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The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022

S.I. 2022/1239 · Made 25 November 2022 · Extends to Scotland

Up to date with all changes known to legislation.gov.uk, revised to 26 February 2025.

Financial Services And Markets, Scotland

Insolvency, Scotland

Made 25th November 2022

Laid before Parliament 28th November 2022

Coming into force 19th December 2022

The Treasury makes the following Rules, in exercise of the powers conferred by section 411(1A)(b), (2), (2C) and (3) of the Insolvency Act 1986f1, as applied and modified by regulation 37 of the Payment and Electronic Money Institution Insolvency Regulations 2021f2.

Annotations to the whole text

Footnotes

f1

1986 c. 45.

f2

S.I. 2021/716.

Contents

  1. Part 1: Introductory Provisions
  2. 1Citation
  3. 2Commencement
  4. 3Extent
  5. 4Interpretation
  6. 5Application of Rules
  7. Part 2
  8. Chapter: Application for special administration order
  9. 6Content of application
  10. 7Statement of proposed administrator
  11. 8Lodging of application
  12. 9Service of application
  13. 10Further notification
  14. 11The hearing
  15. 12The special administration order
  16. 13Expenses allowed by the court
  17. 14Notice of special administration order
  18. Part 3: Process of Special Administration
  19. Chapter 1: Notice of appointment and statement of affairs
  20. 15Notification and advertisement of administrator’s appointment
  21. 16Notice requiring statement of affairs
  22. 17Statement of affairs: content
  23. 18Details of the asset pool, safeguarding measures and reconciliation
  24. 19Statement of concurrence
  25. 20Limited disclosure
  26. 21Release from duty to submit statement of affairs
  27. 22Expenses of statement of affairs
  28. 23Submission of accounts
  29. Chapter 2: Statement of proposals
  30. 24Administrator’s proposals
  31. 25Limited disclosure of the statement of proposals
  32. Chapter 3: Initial meeting to consider proposals
  33. 26Initial meeting
  34. 27Notice to officers
  35. 28Business of the initial meeting
  36. 29Adjournment of meeting to approve the statement of proposals
  37. 30Revision of the statement of proposals
  38. 31Meeting to approve the revised statement of proposals
  39. 32Notice to creditors and customers
  40. Chapter 4: Meetings generally
  41. 33Meetings generally
  42. 34Venue
  43. 35Notice of meeting by individual notice: when and where sent
  44. 36Notice of meeting by individual notice: content and accompanying documents
  45. 37Notice of meeting by advertisement only
  46. 38Content of notice for meetings
  47. 39Gazetting and advertisement of meetings
  48. 40Non-receipt of notice of meeting
  49. 41Requisition of meetings
  50. 42Expenses of requisitioned meetings
  51. 43Quorum at meetings
  52. 44Chair at meetings
  53. 45Adjournment by chair
  54. 46Adjournment in absence of chair
  55. 47Statements of claim and proxies in adjournment
  56. 48Suspension
  57. 49Venue and conduct of company meetings
  58. Chapter 5: Entitlement to vote at meetings
  59. 50Entitlement to vote (creditors)
  60. 51Calculation of voting rights (creditors)
  61. 52Calculation of voting rights: special cases (creditors)
  62. 53Procedure for admitting creditors’ claims for voting
  63. 54Entitlement to vote (customers)
  64. 55Procedure for admitting customers’ relevant funds claims for voting
  65. 56Voting at meetings of creditors and customers
  66. 57Requisite majorities
  67. 58Requisite majorities at contributories’ meetings
  68. 59Appeals against decisions under this Chapter
  69. Chapter 6: Correspondence and remote attendance
  70. 60Correspondence instead of meetings
  71. 61Remote attendance at meetings conducted in accordance with section 246A of the IA 1986
  72. 62Action where person excluded
  73. 63Indication to excluded person
  74. 64Complaint
  75. Chapter 7: Records, returns and reports
  76. 65Minutes
  77. 66Returns or reports of meetings
  78. Chapter 8: The creditors’ committee
  79. 67Constitution of creditors’ committee
  80. 68Formalities of establishment
  81. 69Functions and meetings of the creditors’ committee
  82. 70The chair at meetings
  83. 71Quorum
  84. 72Creditors’ committee members’ representatives
  85. 73Resignation
  86. 74Termination of membership
  87. 75Removal
  88. 76Vacancies
  89. 77Procedure at meetings
  90. 78Remote attendance at meetings of creditors’ committee
  91. 79Procedure for requests that a place for a meeting should be specified
  92. 80Resolutions of creditors’ committees by post
  93. 81Information from administrator
  94. 82Expenses of members
  95. 83Members dealing with the institution
  96. 84Formal defects
  97. Chapter 9: Progress reports
  98. 85Content of progress report
  99. 86Sending a progress report
  100. Chapter 10: Proxies and corporate representation
  101. 87Definition of proxy
  102. 88Issue and use of forms
  103. 89Use of proxies at meetings
  104. 90Retention of proxies
  105. 91Right of inspection
  106. 92Proxy-holder with financial interest
  107. 93Corporate representation
  108. Chapter 11: Disposal of charged property
  109. 94Application to dispose of secured property
  110. Part 4: Expenses of the special administration
  111. 95Expenses to be paid out of the institution’s assets
  112. 96Expenses to be paid out of the relevant funds
  113. 97Pre-administration costs
  114. 98Allocation of expenses to be paid from the relevant funds
  115. Part 5: Relevant funds claims
  116. 99Content of relevant funds claim
  117. 100Debt in a foreign currency
  118. 101Costs of making a claim
  119. 102New administrator appointed
  120. 103Admission and rejection of relevant funds claim
  121. 104Appeal against decision on relevant funds claim
  122. 105Withdrawal or variation of relevant funds claim
