{
  "url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-112",
  "json_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-112.json",
  "legislation": "uksi/2021/1178",
  "legislation_title": "The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021",
  "legislation_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021",
  "path": "article/112",
  "kind": "article",
  "number": "112",
  "heading": "Distribution plan",
  "text": "(1) This rule applies where after setting a bar date under regulation 20, the administrator proposes to make a distribution from the asset pool.\n(2) The administrator must draw up a distribution plan setting out—\n(a) subject to paragraph (3), a schedule of dates on which a distribution is to be made from the asset pool (“a distribution”);\n(b) the identity of the customers to whom a distribution is to be made;\n(c) how each relevant funds claim is to be calculated (“the net relevant funds claim”), taking into account—\n(i) any liabilities owed by the customer to the institution in respect of fees and expenses as set out in regulation 24 of EMR 2011 or regulation 23(14) of PSR 2017,\n(ii) any liabilities owed to the customer by the institution under a PS or EMI contract, and\n(iii) any shortfall claim of the customer;\n(d) the amount to be retained by the administrator from the relevant funds to pay the expenses of the special administration in accordance with rules 99 and 101 and how the retention of these amounts will affect the amount paid to settle relevant funds claims.\n(3) In setting out the schedule of dates for distributions, no date must be earlier than three months after the bar date.\n(4) For the purpose of calculating the customer’s relevant funds claim so that the claim can be paid out (or partly paid out) before the contingency occurs or the dispute is resolved, the distribution plan must also set out—\n(a) where any liabilities under paragraph (2)(c) are contingent, how the administrator intends to value the liability, and\n(b) where any liabilities are disputed, whether the administrator intends to make an assumption as to the outcome of the dispute.\n(5) Where an institution has more than one asset pool, the administrator must draw up a distribution plan for each asset pool.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Rule 112 in force at 12.11.2021, see rule 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2021/1178/article/112",
    "retrieved_at": "2026-10-28T22:07:52.488380+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."
}