{
  "url": "https://openlegislation.uk/investment-bank-special-administration-scotland-rules-2011/rule-44",
  "json_url": "https://openlegislation.uk/investment-bank-special-administration-scotland-rules-2011/rule-44.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": "rule/44",
  "kind": "rule",
  "number": "44",
  "heading": "Revision of the statement of proposals",
  "text": "(1) The administrator shall under paragraph 54 (or regulation 18 or paragraph 11 of Schedule 2 to the Regulations as the case may be) make a statement setting out the proposed revisions to the statement of proposals (“the revised statement”).\n(2) The revised statement, which shall be sent out in accordance with paragraph 54(2)(b) and (c), shall include—\n(a) a statement that the proceedings are being held in the court and the court reference number;\n(b) the full name, registered address, registered number and any other trading names of the investment bank;\n(c) details of the administrator’s appointment (including the date of appointment);\n(d) in the case of joint administrators, details of the apportionment of functions;\n(e) the names of the directors and secretary of the investment bank and details of any shareholdings in the investment bank they have;\n(f) a summary of the initial proposals and the reasons for proposing a revision;\n(g) details of the proposed revision including details of the administrator’s assessment of the likely impact of the proposed revision upon the creditors generally or upon each class of creditor or on the clients (as the case may be); and\n(h) any other information that the administrator thinks necessary to enable creditors to decide whether or not to vote for the proposed revisions.\n(3) The FSA shall be sent a copy of the revised statement at the same time as the revised statement is sent out.\n(4) Where the administrator considers that the revision proposed will only affect creditors or, as the case may be, clients, the notice of the meeting to consider the revised proposals shall be sent to both creditors and clients, but will state who is invited to the meeting.\n(5) In a special administration (bank insolvency) or a special administration (bank administration) the Bank of England and the FSCS shall also be invited to the meeting.\n(6) Subject to paragraph 54(3) within 5 business days of sending out the revised statement in paragraph (1), the administrator shall send a copy of the statement to every member of the investment bank.\n(7) Any notice to be published under paragraph 54(3) shall be advertised in such a manner as the administrator thinks fit.\n(8) The notice shall be published as soon as reasonably practicable after the administrator sends the statement in accordance with paragraph 54(2) and, in addition to the standard content, shall state—\n(a) that members can write for a copy of the statement of revised proposals, and\n(b) the address to which to write.\n(9) Paragraphs (4) and (5) shall not apply—\n(a) in a special administration (bank administration), where—\n(i) the FSA has given a direction under regulation 16 and has not withdrawn its direction at the time that the administrator proposes a revision to the statement of proposals, and\n(ii) Objective A has been achieved; and\n(b) in a special administration or a special administration (bank insolvency) where the FSA has given a direction under regulation 16 and has not withdrawn its direction at the time that the administrator proposes a revision to the statement of proposals.\n(10) In this rule, a reference to—\n“paragraph 54(2)” also includes a reference to regulation 18(4) or paragraph 13(4) of Schedule 2 to the Regulations as the case may be; and\n“paragraph 54(3)” also includes a reference to regulation 18(5) or paragraph 13(5) of Schedule 2 to the Regulations as the case may be.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2011/2262/rule/44",
    "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."
}