Central Bank and Credit Institutions (Resolution) Act 2011

84.

Liquidation committee — functions.

84.— (1) The liquidator shall report to the liquidation committee about any matter on request, and may report to that committee about any matter which the liquidator thinks is likely to be of interest to that committee.

(2) The liquidator shall keep the liquidation committee informed of progress towards Objective 1, and shall notify that committee when in the liquidator’s opinion Objective 1 has been achieved entirely or so far as is reasonably practicable.

(3) As soon as is reasonably practicable after receiving a notice under subsection (2), the liquidation committee shall either—

( a) resolve that Objective 1 has been achieved entirely or so far as is reasonably practicable (referred to in this Part as a “full payment resolution”), or

( b) apply to the Court under section 280 of the Act of 1963.

(4) If a liquidation committee passes a full payment resolution, the liquidation committee ceases to exist at the end of the meeting at which that resolution was passed.