{
  "url": "https://openlegislation.uk/investment-bank-special-administration-scotland-rules-2011/note",
  "json_url": "https://openlegislation.uk/investment-bank-special-administration-scotland-rules-2011/note.json",
  "legislation": "uksi/2011/2262",
  "legislation_title": "The Investment Bank Special Administration (Scotland) Rules 2011",
  "legislation_url": "https://openlegislation.uk/investment-bank-special-administration-scotland-rules-2011",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Rules)\nThese Rules set out the procedure in Scotland for the investment bank special administration process under the Investment Bank Special Administration Regulations 2011 (S.I. 2011/245) (“the Regulations”).\nThe main features of investment bank special administration are that:\n(c) the investment bank enters the procedure by court order;\n(d) the order appoints an administrator;\n(e) the administrator is to pursue the special administration objectives in accordance with the statement of proposals approved by the meeting of creditors and clients and, in certain circumstances, the FSA; and\n(f) in other respects the procedure is similar to administration under Schedule B1 to the Insolvency Act 1986 (c.45).\nWhere the investment bank is also a deposit-taking bank, the Rules also apply in relation to the special administration (bank insolvency) and special administration (bank administration) processes under Schedules 1 and 2 to the Regulations.\nPart 2 sets out the procedure for applying for a special administration order, a special administration (bank insolvency) order or a special administration (bank administration) order.\nPart 3 sets out the process of the special administration.\nPart 4 provides for the expenses of the special administration.\nPart 5 provides for the pursuit of Objective 1 set out in the Regulations (to ensure the return of client assets as soon as reasonably practicable).\nPart 6 provides for distributions to creditors.\nPart 7 sets out rules concerning the administrator (and there are further rules concerning the administrator in Chapter 5 of Part 11).\nPart 8 provides for the end of the special administration.\nPart 9 sets out special rules in respect of court procedure and practice.\nPart 10 provides for the application of section 216 of the Insolvency Act 1986 (as applied by the Regulations).\nPart 11 contains provisions of general effect.\nThe Rules apply to investment banks incorporated as companies and also to investment banks that are limited liability partnerships by virtue of paragraph 6 of Schedule 3 to the Regulations which applies the Rules with such modifications as the context requires for giving effect to the Regulations.\nAn impact assessment of the effect that these Rules will have on the costs of business and the voluntary sector is available from the Financial Regulatory Strategy Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. It is also published with the Explanatory Memorandum alongside the Rules on legislation.gov.uk and on HM Treasury’s website (www.hm-treasury.gov.uk).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/2262/note",
    "retrieved_at": "2026-10-29T01:55:34.289957+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."
}