The Building Society Special Administration (Scotland) Rules 2009

Reports to creditors

26.—(1) “A progress report” means a report which includes–

(a) details of the court where the proceedings are and the relevant court reference number;

(b) full details of the society’s registered name and principal office ;

(c) full details of the name and address and date of appointment of the special administrator, including any changes in office-holder;

(d) in the case of joint special administrators, details of the apportionment of functions;

(e) details of any extensions of the initial period of appointment;

(f) details of progress during the period of the report, including a receipts and payments account (as detailed in paragraph (2) below);

(g) details of any assets that remain to be realised;

(h) details of any amounts received from a scheme under a resolution fund order; and

(i) any other information likely to be relevant to the creditors.

(2) A receipts and payments account must state what assets of the society have been realised, for what value, and what payments have been made to creditors or others.

(3) The account must be in the form of an abstract showing receipts and payments during the period of the report; and where the special administrator has ceased to act, the receipts and payments account shall include a statement as to the amount paid to unsecured creditors by virtue of the application of section 176A of the Insolvency Act (prescribed part).

(4) During the Objective 1 Stage, a progress report must include details of–

(a) the extent of the business of the society that has been transferred;

(b) any property, rights or liabilities that have been transferred, or which the special administrator expects to be transferred, under a power in Part 1 of the Banking Act (special resolution regime);

(c) any requirements imposed on the residual society, for the purpose of the pursuit of Objective 1, under a power under that Part; and

(d) the arrangements for managing and financing the society during the Objective 1 Stage.

(5) In complying with paragraph (4)(c) and (d) a report–

(a) may exclude information, the disclosure of which could seriously prejudice the commercial interests of the society; and

(b) must include a statement of any exclusion.