.

(6) Where a rule applies a rule of the 1986 Rules and modifies that rule by inserting or substituting text—

(a) any reference in the modified rule to the 2009 Rules is a reference to these rules;

(b) expressions inserted or substituted have the same meaning as in these rules.

(7) Where a rule in the 1986 Rules (Rule A) contains a reference to another such rule (Rule B) and—

(a) both Rule A and Rule B are applied by these Rules, or

(b) Rule A is applied by and the provision in Rule B to which Rule A refers is substantially repeated in these Rules,

the reference in Rule A shall be treated, for the purpose of these Rules, as being, respectively, to the rule in these Rules that applies Rule B or the provision in these Rules that substantially repeats the provision in Rule B.

(8) Where a rule (Rule A) refers to another rule (Rule B), and Rule B applies a rule of the 1986 Rules (Rule C) with or without modifications, the reference in Rule A includes a reference to Rule C as applied to Rule B.

(9) Any notice or document required to sent electronically by these Rules shall be treated as having been sent to the person if—

(a) it is sent by email to the person’s last known email address, and

(b) the email contains a prompt asking the person for an electronic receipt saying that the email has been read.

(10) Where the rules provide for a witness statement (either expressly, or through the application of the 1986 Rules as modified above)—

(a) that statement is a reference to a witness statement verified by a statement of truth in accordance with Part 22 of the CPR, and

(b) if the statement is made by the bank liquidator or provisional bank liquidator, the statement should state as such and should include the address at which that person works.

Section 4 Overview

The purpose of these Rules is to provide a procedure for the appointment of a bank liquidator and the operation of bank insolvency under Part 2 of the 2009 Act in England and Wales.

Section 5 Forms

(1) This Rule applies where a provision of these Rules—

(a) applies a provision of the Insolvency Rules 1986 which requires the use of a prescribed form, or

(b) makes provision similar to that made by a provision of those Rules which requires the use of a prescribed form.

(2) The form prescribed for the purposes of those Rules is to be used with any modification that the person using the form thinks desirable to reflect the nature of bank insolvency (whether or not the modification is set out in a Practice Form issued by the Treasury for that purpose).

Section 6 Time Limits

(1) Where by any provision of the 1986 Act, the 2009 Act or these Rules, the time for doing anything is limited, the court may extend the time, either before or after it has expired, on such terms, if any, as it thinks fit.

(2) If the court’s consideration of whether to extend the time for doing anything takes place before a full payment resolution has been passed, the court shall only extend the time if it considers that the resulting delay will not significantly prejudice the achievement of Objective 1.

Section 7 Filing of application

(1) The application for a bank insolvency order, verified by witness statement in accordance with rule 11, shall be filed in court.

(2) There shall be filed with the application—

(a) 1 copy for service on the bank,

(b) 1 copy to be attached to the proof of service, and

(c) further copies to be sent to those persons under rule 10.

(3) The court shall fix the venue, date and time for the hearing of the application and in doing so shall have regard to—

(a) the desirability of the application being heard as soon as is reasonably practicable, and

(b) the need to give the bank a reasonable opportunity to attend.

(4) Each of the copies issued to the applicant shall be sealed and be endorsed with the venue, date and time for the hearing.

(5) Any application filed in relation to a bank in respect of which there is in force a voluntary arrangement under Part 1 of the 1986 Act shall be filed in accordance with this rule, but a copy of that application shall also be sent to the court to which the nominee’s report under section 2 of the 1986 Act was submitted, if that is not the same court.

Section 8 Service of application

(1) The applicant shall serve the bank with a sealed copy of the application.

(2) The application shall be served on the bank by personal service at its registered office.

(3) In paragraph (2) “ registered office ” means—

(a) the place which is specified, in the bank’s statement delivered under section 9 of the 2006 Act or, before that section comes into force, section 10 of the 1985 Act as the intended situation of its registered office on incorporation, or

(b) if notice has been given by the bank to the registrar of companies under section 87 of the 2006 Act or, before that section comes into force, section 287 of the 1985 Act , the place specified in that notice or, as the case may be, in the last such notice.

(4) Service of the application at the registered office may be effected in any of the following ways—

(a) it may be handed to a person who there and then acknowledges that they are , or to the best of the server’s knowledge, information and belief are, a director or other officer, or employee, of the bank, or

(b) it may be handed to a person who there and then acknowledges that they are authorised to accept service documents on the company’s behalf, or

(c) in the absence of such person as is mentioned in sub-paragraphs (a) and (b), it may be deposited at or about the registered office in such a way that it is likely to come to the notice of a person attending the office.

(5) If for any reason it is impracticable to effect service as provided by paragraph (2) or (4), the application may be served in such other manner as the court may approve or direct.

(6) Application for permission of the court under paragraph (5) may be made without notice to the bank, stating in a witness statement what steps have been taken to comply with paragraph (2) or (4), and the reasons why it is impracticable to effect service as there provided.

(7) If the bank or its legal representatives fail to attend the hearing, the court may make the bank insolvency order in its absence if satisfied that the application has been served in accordance with this rule.

Section 9 Proof of service

Apply rule 4.9 of the 1986 Rules.

Section 10 Other persons to receive copy of application

(1) The applicant shall send a sealed copy of the application to—

(a) the proposed bank liquidator,

(b) the Bank of England, (if it is not the applicant,)

(c) the FSA, (if it is not the applicant,)

(d) the FSCS,

(e) on any person who has given notice to the FSA in respect of the bank under section 120 of the Banking Act 2009,

(f) if there is in force for the bank a voluntary arrangement under Part 1 of the 1986 Act, the supervisor of that arrangement, and

(g) if an administrative receiver has been appointed in relation to the bank, that receiver,

in accordance with paragraph (2).

(2) 1 copy shall be sent electronically as soon as practicable and the other shall be sent by first class post on the business day on which the application is served on the bank.

(3) Any of the persons in sub-paragraph (1) will have the right to attend and be heard at the hearing of the application.

Section 11 Verification of application

(1) This applies where an application has been filed at the court under rule 7 above.

(2) A witness statement shall be attached to the application to state that the statements in the application are true, or are true to the best of the applicant’s knowledge, information and belief.

(3) The witness statement should identify the person making the statement and should include the capacity in which that person makes the statement and the basis for that person’s knowledge of the matters set out in the application.

(4) The witness statement is, unless proved otherwise, evidence of the statements in the application.

Section 12 Persons entitled to copy of application

(1) Every contributory or creditor of the bank is entitled to a copy of the application on request from the applicant.

(2) The applicant shall respond to any request for a copy of the application as soon as reasonably practicable after the application has been made on payment of the appropriate fee.

Section 13 Certificate of compliance

(1) Apply rule 4.14 of the 1986 Rules.

(2) In paragraph (1) the period for filing shall be as soon as reasonably practicable before the hearing of the application.

(3) In paragraph (2), leave out the words “a copy of the advertisement” to the end, and insert—

A witness statement made by the proposed bank liquidator to the effect that—

(c) the person is qualified to act as an insolvency practitioner in accordance with section 390 of the 1986 Act, and

(d) the person consents to act as the bank liquidator,

shall be filed in court with the certificate.

Section 14 Leave for the applicant to withdraw

Apply rule 4.15 of the 1986 Rules. Leave out “at least 5 days” and ignore sub–paragraph (a).

Section 15 Witness statement in opposition

(1) If the bank intends to oppose an application, the bank or a director of the bank may (but need not) file a witness statement in opposition in court.

(2) A statement under paragraph (1) must be filed before the hearing of the application and a copy must be served on the applicant, before the hearing.

(3) The statement may be served on the applicant by personal service or by electronic means.

(4) The statement should also be sent to the persons in rule 10(1) before the hearing by personal service or by electronic means.

(5) The fact that the neither the bank nor its directors have filed a statement under this rule shall not prevent any of those persons or their legal representatives from being heard at the hearing.

