Central Bank and Credit Institutions (Resolution) Act 2011
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Bank may petition to have authorised credit institution wound up, etc. |
77.— The Bank may present a petition to the Court for the winding-up of an authorised credit institution on any of the following grounds: | |
(a) that in the opinion of the Bank, the winding-up of that credit institution would be in the public interest; | ||
(b) that that credit institution is, or in the opinion of the Bank may be, unable to meet its obligations to its creditors; | ||
(c) that that credit institution has failed to comply with a direction of the Bank— | ||
(i) in the case of the holder of a licence under section 9 of the Act of 1971, under section 21 of that Act, or | ||
(ii) in the case of a building society, under section 40 (2) of the Building Societies Act 1989 , or | ||
(iii) in the case of a credit union, under section 87 of the Credit Union Act 1997 ; | ||
(d) that that credit institution’s licence or authorisation (as applicable) has been revoked and (in the case of the holder of a licence under section 9 of the Act of 1971) that it has ceased to carry on banking business; | ||
(e) that the Bank considers that it is in the interest of persons having deposits (including deposits on current accounts) with that credit institution that it be wound up. |