Section 100(6)

Where a liquidation committee passes a full payment resolution— the bank liquidator must summon a meeting of creditors, the meeting may elect 2 or 4 individuals as new members of the liquidation committee, those individuals replace the members nominated by the Bank of England, the PRA and the FCA, the FSCS may resign from the liquidation committee (in which case 3 or 5 new members may be elected under paragraph (b)), and if no individuals are elected under paragraph (b), or the resulting committee would have fewer than 3 members or an even number of members, the liquidation committee ceases to exist at the end of the meeting.

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Source: legislation.gov.uk · retrieved 2026-09-04