Central Bank and Credit Institutions (Resolution) Act 2011

80.

Objectives of liquidator of authorised credit institution.

80.— (1) The liquidator of F27 [ a designated credit institution ] has 2 objectives, as follows:

( a) Objective 1—

(i) to facilitate the Bank in ensuring that each eligible depositor receives the prescribed amount payable under F28 [ Regulation 11(1) of the Regulations of 2015 from the Fund or, where appropriate, the legacy fund, ] or

(ii) to facilitate the Bank in transferring that amount from the F28 [ Fund or, where appropriate, the legacy fund ] to another authorised credit institution or to a F27 [ recognised credit institution ] approved by the Bank, to hold that amount on behalf of each such eligible depositor;

( b) Objective 2, to wind up the affairs of the authorised credit institution so as to achieve the best results for that F27 [ recognised credit institution ]’s creditors as a whole.

(2) In the event of a conflict between Objective 1 and Objective 2, Objective 1 takes precedence.

(3) The liquidator of F27 [ a designated credit institution ] shall begin working towards both objectives immediately upon his or her appointment. The liquidator and the Bank shall cooperate in the pursuit of those objectives.

(4) The duties of a liquidator under this Part are in addition to the other duties of a liquidator.

(5) The liquidator of F27 [ a designated credit institution ]

( a) shall comply with a request of the Bank for information in relation to the liquidation, and

( b) may provide the Bank with any other information that the liquidator thinks might be useful for the purpose of co-operating in the pursuit of Objective 1.