Article 107 Application under section 176A(5) of the 1986 Act to disapply section 176A of the 1986 Act
(1)
An application under section 176A(5) of the 1986 Act must be accompanied by a witness statement by the SMCL administrator.
(2)
The witness statement must—
(a)
state that the application arises in the course of an SMCL administration;
(b)
contain a summary of the financial position of the SMCL; and
(c)
contain the information substantiating the SMCL administrator’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits.
(3)
An application under section 176A(5) of the 1986 Act may be made without the application being served upon or notification to any other party.