EN-8.3 EN-8.3 Procedure for implementing an administration
EN-8.3.1
All proposals for assuming the administration of a licensee are subject to a thorough review by the Agency of all relevant facts, assessed against the criteria outlined in section EN-8.1. After being assessed at Executive Director level, proposals are submitted to H.E. the Governor and subsequently the Minister of Finance and National Economy for their respective approvals.
EN-8.3.2
Once approved by the Minister of Finance and National Economy, a formal notice of administration is issued to the licensee concerned and copies posted in every place of business of the licensee. As soon as practicable thereafter, the notice is also published in the Official Gazette and in local newspapers. The term "in administration" should be clearly marked in all the bank's correspondence and on its website, next to the bank's name.
EN-8.3.3
Article 94 of the BMA Law allows a licensee 10 days following the administration taking effect in which to appeal to the Minister of Finance. If the Minister refuses the appeal, the licensee has a further 10 days from the date of the refusal in which to lodge an appeal at the courts. So as to reduce the potential damage of an administration order being applied and then withdrawn on appeal, where feasible the Agency will give advance notice to a licensee's Board of its intention to seek an administration, and allow the Board the right of appeal prior to an administration notice being formally served.
