(1) The liquidator of an authorised credit institution that is being wound-up shall keep creditors of the institution regularly informed, in an appropriate manner, about the winding-up and its progress.
(2) The obligation imposed by this Regulation to keep creditors regularly informed is satisfied if the liquidator has complied with any order of the Court with respect to providing reports to creditors and is in addition to the requirement imposed by section 306 of the Companies Act 1963 (which requires the liquidator of a company to keep the registrar of companies informed about the progress of the liquidation).