Rule 51 End of special administration: dissolutionI1

England and Wales

(1)

This Rule supplements section 154(2)(a) of the Banking Act 2009.

(2)

The special administrator’s notice under paragraph 30 of Schedule 1 to the 2009 Order—

(a)

must be filed with the court in Form 2.35B (the form specified in rule 2.118 of the Insolvency Rules 1986 subject to Rule 7(2) above), and

(b)

must be accompanied by a final progress report.

(3)

The notice shall not take effect until the court discharges the special administration order on the application of the special administrator.

(4)

Before applying for discharge the special administrator must send a copy of the notice referred to in paragraph (2) and the final progress report to—

(a)

the F1FCA and where relevant the PRA, and

(b)

each person who received notice of the special administrator’s appointment.

(5)

After the expiry of the period mentioned in paragraph 30(7) of Schedule 1 to the 2009 Order (and subject to extension under paragraph 30(8) of that Schedule) if the court discharges the special administration order—

(a)

the notice takes effect as specified in paragraph 30(7) of that Schedule,

(b)

the court shall notify the special administrator, who shall notify the FCA and where relevant the PRA.

(6)

If the court makes an order under paragraph 30(8) of Schedule 1 to the 2009 Order it shall notify the special administrator in Form 2.36B (the form specified in rule 2.118 of the 1986 Rules subject to Rule 7(2) above), who shall notify the FCA and where relevant the PRA.

Annotations

Textual amendments

F1: Words in rule 51 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 190(12)

Commencement

I1: Rule 51 in force at 15.11.2010, see rule 2