{
  "url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-85",
  "json_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022/rule-85.json",
  "legislation": "uksi/2022/1239",
  "legislation_title": "The Payment and Electronic Money Institution Insolvency (Scotland) Rules 2022",
  "legislation_url": "https://openlegislation.uk/payment-and-electronic-money-institution-insolvency-scotland-rules-2022",
  "path": "rule/85",
  "kind": "rule",
  "number": "85",
  "heading": "Content of progress report",
  "text": "(1) A progress report must include—\n(a) a statement that the special administration order was made by the court and the court reference number,\n(b) the full name, registered address and registered number of the institution,\n(c) the full name and business address of the administrator,\n(d) the date of appointment of the administrator and (subject to paragraph (6)) details of any changes in the administrator since the previous report,\n(e) where there are joint administrators, details of the apportionment of functions,\n(f) whether the FCA have given a direction under regulation 38 and whether that direction has been withdrawn,\n(g) details of progress during the period of the report in accordance with paragraph (2) below,\n(h) details of any assets of the institution that remain to be realised,\n(i) details of whether a bar date has been set and progress made in pursuit of Objective 1 of the special administration objectives,\n(j) where no distribution plan has been approved by the court, how the administrator proposes that the expenses of the special administration, to be paid out of the relevant funds in accordance with Part 4, are to be allocated where the institution has more than one asset pool,\n(k) where a distribution is to be made to creditors in respect of an accounting period, the scheme of division,\n(l) any other relevant information for the creditors or the customers.\n(2) The details of the progress during the period of the report must include—\n(a) a receipts and payments account stating what assets of the institution have been realised, for what value and what payments have been made to creditors, in the form of a summary showing—\n(i) receipts and payments during the relevant accounting period, or\n(ii) where the administrator has ceased to act, receipts and payments during the period from the end of the last accounting period to the time when the administrator ceased to act (or, where the administrator has made no previous progress report, receipts and payments in the period since the administrator’s appointment), or\n(b) where—\n(i) no claim for outlays and remuneration is submitted under rule 129, or\n(ii) a claim for outlays and remuneration is submitted under rule 129 but no determination fixing the amount of outlays and remuneration in accordance with rule 129(8) has been made in respect of such a claim—\n(aa) a receipts and payments account which meets the requirements of paragraph (2)(a),\n(bb) an estimate of the remuneration due to the administrator during the accounting period together with the basis or bases set out in rule 129(2) on which the estimate is based,\n(cc) where remuneration due is not yet determined from the immediately preceding accounting period, an estimate of the remuneration due during that period,\n(dd) any outlays incurred,\n(c) the receipts and payments account must include a statement as to the amount paid to unsecured creditors by virtue of the application of section 176A of the IA 1986.\n(3) Where the basis for the remuneration is a set amount under rule 129(2)(c), it may be shown as that amount without any apportionment to the period of the report.\n(4) Where the administrator has made a statement of pre-administration costs under rule 24(2)(p)—\n(a) if they are approved under rule 97 the first progress report after the approval must include a statement setting out the date of the approval and the amounts approved,\n(b) each successive report, so long as any of the costs remain unapproved, must include a statement—\n(i) of any steps taken to get approval, or\n(ii) that the administrator has decided, or (as the case may be) another insolvency practitioner entitled to seek approval has told the administrator of that practitioner’s decision, not to seek approval.\n(5) A change in administrator is only required to be shown in the next report after the change.\n(6) Where the current administrator is seeking repayment of pre-administration expenses from a former administrator, the change in office-holder must be noted in each report until the claim is settled.",
  "extent": "S",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Word in rule 85(2)(b)(ii) inserted (26.2.2025) by The Payment and Electronic Money Institution Insolvency (Scotland) (Amendment) Rules 2025 (S.I. 2025/110), rules 2, 4(8)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Rule 85 in force at 19.12.2022, see rule 2"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1239/rule/85",
    "retrieved_at": "2026-10-28T21:53:01.073399+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."
}