{
  "url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011/regulation-21",
  "json_url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011/regulation-21.json",
  "legislation": "uksi/2011/245",
  "legislation_title": "The Investment Bank Special Administration Regulations 2011",
  "legislation_url": "https://openlegislation.uk/investment-bank-special-administration-regulations-2011",
  "path": "regulation/21",
  "kind": "regulation",
  "number": "21",
  "heading": "Dissolution or voluntary arrangement",
  "text": "(1) This section applies if—\n(a) the administrator believes that Objectives 1 and 2 have been sufficiently achieved, and\n(b) the administrator pursues the second part of Objective 3 (as set out in regulation 10(1)(c)(ii)).\n(2) The administrator may—\n(a) give a notice which is to be treated as a notice under paragraph 84 of Schedule B1 (as applied by regulation 15); or\n(b) make a proposal in accordance with Part 1 of the Insolvency Act (company voluntary arrangement).\n(3) Part 1 of the Insolvency Act shall apply to a proposal made by an administrator with the following modifications.\n(4) In section 3 (summoning of meetings), subsection (2) (and not (1)) applies.\n(5) The action that may be taken by a court under section 5(3) (effect of approval) includes suspension of the special administration order.\n(5A) Sections 2 to 6 and 7 ... have effect without the amendments of those provisions made by paragraphs 2 to 8 of Schedule 9 to the Small Business, Enterprise and Employment Act 2015 (further amendments relating to the abolition of requirements to hold meetings: company voluntary arrangements).\n(6) On the termination of a company voluntary arrangement the administrator may apply to the court to lift the suspension of the special administration order.\n(7) For the purposes of this regulation, references in Part 1 of the Insolvency Act to “administration” include special administration.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Reg. 21(5A) inserted (13.3.2018) by The Small Business, Enterprise and Employment Act 2015 (Consequential Amendments, Savings and Transitional Provisions) Regulations 2018 (S.I. 2018/208), regs. 1(3), 13(5)"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in reg. 21(5A) omitted (26.6.2020) by virtue of Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 47(a) (with ss. 2(2), 5(2))"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in reg. 21(5A) substituted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 3 para. 47(b) (with ss. 2(2), 5(2))"
    },
    {
      "type": "M",
      "label": "M1",
      "text": "Section 5(3) was amended by the Enterprise Act 2002, section 248(3), Schedule 17, paragraphs 9, 11(a) and (b) and by the Insolvency Act 2000 (c.39), section 2(a), Schedule 2, Part 1, paragraphs 1, 6(b), section 15(1), Schedule 5."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/245/regulation/21",
    "retrieved_at": "2026-10-29T02:18:26.781233+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."
}