# The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, Article 181: Administrator’s duties on vacating office

Extent: E+W

(1) Where the administrator (‘A’) ceases to be in office in consequence of this Chapter, A is under obligation as soon as is reasonably practicable to deliver up to the person succeeding A as administrator (‘B’)—
(a) the assets (after deduction of any expenses properly incurred and distributions made by A),
(b) the records of the special administration, including correspondence, proofs and other related papers appertaining to the special administration while it was within A’s responsibility, and
(c) the institution’s books, papers and other records.
(2) If A makes default in complying with this rule, A is liable to a fine and, for continued contravention, to a daily default fine in each case as set out in the Schedule to these Rules.

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Source: https://www.legislation.gov.uk/uksi/2021/1178/article/181 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-181
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.