Rule 131 Application to dispose of charged propertyI1

The following applies where the administrator applies to the court under paragraph 71 or 72 for authority to dispose of property of the investment bank which is subject to a security (other than a floating charge), or goods in the possession of the investment bank under a hire purchase agreement.

The court shall fix a venue for the hearing of the application, and the administrator shall as soon as reasonably practicable give notice of the venue to the person who is the holder of the security or, as the case may be, the owner under the agreement.

If an order is made under paragraph 71 or 72 the court shall send 2 sealed copies to the administrator.

The administrator shall send one of the copies to the person who is the holder of the security or owner under the agreement.

The administrator must send notice of the order to the registrar of companies.