Article 35 End of administration: successful rescue

This rule supplements section 153 of the Banking Act (end of special administration where special administrator satisfied that Objective 2(a) has been achieved).

The notice of the special administrator under paragraph 80 of Schedule B1 to the Insolvency Act (as applied by section 153 of the Banking Act)^f1–

The notice takes effect when the court discharges the special administration order on the application of the special administrator.

Before applying for discharge the special administrator must send a copy of the notice under paragraph 80 of Schedule B1 to the Insolvency Act and the progress report to–

Notice under paragraph (4)(b) and (c) above must be given at least 7 days’ before the hearing of the application for approval of the notice.

The special administrator shall be taken to have complied with the requirements of paragraph 80(5) of Schedule B1 to the Insolvency Act if, within 5 business days of lodging the notice under paragraph 80 of Schedule B1 to the Insolvency Act with the court, the special administrator publishes once in the same newspaper in which the special administrator’s notice of appointment was published, and once in the Edinburgh Gazette, a notice specifying–

The application of the special administrator for discharge must certify compliance with the requirements of paragraph 80 of Schedule B1 to the Insolvency Act and of the preceding paragraphs of this rule.

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