# The Investment Bank Special Administration (England and Wales) Rules 2011, Rule 247: Applications under section 176A(5) to disapply section 176A

Extent: E+W

(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.

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Source: https://www.legislation.gov.uk/uksi/2011/1301/rule/247 (the official version)
Page: https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-247
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.