Section 16 Making, transmission and advertisement of order

(1) The court shall not make a bank insolvency order unless the person nominated to be appointed as the bank liquidator in the application for the order has filed in court a witness statement under rule 13.

(2) When the bank insolvency order has been made the court shall immediately send 5 sealed copies (or such larger number as the bank liquidator may have requested) to the bank liquidator.

(3) The court shall also, if practicable, immediately send a sealed copy of the order to the bank liquidator electronically.

(4) The bank liquidator shall serve a sealed copy of the order on the bank at its registered office and, where the bank liquidator knows the bank’s email address, will send an electronic copy to the bank.

(5) The bank liquidator shall send a sealed copy of the order—

(a) to the Bank of England, the FSA and the FSCS (electronically or otherwise), and

(b) to the registrar of companies in accordance with section 130(1) of the 1986 Act (as applied by the 2009 Act).

(6) The bank liquidator shall as soon as reasonably practicable—

(a) cause the order to be gazetted, and

(b) advertise the order in such other manner as the bank liquidator thinks fit.

Section 17 Authentication of bank liquidator’s appointment

A sealed copy of the court’s order may in any proceedings be adduced as proof that the person appointed is duly authorised to exercise the powers and perform the duties of the bank liquidator in the bank insolvency.

Section 18 Initial duties of bank liquidation committee

(1) As soon as reasonably practicable after the making of a bank insolvency order, the liquidation committee will meet the bank liquidator for the purpose of discussing which of the objectives, or combination of objectives, mentioned in section 102(1) of the 2009 Act, the committee should recommend the bank liquidator to pursue.

(2) If the bank liquidator and every individual on the liquidation committee agree, the meeting may be held by audio or video conference.

(3) The liquidation committee will make its recommendation to the bank liquidator at the meeting.

(4) The Bank of England will confirm the liquidation committee’s recommendation in writing as soon as practicable after the meeting.

(5) As soon as practicable after the making of a bank insolvency order, the liquidation committee shall also pass a resolution as to the terms on which, in accordance with rule 98, the bank liquidator is to be remunerated.

(6) Until a full payment resolution has been passed, the bank liquidation committee—

(a) shall take decisions and pass resolutions by a simple majority, and

(b) for the purpose of taking decisions and passing resolutions, may communicate by any means that its members consider convenient.

Section 19 Expenses of voluntary arrangement

Apply rule 4.21A of the 1986 Rules .

Section 20 Appointment of provisional bank liquidator

(1) The rule applies after an application for a bank insolvency order has been filed under rule 7 and before that order is made.

(2) An application to the court for the appointment of a provisional bank liquidator under section 135 of the Act may be made—

(a) by the Bank of England,

(b) by the FSA, (with the consent of the Bank of England), or

(c) by the Secretary of State.

(3) The application must be supported by a witness statement stating—

(a) the grounds upon which it is proposed that the provisional bank liquidator should be appointed;

(b) that the person to be appointed has consented to act,

(c) that the person to be appointed is qualified to act as an insolvency practitioner,

(d) whether to the applicant’s knowledge—

(i) there has been proposed or is in force for the bank a company voluntary arrangement under Part 1 of the 1986 Act, or

(ii) an administrative receiver is acting in relation to the bank.

(e) the applicant’s estimate of the value of the assets in respect of which the provisional bank liquidator is to be appointed, and

(f) the functions the applicant wishes to be carried out by the provisional bank liquidator in relation to the bank’s affairs.

(4) The court may on the application, if satisfied that sufficient grounds are shown for the appointment, make it on such terms as it thinks fit.

Section 21 Notice of appointment

Where a provisional bank liquidator has been appointed, the court shall notify the applicant and the person appointed.

Section 22 Order of appointment

(1) The order of appointment shall specify the functions to be carried out by the provisional bank liquidator in relation to the bank’s affairs.

(2) The court shall, immediately after the order is made, send 4 sealed copies of the order (or such larger number as the provisional bank liquidator may have requested), to the provisional bank liquidator.

(3) The court shall also, if practicable, immediately send a sealed copy of the order to the provisional bank liquidator electronically.

