Central Bank and Credit Institutions (Resolution) Act 2011

89.

Modifications to Companies Acts in winding-up of authorised credit institutions.

89.— (1) A provision of the Act of 1963 mentioned in column 1 of the Table to this subsection applies to the winding-up of F33 [ a designated credit institution ] as if it were modified in the manner set out in column 2 of that Table opposite to the mention of the provision in column 1.

TABLE

Column 1

Column 2

Section 2(1)

After the definition of “Act of 2003”, insert:

“‘ Act of 2011’ means the Central Bank and Credit Institutions (Resolution) Act 2011 ( No. — of 2011);”.

Section 2(1)

After the definition of “auditor” insert:

“‘authorised credit institution’ has the same meaning as in the Act of 2011;”.

Section 2(1)

Before the definition of “book and paper” insert:

“‘Bank’ means the Central Bank of Ireland;”.

Section 217

Insert “or the Bank” after “any creditor or contributory”.

Section 223

Delete.

Section 234(1)

Substitute “Subject to subsection (2A), the Court” for “the Court”.

Section 234(2)

Substitute “Subject to subsection (2A), the Court” for “the Court”.

Section 234

After subsection (2), insert:

“(2A) The Court may not make an order under subsection (1) or (2) before the passage of a full payment resolution (within the meaning given by section 84(3)(a) of the Act of 2011.).”.

Section 243(1)

Substitute:

243.—(1) The Court may, at any time after making a winding-up order, make such order for inspection of the books and papers of the company, by creditors and contributories or the Bank, as the Court thinks just, and any books and papers in the possession of the company may be inspected by creditors or contributories or the Bank accordingly, but not further or otherwise.”.

Section 243

Before subsection (2), insert:

“(1B) In considering an application under subsection (1), the Court shall have regard to the liquidator’s duty to secure the achievement of Objective 1 described in section 80(1)(a) of the Act of 2011.

(1C) In considering an application under this section, the Court shall have regard to the liquidator ’s duty to secure the achievement of Objective 1 described in section 80(1)(a) of the Act of 2011.”.

Section 280(1)

Insert “or the Bank” after “any contributory or creditor”.

Section 286

Insert after subsection (3):

“(3A) The disposal of property of an authorised credit institution by the Bank pursuant to an order under the Act of 2011 does not amount to the giving of a preference for the purposes of this section.”.

Section 302(1)

Substitute “, the registrar of companies, the liquidation committee or the Bank” for “or by the registrar of companies”.

Section 309(1)

Substitute:

309.—(1) The Court may, as to all matters relating to the winding-up of an authorised credit institution, have regard to the wishes of the creditors or contributories (or, at a time before the passing of a full payment resolution (within the meaning given by section 84(3)(a) of the Act of 2011), those of the Bank), as proved to it by any sufficient evidence, and may, if it thinks fit, for the purpose of ascertaining those wishes, direct meetings of the creditors or contributories or the Bank to be called, held and conducted in such manner as the court directs, and may appoint a person to act as chairperson of any such meeting and report the result thereof to the Court.”.

(2) When a liquidation committee stands established in relation to F33 [ a designated credit institution ], a reference in the Act of 1963 to a committee of inspection shall be interpreted as a reference to the liquidation committee.

(3) Section 139 of the Companies Act 1990 applies to the winding-up of F33 [ a designated credit institution ] as if it were modified by the insertion after subsection (2) of the following:

“(2A) Subsection (1) does not apply to a disposal of property of F33 [ a designated credit institution ] (within the meaning given by the Central Bank and Credit Institutions (Resolution) Act 2011) pursuant to an order under that Act.”.

Annotations:

Amendments:

F33

Substituted (15.07.2015) by European Union (Bank Recovery and Resolution) Regulations 2015 (S.I. No. 289 of 2015), reg. 187(e)(i), in effect as per reg. 1(2).