  123. 106Exclusion of relevant funds claim by the court
  124. Part 6: Objective 1
  125. Chapter 1: Setting a bar date and further notifications
  126. 107Notice of the bar date
  127. 108Notifying potential claimants after bar date has passed
  128. Chapter 2: Distribution plan
  129. 109Distribution plan
  130. 110Approval by the creditors’ committee
  131. 111Approval by the court
  132. 112Treatment of late claimants
  133. Part 7: Claims by and distributions to creditors
  134. 113Application and Interpretation of Part
  135. 114Payments of dividends
  136. 115New administrator appointed
  137. 116Submission of claims
  138. 117False claims or evidence
  139. 118Evidence of Claims
  140. 119Adjudication of Claims
  141. 120Entitlement to draw a dividend
  142. 121Liabilities and rights of obligants
  143. 122Amount which may be claimed generally
  144. 123Debts depending on contingency
  145. 124Secured debts
  146. 125Claims in a foreign currency
  147. 126Administrator to allow inspection of statements of claim
  148. 127Order of priority in distribution
  149. 128Assets to be distributed in respect of the accounting periods
  150. Part 8: The Administrator
  151. Chapter 1: Remuneration of the administrator
  152. 129Remuneration of administrator
  153. 130Appeal against fixing of remuneration
  154. 131Claim that remuneration is excessive
  155. Chapter 2: Replacing the administrator
  156. 132Grounds for resignation
  157. 133Notice of intention to resign
  158. 134Notice of resignation
  159. 135Application to court to remove administrator from office
  160. 136Notice of vacation of office when administrator ceases to be qualified
  161. 137Administrator deceased
  162. 138Application to replace
  163. 139Notification and advertisement of appointment of replacement administrator
  164. 140Notification and advertisement of appointment of joint administrator
  165. 141Notification of new administrator
  166. 142Administrator’s duties on vacating office
  167. Part 9: End of special administration
  168. 143Final progress reports
  169. 144Application to court by administrator
  170. 145Application to court by creditor
  171. 146Notification by administrator of court order
  172. 147Moving from special administration to dissolution
  173. Part 10: Applications to court
  174. Chapter 1: Applications to the court under section 176A of the IA 1986
  175. 148Application of Chapter
  176. 149Applications under section 176A(5) of the IA 1986 to disapply section 176A(2) of the IA 1986
  177. 150Notice of an order under section 176A(5) of the IA 1986
  178. Chapter 2: Formal defects
  179. 151Power to cure defects in procedure
  180. 152Formal defects
  181. Part 11: Prohibited names
  182. 153Preliminary
  183. 154Application for permission under section 216(3) of the IA 1986
  184. 155First excepted case
  185. 156Second excepted case
  186. 157Third excepted case
  187. Part 12: Provisions of general effect
  188. Chapter 1: Miscellaneous and general
  189. 158Costs, expenses etc
  190. 159False representation of status for purpose of inspecting documents
  191. 160Punishment of offences
  192. Chapter 2: The giving of notice and the supply of documents
  193. 161Application
  194. 162Personal delivery
  195. 163Postal delivery of documents
  196. 164Notice etc to authorised recipients
  197. Chapter 3: The giving of notice and the supply of documents to or by the administrator
  198. 165Application
  199. 166The form
  200. 166AContent of notice to be sent by the administrator
  201. 167Proof of sending
  202. 168Authentication
  203. 169Electronic delivery — general
  204. 170Electronic delivery by administrator
  205. 171Use of websites by administrator
  206. 172General use of websites to deliver notices and other documents
  207. 173Electronic delivery of special administration documents to court
  208. 174Notice etc to joint administrators
  209. 175Delivery of statements of claim and documentary evidence of debt
  210. 176Electronic submission of information
  211. 177Contents of notices to be gazetted
  212. 178Omission of unobtainable information
  213. 179The Gazette — general
  214. 180Content of notices advertised other than in the Gazette
  215. 181Non-Gazette notices — other provisions
  216. Chapter 4: Notifications to the registrar of companies
  217. 182Application of Chapter 4
  218. 183Information to be contained in all notifications to the registrar of companies
  219. 184Notification relating to the administrator
  220. 185Notifications relating to documents
  221. 186Notifications relating to court orders
  222. 187Notifications relating to other events
  223. 188Notifications of more than one nature
  224. 189Notifications made to other persons at the same time
  225. Chapter 5: Further provisions concerning documents
  226. 190Confidentiality of documents — grounds for refusing inspection
  227. 191Right to copy documents
  228. 192Charges for copy documents
  229. 193Right to have list of creditors
  230. 194Sederunt book
  231. 195Transfer and disposal of institution’s books, papers and other records
  232. Chapter 6: Periods of time and caution
  233. 196Periods of time expressed in days
  234. 197Periods of time expressed in months
  235. 198Administrator’s caution
  236. 199Service on joint administrators
  237. Chapter 7: Transfer of proceedings
  238. 200Proceedings commenced in the wrong court
  239. 201Proceedings other than special administration commenced
  240. Part 13: General interpretation and application
  241. 202Introduction
  242. 203Venue
  243. 204Insolvent estate and institution’s assets
  244. 205“Debt”
  245. 206Application of the IA 1986 and the Company Directors Disqualification Act 1986
  246. Signature
  247. Schedule Punishment of offences
  248. Explanatory note