(4) The provisional bank liquidator shall serve a sealed copy of the order on the bank at its registered office and, where the provisional bank liquidator knows the bank’s email address, will send an electronic copy to the bank.

(5) The bank liquidator shall send a sealed copy of the order—

(a) to the Bank of England, the FSA, and the FSCS (electronically or otherwise), and

(b) to the registrar of companies, and

(c) (if applicable) to any administrative receiver of the bank.

Section 23 Security

Apply rule 4.28 of the 1986 Rules .

Section 24 Failure to give or keep up security

Apply rule 4.29 of the 1986 Rules.

Section 25 Remuneration

Apply rule 4.30 of the 1986 Rules. Ignore paragraph (4).

Section 26 Termination of appointment

(1) Apply rule 4.31 of the 1986 Rules .

(2) At the end insert—

(3) On the making of a bank insolvency order the appointment of the provisional bank liquidator shall terminate.

Section 27 Notice requiring statement of affairs

(1) Apply rule 4.32 of the 1986 Rules. For “official receiver”, substitute “Bank of England”.

(2) In paragraph (3), for “Chapter” substitute “Part”.

Section 28 Verification and filing

(1) Apply rule 4.33 of the 1986 Rules.

(2) For paragraph (6), substitute—

(6) The bank liquidator shall file the statement of affairs in court and shall send a copy of it to the registrar of companies.

(3) Ignore paragraph (7).

Section 29 Limited disclosure

(1) Apply rule 4.35 of the 1986 Rules. In paragraph (1), for “official receiver”, substitute “Bank of England”.

(2) After paragraph (1), insert—

(1A) The Bank of England may also apply to the court for an order of limited disclosure in respect of those depositors of the bank who, at the time of the making of the statement of affairs, still have a claim against the bank in respect of their deposits.

Section 30 Release from duty to submit statement of affairs; extension of time

Apply rule 4.36 of the 1986 Rules . For “official receiver” substitute “bank liquidator.”

Section 31 Expenses of statement of affairs

Apply rule 4.37 of the 1986 Rules .For “official receiver”, substitute “Bank of England”.

Section 32 Submission of accounts

Apply rule 4.39 of the 1986 Rules. For “official receiver”, substitute “Bank of England”.

Section 33 Further disclosure

Apply rule 4.42 of the 1986 Rules. For “official receiver”, substitute “Bank of England”.

Section 34 Report by bank liquidator

(1) The bank liquidator shall, at least once after the making of the bank insolvency order, make a report with respect to the proceedings in the bank insolvency and the state of the bank’s affairs.

(2) Regardless of whether the liquidation committee has passed a full payment resolution, the first report under paragraph (1) shall be, within 8 weeks of the commencement of the bank insolvency, made publicly available on the bank’s website.

(3) The bank liquidator shall include in the report under paragraph (1)—

(a) a statement that the proceedings are being held in the High Court and the relevant court reference number;

(b) the full name, registered office address, registered companies house number and any other trading names of the bank;

(c) details relating to the bank liquidator’s appointment, including the date of appointment, and where there are joint liquidators, details of—

(i) which functions (if any) are to be exercised by the persons appointed acting jointly, and

(ii) which functions (if any) are to be exercised by any of all of the persons appointed.

(d) the names of the directors and secretary of the bank and details of any shareholdings in the bank that they have;

(e) an account of the circumstances giving rise to the bank insolvency;

(f) if a statement of affairs has been submitted, a copy of that statement;

(g) if a statement of affairs has yet to be submitted—

(i) subject to sub paragraph (ii), the names, addresses and details of any debts of the creditors, including details of any security held (or, in the case of depositors who still are creditors of the bank at the time the report is made, a single statement of their aggregate debt),

(ii) details of the financial position of the bank at the latest practicable date (which must, unless the court orders otherwise, be a date not earlier than the commencement of bank insolvency);

(h) the basis upon it has been proposed under rule 41, or, if the full payment resolution has yet to be passed, rule 18, that the bank liquidator’s remuneration has been fixed;

