Regulation 16 Objective 1: post-administration receipts
(1)
This regulation applies to relevant funds received by an institution while it is in special administration.
(2)
The administrator may only hold the funds in a relevant funds account which does not (or will not) contain relevant funds held when the institution entered special administration.
(3)
The account mentioned in paragraph (2) includes an account which existed when the institution entered special administration.
(4)
The administrator must promptly return the relevant funds to the user or holder, less any costs incurred by the administrator in returning them.