Regulation 12D Powers of the court on application to set a hard bar dateF1

(1)

On an application under regulation 12B(3) or 12C(3) for the approval of the court to set a hard bar date the court may—

(a)

make an order approving the setting of a hard bar date;

(b)

adjourn the hearing of the application conditionally or unconditionally; or

(c)

make any other order that the court thinks appropriate.

(2)

The court may make an order under paragraph (1)(a) only if—

(a)

it is satisfied that the administrator has taken all reasonable measures to identify and contact persons who may be entitled to the return of client assets; and

(b)

it considers that if a hard bar date is set there is no reasonable prospect—

(i)

that the administrator will receive claims for the return of client assets after that date; and

(ii)

in the case of an application under regulation 12B(3), that the administrator will receive claims of persons in relation to a security interest asserted over, or other entitlement to, client assets which are not client money.

Annotations

Textual amendments

F1: Regs. 12A-12F inserted (6.4.2017) by The Investment Bank (Amendment of Definition) and Special Administration (Amendment) Regulations 2017 (S.I. 2017/443), regs. 1, 12 (with reg. 17)