{
  "url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-209",
  "json_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-209.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/209",
  "kind": "article",
  "number": "209",
  "heading": "Applications under section 176A(5) to disapply section 176A",
  "text": "(1) An application under section 176A(5) must be accompanied by a witness statement by the administrator.\n(2) The witness statement must state—\n(a) that the institution is in special administration,\n(b) a summary of the financial position of the institution, and\n(c) the information substantiating the administrator’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits.",
  "extent": "E+W",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Rule 209 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/209",
    "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."
}