The Building Society Special Administration (Scotland) Rules 2009

Building society special administrator’s proposals: Objective 2 Stage

25.—(1) Any special administrator who wishes to publish a notice under paragraph 49(6) of Schedule B1 to the Insolvency Act must publish the notice once in a newspaper which the special administrator thinks most appropriate for ensuring that the notice comes to the attention of the society’s members.

(2) The notice must–

(a) state the registered name of the society;

(b) state the full name and address of each special administrator of the society;

(c) give details of the appointment of the special administrator; and

(d) specify an address to which members can write for a copy of the statement of proposals.

(3) The notice must be published as soon as is reasonably practicable after the special administrator sends the statement of proposals to the society’s creditors but no later than 8 weeks (or such other period as may be agreed by the creditors or as the court may order) from the date that the society entered special administration.