(i) to the best of the bank liquidator’s knowledge and belief—

(i) an estimate of the value of the prescribed part (within the meaning of section 176A of the 1986 Act) regardless of whether—

(aa) the bank liquidator proposes to make an application to the court under section 176A(5) of that Act, or

(bb) section 176A(3) of that Act applies, and

(ii) an estimate of the value of the company’s net property;

(j) whether, and if so, why, the bank liquidator proposes to make an application to court under section 176A(5) of the 1986 Act;

(k) a summary of —

(i) how Objective 1 is being or has been achieved and an estimate of the costs to the bank liquidator of achieving it,

(ii) the manner in which the affairs and business of the bank not involved in the achievement of Objective 1 have, since the commencement of the bank insolvency; been managed and financed, including, where any assets have been disposed of, the reasons for such disposals and the terms upon which such disposals were made, and

(iii) how the affairs and business of the bank will continue to be managed and financed; and

(l) an explanation of how it is envisaged the purpose of the bank liquidation will be achieved, including whether a dividend will be paid and an estimate as to the amount of this dividend and how it is proposed that the bank liquidation shall end.

(4) Nothing in this rule is to be taken as requiring either estimate mentioned in paragraph (3) to include any information the disclosure of which could seriously prejudice the commercial interests of the company. If such information is excluded from the calculation the estimate shall be accompanied by a statement to that effect.

(5) The bank liquidator shall file with the court a copy of any report sent under this rule.

Section 35 Meaning of “creditors”

Apply rule 4.44 of the 1986 Rules.

Section 36 Report where statement of affairs lodged

Apply rule 4.45 of the 1986 Rules . For “official receiver”, substitute “Bank of England”.

Section 37 Statement of affairs dispensed with

Apply rule 4.46 of the 1986 Rules.

Section 38 General rule as to reporting

(1) Apply rule 4.47 of the 1986 Rules.

(2) In paragraph (1), for “Chapter” substitute “Part”.

(3) In paragraph (2), for “official receiver”, substitute “Bank of England”.

Section 39 Bank insolvency stayed

(1) Apply rule 4.48 of the 1986 Rules.

(2) In paragraph (1), for “Chapter” substitute “Part”.

(3) In paragraph (2), for “official receiver”, substitute “Bank of England”.

Section 40 First meeting

(1) Once the liquidation committee passes a full payment resolution the bank liquidator shall—

(a) immediately summon a meeting of the bank’s creditors and a meeting of the bank’s contributories, and

(b) fix a venue, date and time for the meetings,

and the date must be within 3 months of the date on which the full payment resolution was passed.

(2) When the venue, date and time of the meetings have been fixed the bank liquidator shall give notice of the meetings to—

(a) the court,

(b) every creditor who is known to the bank liquidator or is identified in the bank’s statement of affairs,

(c) every person appearing (by the bank’s books or otherwise) to be a contributory of the bank, and

(d) each member of the liquidation committee,

and shall advertise the venue, date and time of the meetings in such manner as the bank liquidator thinks fit.

(3) In giving the notice mentioned in paragraph (2) the bank liquidator shall, if practicable, indicate whether the present intention of the FSCS is to resign from the liquidation committee at the meeting.

(4) Notice to the court and the members of the liquidation committee shall be given immediately; notice to creditors and contributories shall be given, and the advertisements placed to appear, at least 21 days before the date fixed for the meeting.

(5) The notice to creditors shall specify a time and date, not more than 4 days before the date fixed for the meeting, by which they must lodge proofs and (if applicable) proxies, in order to be entitled to vote at the meeting.

(6) The FSCS is entitled to be represented at the meeting and Schedule 1 to the 1986 Rules, as applied by rule 293, has effect with respect to its voting rights at such a meeting.

(7) Meetings summoned under this rule are known respectively as “the first meeting of creditors” and “the first meeting of contributories”, and jointly as “the first meetings in the bank liquidation.”

Section 41 Business at first meetings of creditors and contributories

(1) At the first meeting of creditors the FSCS shall state whether or not it is resigning from the liquidation committee.

