From the moment Barclays started the legal procedures to restructure itself, after obtaining the blessing of the central bank, it became evident that our laws and processes were not designed to meet today’s needs. Banking legislation did not provide the regulator with the powers to enable a “seamless transfer”.
And Barclays had to have recourse to a Scheme of Arrangement, to be approved by the Supreme Court, in line with the general provisions of the Companies Act. To our mounting frustration, the project led to prolonged litigation and became mired in procedural entanglements.