Article 24 Building society special administrator’s proposals: Objective 2 Stage

Where the special administrator intends to apply to the court (or file or lodge a notice under paragraph 80(2) of Schedule B1 to the Insolvency Act in accordance with section 153 of the Banking Act) for the special administration to cease before the statement of proposals is sent to creditors in accordance with paragraph 49 of Schedule B1 to the Insolvency Act, the special administrator(s) must, at least 10 days before making the application (or filing or lodging the notice), send to all known creditors of the society a report containing the information required by rule 20(2).