Mike Pink and Blair Nimmo were appointed Joint Administrators of Dunfermline Building Society – in Administration (the ‘Company’) on 30 March 2009.
Note - the message below only applies to you if you are a mortgagor, a commercial borrower, or a creditor who is nottransferred to Nationwide Building Society.
On 30 March 2009 an order was made placing Dunfermline Building Society (“DBS”) into building society special administration by the Court of Session. This was followed by and was made effective by the making of a Property Transfer Instrument ('PTI') by the Bank of England that transferred DBS’s customer deposit accounts, the majority of its mortgage assets and certain other assets to Nationwide Building Society. The social housing business and small number of related deposits were transferred to DBS Bridge Bank Limited which had been set up by the Bank of England (these loans and related deposits have subsequently been sold by the DBS Bridge Bank to Nationwide Building Society).
Since then DBS’s remaining operations have been wound down under the control of the building society special administrators (“the Administrators”). The administration is now complete and the Administrators were discharged from office by virtue of a court order dated 9 July 2020, and DBS was dissolved with effect from 15 August 2020. We have set out some information relating to the administration below.
MORTGAGES AND LOANS:
Most mortgages, being those originally taken out with DBS were transferred to Nationwide Building Society prior to the administration. Other mortgages and commercial loans remained with DBS. The terms and conditions of these mortgage and loans were unaffected by the building society special administration. All such loans have now been redeemed or sold to a third party. If you have a query in relation to your loan please submit your query in writing to:
Dunfermline Building Society
c/o Interpath Advisory
5th Floor
130 St Vincent Street
Glasgow G2 5HF
UNSECURED (UNSUBORDINATED) CREDITORS:
The Administrators have paid a distribution to all known unsubordinated, unsecured creditors of 100p in the £. In addition, statutory interest on these claims was paid in September 2011. HM Treasury submitted a subrogated claim following the PTI, which ranked partly entirely as unsubordinated, and in two parts, namely an unsecured claim and a members’ claim. HM Treasury has been repaid its unsecured unsubordinated claim in full, with interest, alongside other such claims. It has received a partial payment of its unsubordinated members’ claim.
6% SUBORDINATED DEBT NOTES 2015:
If you are a holder of the 6% subordinated debt notes our understanding is that you do not enjoy priority over other creditors or the members. Accordingly, you would only be eligible to receive payment against your liability where there are remaining funds after payment of all other creditors. These notes matured on 31 March 2015. There will not be sufficient realisations in the estate to allow a distribution to the subordinated debt note holders. INDEPENDENT VALUER:
Ian Burns of Smith & Williamson was appointed as Independent Valuer ("the Valuer”) under The Dunfermline Building Society(DBS) Compensation Scheme, Resolution Fund and Third Party Compensation Order 2009. He was appointed to determine what compensation, if any, is payable to those parties whose interests may have been affected by The Dunfermline Building Society Property Transfer Instrument 2009.
The Valuer has completed his report, which can be found below.
Other than providing information to the Valuer when requested, neither DBS nor the Administrators had any involvement with the valuation process.
CONTACT US:
If you have any questions, please write to us at:
Dunfermline Building Society
c/o Interpath Advisory
5th Floor
130 St Vincent Street
Glasgow G2 5HF
The affairs, business and property of the building society weremanaged by the Joint Building Society Special Administrators who contracted asagents of the building society and without personal liability. Michael Robert Pink is authorised to act as an insolvency practitioner by the Institute of Chartered Accountants of England and Wales. Blair Carnegie Nimmo is authorised to act as an insolvency practitioner by the Institute of Chartered Accountants of Scotland.
The building society was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority (Ref No158765).