Central Bank and Credit Institutions (Resolution) Act 2011

30.

Hearing of application for transfer orders — procedure.

30.— (1) As soon as may be after completion, in relation to a proposed transfer order, of the procedures required by section 26 , the Bank shall apply ex parte to the Court for an order (referred to in this Act as a “transfer order”) in the terms of the proposed transfer order.

(2) A report prepared by the Bank (whether or not prepared specifically for the purpose of the application) in relation to matters within the Bank’s responsibilities, including the financial position of the authorised credit institution concerned, is admissible in evidence at the hearing of the application.

(3) The Court, when hearing an application under subsection (1), shall, if satisfied that the requirements of section 26 have been complied with and that the decision of the Bank was reasonable and was not vitiated by any error of law, make a transfer order in the terms of the proposed transfer order (or those terms as varied by the Bank after consideration of any submission made under section 26(1)(b) ).

(4) If the Bank has declared the intention of preserving or restoring the financial position of a credit institution in a proposed transfer order, and the Court is satisfied that the Bank has that intention, the Court shall declare in the relevant transfer order that the order or the relevant part of it is a re-organisation measure for the purposes of the CIWUD Directive.

(5) The Court shall order that a transfer order or a term of a transfer order has effect immediately if the Court is satisfied that it is necessary, in all the circumstances, for the order or term to have that effect.

(6) Subject to subsection (5), the Court may make a transfer order on terms other than those of the proposed transfer order (or those terms as varied by the Bank after consideration of any submission made under section 26 (1) (b) ) only if the Court is satisfied that—

( a) there has been non-compliance with any of the requirements of section 26 or that the decision of the Bank was unreasonable or vitiated by an error of law,

( b) it would be appropriate to do so, having regard to any report referred to in subsection (2), and

( c) the intervention conditions have been fulfilled in relation to the authorised credit institution concerned.