Rule 137 Allocation of expenses to be paid from client assetsI1
England and Wales
The administrator shall set out, in the distribution plan under rule 144, how the administrator proposes that the expenses of the special administration, to be paid out of the client assets in accordance with this Chapter, are to be allocated between client assets.
Where paragraph (1) applies and, as a result of this, on the court approving the distribution plan in accordance with rule 146, there is a shortfall in the amount of assets to be returned to a client—
that shortfall is to be treated as a debt owed to the client by the investment bank arising before the investment bank entered special administration; and
where those assets are securities, the claim is to be valued in accordance with rule 91and for this purpose the references to “chair” in rule 91 shall be read as references to the administrator.