{
  "url": "https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-327",
  "json_url": "https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011/rule-327.json",
  "legislation": "uksi/2011/1301",
  "legislation_title": "The Investment Bank Special Administration (England and Wales) Rules 2011",
  "legislation_url": "https://openlegislation.uk/investment-bank-special-administration-england-and-wales-rules-2011",
  "path": "rule/327",
  "kind": "rule",
  "number": "327",
  "heading": "Proceedings other than special administration commenced",
  "text": "(1) Where—\n(a) a winding up order or an administration order has been made in respect of an investment bank; or\n(b) a resolution has been made for the winding up of or for the appointment of an administrator of an investment bank,\nthe Authority may apply to the court to order that the proceedings be converted to a special administration, a special administration (bank insolvency) or a special administration (bank administration) as the case may be.\n(2) In making an order under paragraph (1) the court shall give such directions as it sees fit, including directions as to the former officer-holder’s remuneration and expenses.\n(3) An application under paragraph (1) may be made without notice.\n(4) Without prejudice to the generality of the court’s power in paragraph (2), where the person (“P”) appointed as office-holder under the original proceedings is not the same person as the administrator of the special administration, the court may direct that—\n(a) P be sent a copy of the order under paragraph (1) by the administrator;\n(b) P hand over—\n(i) the records of the original proceedings, including correspondence, proofs and other related papers appertaining to those proceedings while they were within P’s responsibility; and\n(ii) the investment bank’s books, papers and other records; and\n(c) P hand over all the assets of the investment bank and the client assets held by the investment bank in P’s possession.\n(5) In this rule—\n“the Authority” means—\n(a) where the investment bank is a deposit-taker and the application under paragraph (1) is for an order to convert the proceedings to—\n(i)a special administration (bank administration), the Bank of England;\n(ii)a special administration (bank insolvency)—\n(aa)if the investment bank is a PRA-authorised person, the Bank of England or the PRA (with the consent of the Bank of England);\n(bb)in any other case, the Bank of England or the FCA (with the consent of the Bank of England);\n(b) otherwise, the FCA or the PRA;\n“office-holder” means provisional liquidator, liquidator or administrator as the case may be; and\n“original proceedings” means the proceedings following the making of the winding up order, the administration order or the resolution referred to in paragraph (1).",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in art. 327(5) 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(x) (with Sch. 2 para. 211)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Rule 327 in force at 30.6.2011, see rule 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/1301/rule/327",
    "retrieved_at": "2026-10-29T02:06:40.559899+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}