Rule 197 Remuneration (special administration (bank insolvency))I1

In a special administration (bank insolvency), where the basis for the administrator’s remuneration for services set out in rule 196(1)(a) has been fixed in accordance with rule 29, the creditors’ committee (or if there is no creditors’ committee, the meeting of creditors and clients) shall resolve whether to confirm the basis for remuneration as set by the Objective A committee, or whether to redetermine the basis for remuneration in accordance with rule 196(2) to (5).

Any redetermination by the creditors’ committee under paragraph (1) shall apply only in respect of the administrator’s remuneration as from the date of the committee’s decision and shall not have retrospective effect.