{
  "url": "https://openlegislation.uk/draft-investment-bank-special-administration-regulations-2011/schedule-1/paragraph-5",
  "json_url": "https://openlegislation.uk/draft-investment-bank-special-administration-regulations-2011/schedule-1/paragraph-5.json",
  "legislation": "ukdsi/2011/9780111505588",
  "legislation_title": "The Investment Bank Special Administration Regulations 2011",
  "legislation_url": "https://openlegislation.uk/draft-investment-bank-special-administration-regulations-2011",
  "path": "schedule/1/paragraph/5",
  "kind": "paragraph",
  "number": "5",
  "heading": null,
  "text": "(1) The provisions of the Insolvency Act as applied by regulation 15 shall apply to special administration (bank insolvency) subject to the following additional modifications to Schedule B1—\n(a) the FSCS shall be appointed as a member of the creditors’ committee referred to in paragraph 57 unless it informs the administrator that it does not wish to be appointed;\n(b) the Objective A committee may also make an application under paragraph 74(2));\n(c) disregard paragraph 81;\n(d) in the application of paragraph 87, before the Objective A committee has passed a full payment resolution, the administrator may only resign with the consent of the Bank of England and the notice of resignation shall be copied to the Bank of England;\n(e) before the Objective A committee has passed a full payment resolution, only the Bank of England or the Objective A committee may make an application to remove the administrator from office under paragraph 88;\n(f) the notice given under paragraph 89(2)(a) must also be copied to the Bank of England;\n(g) before the passing of the full payment resolution, paragraph 91 has effect as if it provided for the Bank of England to appoint a replacement administrator as soon as is reasonably practicable;\n(h) the Bank of England may also make an application under paragraph 103(2); and\n(i) a reference to a provisional liquidator is to a person appointed under section 135 of the Insolvency Act as applied by paragraph 8.\n(2) If any application is made to the court under these Regulations (including under the Insolvency Act as applied by these Regulations) before the Objective A committee has passed a full payment resolution, the court, in giving directions, must have regard to the achievement of Objective A.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2011/9780111505588/schedule/1/paragraph/5",
    "retrieved_at": "2026-10-30T14:54:21.376569+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}