Rule 86 Sending a progress reportI1

Scotland

(1)

The administrator must, within six weeks of the end of each accounting period and within six weeks of that person ceasing to act as administrator, send a copy of the progress report—

(a)

to the creditors and to the customers,

(b)

to the court,

(c)

to the registrar of companies.

(2)

For the purposes of these Rules, except for Part 7, “accounting period” in relation to a special administration shall be construed as follows—

(a)

the first accounting period is the period of six months beginning with the date on which the institution entered special administration,

(b)

any subsequent accounting period is the period of six months beginning with the end of the last accounting period.

(3)

The court may, on the administrator’s application, extend the period of six weeks mentioned in paragraph (1), or make such other order in respect of the content of the report as it thinks just.

(4)

An administrator who fails to send a progress report within the time periods referred to in paragraph (1) is guilty of an offence.

(5)

This rule is without prejudice to the requirements of Part 7.

Annotations

Commencement

I1: Rule 86 in force at 19.12.2022, see rule 2