Paragraph 8

(1)

Section 135 of the Insolvency Act is applied with the following modifications where an application is made for a special administration (bank insolvency) order—

(a)

in subsection (1), the reference to the presentation of a winding up petition is to an application for a special administration (bank insolvency) order;

(b)

in subsection (2)—

(i)

the reference to England and Wales includes Scotland,

(ii)

the reference to a winding up order is to a special administration order,

(iii)

“other fit person” means a person qualified to act as an insolvency practitioner and who consents to act, and

(iv)

ignore the reference to the official receiver; and

(c)

subsection (3) is not applied.

(2)

A person appointed under section 135 (as applied by this paragraph)—

(a)

must not pay dividends to creditors;

(b)

may only be removed by order of the court; and

(c)

shall vacate office if they cease to be qualified to act as a insolvency practitioner.

(3)

The appointment of the person appointed under section 135 (as applied by this paragraph) lapses on the appointment of an administrator under a special administration (bank insolvency) order.