Central Bank and Credit Institutions (Resolution) Act 2011

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Achievement of Objective 1.

87.— (1) As soon as is reasonably practicable after it is established, a liquidation committee shall make recommendations to the liquidator on appropriate ways of achieving Objective 1, and the liquidator shall comply with any such recommendation.

(2) If the liquidation committee is of the opinion that the liquidator is failing to comply with such a recommendation, it shall apply to the Court for directions under section 280 of the Act of 1963.

(3) If the liquidation committee does not make a recommendation under subsection (1) within a reasonable time after it is established, the liquidator may apply to the Court under section 280 of the Act of 1963 for directions.