Central Bank and Credit Institutions (Resolution) Act 2011

78.

Bank’s role in winding-up authorised credit institutions.

78.— (1) A person other than the Bank shall not—

( a) present a petition to the Central Office of the High Court,

( b) advertise such a petition, or

( c) take any other step or make any other publication concerning that person’s intention to cause F23 [ a designated credit institution ] to be wound up,

unless—

(i) the person has given 10 days’ written notice to the Bank of his or her intention to do so, and

(ii) the Bank has confirmed in writing that it has no objection to the person doing so.

(2) If F23 [ a designated credit institution ] is being wound up voluntarily and the Bank has reason to believe that any of the grounds set out in section 77 apply, the Bank may apply to the Court to have that F24 [ recognised credit institution ] wound up by the Court.

(3) If F23 [ a designated credit institution ], or a body that was formerly F23 [ a designated credit institution ], is being wound up and the Bank is not a creditor, any notice or document, by whatever name called, required to be sent to a creditor of that F24 [ recognised credit institution ] or body shall also be sent to the Bank.

(4) In the winding-up of F23 [ a designated credit institution ] (if the Bank was not the petitioner)—

( a) the Bank is entitled to be a notice party in all applications brought in the course of the winding-up, and

( b) the Bank may make representations to the Court.