These Rules may be cited as the Bank Insolvency (Scotland) (Amendment) Rules 2010 and come into force on 15th November 2010.
Article 2Amendments to the Bank Insolvency (Scotland) Rules 2009#
The Bank Insolvency (Scotland) Rules 2009 are amended as follows.
Article 3Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 3—
(a)in paragraph (2)—
(ii)in the definition of “the FSA Rules” after “Sourcebook” insert “as amended from time to time”; and
(b)in paragraph (8), for “Rule C as applied to Rule B”, substitute “Rule C as applied by RuleB”.
Article 4Amendments to the Bank Insolvency (Scotland) Rules 2009#
After rule 5, in the sub-heading for Part 2, for “APPLICATION FOR ORDER” substitute “BANK INSOLVENCY ORDER”.
Article 5Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 8(4)(e)—
(a)at the end of paragraph (ii) omit “and”; and
(b)after paragraph (iii), insert—“iv if there is in force for the bank a voluntary arrangement under Part 1 of the 1986 Act, the supervisor of that arrangement; andv if an administrative receiver has been appointed in relation to the bank, that receiver.”
Article 6Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 9(1), (3) and (4), for “will” substitute “shall”.
Article 7Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 12(3)—
(a)at the end of sub-paragraph(c) omit “and”; and
(b)after sub-paragraph(c) insert—“ca if there is in force for the bank a voluntary arrangement under Part 1 of the 1986 Act, give notice of his appointment to the supervisor of that arrangement; and”
Article 8Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 20, for “Bank of England” substitute “bank liquidator”.
Article 9Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 21—
(a)in paragraph (2) after “website” insert “and the bank liquidator shall send a copy of it to any creditor or contributory on request”; and
(b)in paragraph (3)—
(ii)in sub-paragraph (l), for “purpose of the bank liquidation” substitute “objectives of the bank liquidator”.
Article 10Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 30—
(a)in paragraph (3) for “Where paragraph (2)(a) applies” substitute “Where this paragraph applies”;
(b)in paragraph (4)—
(ii)in sub-paragraph (b) after the first reference to “eligible depositor” insert “in respect of the protected deposits”; and
(c)in paragraph (5) after “this rule” insert “in so far as they relate to protected deposits”.
Article 11Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 41(1), for “109”, substitute “107”.
Article 12Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 42—
(a)in paragraph (2), for “will” substitute “shall”;
(b)for paragraph (3), substitute—“3 If the meeting resolves not to release the bank liquidator, the bank liquidator shall be given a copy of that resolution and rule 43 applies.”
(c)in paragraph (5), for “his” substitute “that”.
Article 13Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 43(2)(c), after “36” insert “or 42”.
Article 14Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 50—
(a)for paragraph (2), substitute—“2 Where a bank liquidator has been removed by a meeting of creditors, and no resolution has been passed by that meeting to appoint a new bank liquidator, the Bank of England shall appoint a new bank liquidator as soon as practicable.”
(b)in paragraphs (3), (4) and (5), for “the appointment document”, substitute “the certificate of appointment”; and
(c)omit paragraph (6).
Article 15Amendments to the Bank Insolvency (Scotland) Rules 2009#
For rule 58(2), substitute—“2 For rule 4.41(1) substitute—1 Subject to rule 24 of the 2009 Rules and rule 4.43 as applied by rule 60 of the 2009 Rules, the liquidation committee shall consist of either 3 or 5 creditors of the bank, elected by the meeting of creditors held under rule 23 of the 2009 Rules.”
Article 16Amendments to the Bank Insolvency (Scotland) Rules 2009#
After rule 59(1), insert—“2 In paragraph (3), omit—i or authorisation”; andii from “or any representative” to “Act.”
Article 17Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 65—
(a)number the existing rule as paragraph (1); and
(b)after paragraph (1) insert—“2 In paragraph (2), omit from “or authorisation” to “Act”.”
Article 18Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 101(2), for “on request of the bank’s creditors” substitute “at the request of the bank’s creditors”.
Article 19Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 102—
(a)number the existing rule as paragraph (1); and
(b)after paragraph (1) insert—“2 For the purposes of this rule, the reference to the creditor or contributories necessary to constitute a quorum is to those persons present or represented by proxy by any person (including the chair) including, in the case of contributories, persons duly represented under section 323 of the Companies Act 2006.”
Article 20Amendments to the Bank Insolvency (Scotland) Rules 2009#
In rule 111—
(a)number the existing rule as paragraph (1); and
(b)after paragraph (1) insert—“2 In rule 7.14(4), for “chairman of the meeting”, substitute “chair of the meeting or the bank liquidator.””
Article 21Amendments to the Bank Insolvency (Scotland) Rules 2009#
Omit rule 115(2).
Article 22Amendments to the Bank Insolvency (Scotland) Rules 2009#
For rule 117(2), substitute—“2 For rule 7.20(1), substitute—Where a person is authorised under section 323 of the Companies Act 2006 to represent a corporation at a meeting of the company or its contributories, that person shall produce to the chair of the meeting a copy of the resolution from which that authority derives.”
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