# The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, Article 209: Applications under section 176A(5) to disapply section 176A

Extent: E+W

(1) An application under section 176A(5) must be accompanied by a witness statement by the administrator.
(2) The witness statement must state—
(a) that the institution is in special administration,
(b) a summary of the financial position of the institution, and
(c) the information substantiating the administrator’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits.

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Source: https://www.legislation.gov.uk/uksi/2021/1178/article/209 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-england-and-wales-rules-2021/article-209
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.