Rule 198 Remuneration (special administration (bank administration)I1

In a special administration (bank administration), where the basis for the administrator’s remuneration for services set out in rule 196(1)(a) has been fixed in accordance with rule 48, 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 Bank of England, or whether to redetermine the basis for remuneration in accordance with rule 196(2) to (5).

Paragraph (1) only applies where the Bank of England has passed an Objective A Achievement Notice.

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.