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Proceeding contribution from Baroness Noakes (Conservative) in the House of Lords on Tuesday, 20 January 2009. It occurred during Committee of the Whole House (HL) and Debate on bill on Banking Bill.

Banking Bill

I draw the Minister’s attention to Clause 97(6). Although it states that, "““the bank liquidator must summon a meeting of creditors””," that does not start until there has been a full payment resolution. The process of getting creditors involved does not start even on the day when the full payment resolution is passed. They are kept out of the room not only until that is achieved; they are probably kept out for at least another couple of months. That does not seem the right approach to creditors in a bank liquidation. I remind the Minister that the creditors could have more money at stake than the depositors, who might be dealt with relatively straightforwardly.

Secondary information

Type
Proceeding contribution
Reference
706 c1641-2 
Session
2008-09
Chamber / Committee
House of Lords chamber
Subjects
Conditions of employment Contracts Compensation Codes of practice Company law Companies Directors Administration Assets Bank services Banks Delegated legislation Bank of England Finance Liability Financial institutions Insolvency Financial Services Authority Holding companies Foreign companies Private sector Pay Powers Workplace pensions Property transfer Public sector Partnerships Nationalisation Stocks and shares Taxation Treasury British Bankers' Association Financial Services Compensation Scheme National Loans Fund Statutory instruments Liquidation committees
Legislation
Banking Bill 2007-08 to 2008-09
Link
View this Proceeding contribution on www.publications.parliament.uk