{
  "url": "https://openlegislation.uk/draft-investment-bank-special-administration-regulations-2011/schedule-1/paragraph-8",
  "json_url": "https://openlegislation.uk/draft-investment-bank-special-administration-regulations-2011/schedule-1/paragraph-8.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/8",
  "kind": "paragraph",
  "number": "8",
  "heading": null,
  "text": "(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—\n(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;\n(b) in subsection (2)—\n(i) the reference to England and Wales includes Scotland,\n(ii) the reference to a winding up order is to a special administration order,\n(iii) “other fit person” means a person qualified to act as an insolvency practitioner and who consents to act, and\n(iv) ignore the reference to the official receiver; and\n(c) subsection (3) is not applied.\n(2) A person appointed under section 135 (as applied by this paragraph)—\n(a) must not pay dividends to creditors;\n(b) may only be removed by order of the court; and\n(c) shall vacate office if they cease to be qualified to act as a insolvency practitioner.\n(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.",
  "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/8",
    "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."
}