Rule 4.216 Appointment and remuneration

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

rules 11.01-11.13 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 6(10)-CP(3) substituted by Insolvency 2000 rule 5
rule 4.056-CVL(2) words inserted by Insolvency 2006 Sch. 1 para. 22
rule 4.228A-4.228E inserted by Insolvency 2008 rule 5
rules 2.028-2.110 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.114-2.115 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 2.119-2.130 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.027-4.029 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.031-4.034 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 4.197-4.204 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.05-7.07 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.09-7.14 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.19-7.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.24-7.30 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.34-7.42 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 7.50-7.54 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rules 12.01-12.22 applied with modifications by rule 58 by Bank Administration 2009 rule 61
rule 4.216 applied by Bank Insolvency 2009 rule 165
rule 4.216 applied by Bank Insolvency 2009 rule 165
rule 7. 13B(2) word omitted by Insolvency 2023 rule 37(1)

(1)

An application made by the liquidator under Article 151 for the appointment of a person to be special manager shall be supported by a report setting out the reasons for the application.

(2)

The report under paragraph (1) shall include the applicant's estimate of the value of the assets in respect of which the special manager is to be appointed.

(3)

This Chapter applies also with respect to an application by the provisional liquidator, where one has been appointed, and references to the liquidator are to be read accordingly as including the provisional liquidator. (NO CVL APPLICATION)

(4)

The court's order appointing the special manager shall specify the duration of his appointment, which may be for a period of time, or until the occurrence of a specified event. Alternatively, the order may specify that the duration of the appointment is to be subject to a further order of the court.FORM 4.61

(5)

The appointment of a special manager may be renewed by order of the court.

(6)

The special manager's remuneration shall be fixed from time to time by the court.

(7)

The acts of the special manager are valid notwithstanding any defect in his appointment or qualifications.

[E.R.4.206]