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Version status: Repealed | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 1995 - onwards
  Version 3 of 3    

59. Statement of affairs and calculation of payments from deposit protection account, etc. on insolvency.

Repealed from 1 July 1995

(1) This section applies to the holder or former holder of a licence which is unable to pay its debts and is being wound up either voluntarily or by the Court.

(2) The liquidator shall deliver to the Bank within one month of the date of his appointment, or such extended period as the Court may order -

(a) a copy of the statement of the affairs of the holder or former holder made out and filed in accordance with section 224 of the Companies Act, 1963, or, where the holder is being wound up voluntarily, a statement which would be so filed if the holder or former holder were being wound up by the Court,

(b) an estimate of the amount (excluding any amount in the deposit protection account) likely to be available for the payment of amounts due to persons maintaining deposits, and

(c) a statement of when he expects to be in a position to make those payments.

(3)

(a) The amount payable out of the amount vesting in the liquidator in accordance with section 58 to each person maintaining el

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