# The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022, Rule 149: Applications under section 176A(5) of the IA 1986 to disapply section 176A(2) of the IA 1986

Extent: S

An application under section 176A(5) of the IA 1986 must include averments—
(a) that the application arises in respect of a special administration,
(b) as to the financial position of the institution,
(c) as to the basis of the applicant’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/2022/1239/rule/149 (the official version)
Page: https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-149
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.