(2) At that meeting those creditors present (or represented by proxy) may—

(a) where the FSCS has not resigned, elect 2 or 4 individuals as new members of the liquidation committee,

(b) where the FSCS has resigned, elect 3 or 5 individuals as new members of the liquidation committee,

in place of the members nominated by the Bank of England and the FSA. In accordance with section 100(6)(d) of the 2009 Act, the liquidation committee ceases to exist at the end of the meeting if no individuals are elected as mentioned or if the resulting committee would have fewer than 3 members or an even number of members. The maximum number of committee members will be 5.

(3) At the first meeting of creditors no resolutions shall be taken other than the following—

(a) if an application has been made to the court by the creditors under rule 94 for the court to direct the bank liquidator to summon a meeting of creditors for the purpose of removing him, and the court has directed that a resolution may be passed to that effect at the first meeting of creditors, —

(i) a resolution to remove the bank liquidator (or a resolution to remove 1 or more of the bank liquidators if joint liquidators were originally appointed), and

(ii) a resolution to appoint a named insolvency practitioner to be bank liquidator or 2 or more insolvency practitioners as joint liquidators;

(b) if no individuals have been elected to form a liquidation committee under paragraph (2), a resolution specifying the terms on which the liquidator is to be remunerated, or to defer consideration of that matter;

(c) where 2 or more persons are appointed jointly to act as bank liquidator, a resolution specifying which acts are to be done by both of them, all of them or by only 1;

(d) a resolution to adjourn the meeting for not more than 3 weeks; and

(e) any other resolutions which the chair thinks it right to allow for special reasons.

(4) At the first meeting of contributories, no resolutions shall be taken other than the following—

(a) if no individuals have been elected to form a liquidation committee under paragraph (2), a resolution to form a liquidation committee (and rule 117 shall then apply);

(b) a resolution to adjourn the meeting for not more than 3 weeks;

(c) any other resolutions which the chair thinks it right to allow for special reasons.

Section 42 General power to call meetings

(1) Apply rule 4.54 of the 1986 Rules.

(2) Where the bank liquidator has been directed to summon a meeting of creditors under section 195 of the Act (as applied by section 109 of the 2009 Act) for the purpose of removing the bank liquidator, the bank liquidator shall give notice of the meeting to the Bank of England and the FSA.

Section 43 The chair at meetings

(1) Meetings shall be chaired by the bank liquidator or a person nominated in writing by the bank liquidator.

(2) A person nominated under paragraph (1) must be—

(a) qualified to act as an insolvency practitioner in accordance with section 390 of the 1986 Act, or

(b) an employee of the bank liquidator or of the bank liquidator’s firm who is experienced in insolvency matters.

Section 44 Requisitioned meetings: general

(1) Apply rule 4.57 of the 1986 Rules.

Section 45 Requisitioned meetings: reforming the liquidation committee

(1) Rule 4.57 of the 1986 Rules also applies where—

(a) the liquidation committee has ceased to exist at the end of the first meeting of creditors under rule 41 and no further steps have been taken to re establish that committee; and

(b) the bank liquidator has been requested, by no less than one-tenth in value of the bank’s creditors, to summon a meeting for the purpose of re-establishing the liquidation committee.

(2) Where a meeting is requisitioned to re-establish the liquidation committee, the time periods set out in rule 4.57 of the 1986 Rules may be expedited by the bank liquidator on the request of the bank’s creditors.

(3) The bank liquidator shall give notice of the meeting to the FSA and Bank of England.

(4) Rule 41(1) and (2) shall apply at this meeting as if it were the first meeting of creditors.

Section 46 Attendance at meetings of bank’s personnel

Apply rule 4.58 of the 1986 Rules.

Section 47 Notice of meetings by advertisement only

Apply rule 4.59 of the 1986 Rules.

Section 48 Venue

Apply rule 4.60 of the 1986 Rules.

Section 49 Expenses of summoning meetings

Apply rule 4.61 of the 1986 Rules.

Section 50 Resolutions

Apply rule 4.63 of the 1986 Rules .