Rule 50 End of special administration: successful rescueI1

This Rule supplements section 153 of the Banking Act 2009 (successful rescue)^f1.

The special administrator’s application under paragraph 79 of Schedule B1 to the Insolvency Act (as applied by section 153 of the Banking Act 2009^f2) (the “application”) must 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 special administration) and a statement indicating what the administrator thinks should be the next step for the society.

Before making the application the special administrator must send a copy of the application and the progress report referred to in paragraph 2 to—

Notice under paragraph (3)(b) and (c) must be sent at least 7 days before the hearing of the application.

Within 5 business days of filing the application with the court, the special administrator must gazette a notice undertaking to provide a copy of the application to any creditor or shareholding member of the society.

The notice in paragraph (5) may also be published in such other manner as the special administrator thinks fit.

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

If the court is satisfied that the conditions in section 153(1) of the Banking Act 2009 have been met it shall—