OpenLegislation

Rule 179 Notice of declaration of a dividendI1

England and Wales

(1)

Where the administrator declares a dividend, notice of this shall be given to—

(a)

all creditors who have proved their debts;

(b)

the F1FCA and, where the investment bank concerned is a PRA-authorised person, the PRA;

(c)

in a special administration (bank administration), the FSCS; and

(d)

in a special administration (bank administration), before the Bank of England has given an Objective A Achievement Notice, the Bank of England.

(2)

The notice shall include the following particulars relating to the special administration—

(a)

amounts raised from the sale of assets, indicating (so far as practicable) amounts raised by the sale of particular assets;

(b)

payments made by the administrator when acting as such;

(c)

where the administrator proposed to make a distribution to unsecured creditors, the value of the prescribed part, except where the court has made an order under section 176A(5) of the 1986 Act;

(d)

provision (if any) made for unsettled claims, and funds (if any) retained for particular purposes;

(e)

the total amount of dividend and the rate of dividend; and

(f)

whether, and if so when, any further dividend is expected to be declared.

(3)

In a special administration (bank administration) where property of the investment bank has been transferred to a bridge bank under section 12 of the 2009 Act, if the administrator declares a dividend before the Bank of England has given an Objective A Achievement Notice, the notice shall also include details of any payment made from a scheme under a resolution fund order.

Annotations

Textual amendments

F1

Words in art. 179(1)(b) 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)(xvi) (with Sch. 2 para. 211)

Commencement

I1

Rule 179 in force at 30.6.2011, see rule 2