Article 12 Amendments to the Bank Administration (Scotland) Rules 2009

for paragraph (2), substitute—

“(2)

The bank administrator’s application under paragraph 79 of Schedule B1 to the 1986 Act (as applied by section 153 of the Banking Act 2009^f1) (“the application”) shall have attached to it a progress report for the period from the date of the previous report (or, if there was none, from the beginning of the bank administration) and a statement indicating what the bank administrator thinks should be the next steps for the bank.”;

omit paragraph (3);

for paragraph (4), substitute—

“(4)

Before making the application, the bank administrator must send a copy of the application and the progress report to—

(a)

the Bank of England,

(b)

the FSA,

(c)

the FSCS, and

(d)

the registrar of companies.”;

in paragraph (5)—

for paragraph (6), substitute—

“(6)

Within 5 business days of lodging the application with the court, the bank administrator must advertise once in the Edinburgh Gazette a notice undertaking to provide a copy of the application to any creditor of the bank. This notice may also be published in such other manner as the bank administrator thinks fit.”; and

for paragraph (7), substitute—

“(7)

The application must certify compliance with the preceding paragraphs of this rule.”.