Rule 14 Appointment of administrator by the court

(1)

This rule applies where an application is made for a special administration (bank insolvency) order.

(2)

The court shall not make the order unless there is lodged in court a statement to the effect that—

(a)

the person proposed to be appointed as the administrator is qualified to act as an insolvency practitioner in accordance with section 390 of the 1986 Act; and

(b)

that person consents so to act.

(3)

When the special administration (bank insolvency) order has been made, the court shall immediately send a certified copy of the order to—

(a)

the person appointed as administrator under the order (who shall also, where practicable, be sent an electronic copy of the certified copy of the order); and

(b)

the applicant.

(4)

The administrator shall immediately—

(a)

serve a copy of the order on the investment bank at its registered office and, where the administrator has received an electronic copy of the order and knows the investment bank’s email address, send an electronic copy to the investment bank; and

(b)

send (electronically or otherwise) a copy of the order to—

(i)

the FSA (if it is not the applicant);

(ii)

the Bank of England (if it is not the applicant);

(iii)

the FSCS; and

(iv)

if there is in force for the investment bank a voluntary arrangement under Part 1 of the 1986 Act, the supervisor of that arrangement.