{
  "url": "https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-117",
  "json_url": "https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-117.json",
  "legislation": "uksi/2011/1301",
  "legislation_title": "The Investment Bank Special Administration (England and Wales) Rules 2011",
  "legislation_url": "https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011",
  "path": "rule/117",
  "kind": "rule",
  "number": "117",
  "heading": "Resolutions of creditors’ committees by post",
  "text": "(1) The administrator may seek to obtain the agreement of members of the creditors’ committee to a resolution by sending to every member of the committee (or designated representative) a copy of the proposed resolution.\n(2) Where the administrator makes use of this procedure, the administrator shall notify each member or their representative of each proposed resolution on which a decision is sought.\n(3) The FCA and, where the investment bank concerned is a PRA-authorised person, the PRA shall also be notified of each proposed resolution under this rule.\n(4) In a special administration (bank administration), if the notification in paragraph (2) happens before the Bank of England has given the Objective A Achievement Notice, the Bank of England shall be notified of each proposed resolution under this rule.\n(5) Any member of the committee may, within 7 business days of the date of the administrator notifying them of a resolution, require the administrator to summon a meeting of the committee to consider matters raised by the resolution.\n(6) In the absence of such a request, the resolution is deemed to have been passed by the committee if and when the administrator is notified in writing by a majority of the members that they agree with the resolution.\n(7) A copy of every resolution passed under this rule, and a note that the committee’s concurrence was obtained, shall be kept with the records of the proceedings.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in art. 117(3) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 210(c)(d)(x) (with Sch. 2 para. 211)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Rule 117 in force at 30.6.2011, see rule 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/1301/rule/117",
    "retrieved_at": "2026-10-29T02:06:40.559899+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."
}