# The Investment Bank Special Administration Regulations 2011, 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.

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Source: https://www.legislation.gov.uk/ukdsi/2011/9780111505588/schedule/1/paragraph/8 (the official version)
Page: https://openlegislation.uk/draft-investment-bank-special-administration-regulations-2011/schedule-1/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.