Rule 247 Applications under section 176A(5) to disapply section 176AI1
England and Wales
(1)
An application under section 176A(5) must be accompanied by a witness statement by the administrator.
(2)
The witness statement must state—
(a)
that the investment bank is in special administration;
(b)
a summary of the financial position of the investment bank; and
(c)
the information substantiating the administrator’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits.