Credit Institutions (Stabilisation) Act 2010
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Application to set aside subordinated liabilities order. |
31.— (1) The relevant institution in relation to which a subordinated liabilities order is made or a subordinated creditor of that institution may apply to the Court by motion on notice grounded on affidavit, not later than 5 working days after the making of a subordinated liabilities order, for the setting aside of the subordinated liabilities order. | |
(2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances and may give such directions with regard to the hearing of the application as it considers appropriate in the circumstances. | ||
(3) On an application under subsection (1), the Court shall set aside the subordinated liabilities order only if the Court is satisfied that there has been non-compliance with any of the requirements of section 28 or that the opinion of the Minister under section 28 (1) (b) was unreasonable or vitiated by an error of law. | ||
(4) The Court may, instead of setting aside the subordinated liabilities order, make an order varying or amending that order in the manner it considers appropriate if the Court is satisfied that— | ||
(a) there has been non-compliance with any of the requirements of section 28 or that the opinion of the Minister under section 28 (1)(b) was unreasonable or vitiated by an error of law, | ||
(b) it would be appropriate to do so, having regard to any report referred to in section 29 (3), and | ||
(c) to do so is necessary for the purpose specified in the subordinated liabilities order or any other purpose of this Act. | ||
(5) An order under subsection (3) has effect, from the date of making it, to set aside the relevant subordinated liabilities order. | ||
(6) An order under subsection (4) has effect, from the date of making it, to vary or amend the relevant subordinated liabilities order. |