Paragraph 14 Amendment of Regulation 23

The following paragraph shall be inserted after paragraph (1) of regulation 23—

“(1A)

In respect of an application made by the trustee under paragraph (1) above, the Secretary of State, if requested to do so by the trustee, may, at his discretion, as an alternative to the issue of payment instruments, make payment by electronic transfer to the persons to whom the trustee would otherwise deliver payment instruments.”