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The Investment Bank Special Administration (Scotland) Rules 2011

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Sending progress report

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100.—(1) The administrator must, within 6 weeks of the end of each accounting period and within 6 weeks after that person ceases to act as administrator, send a copy of the progress report—

(a)to the creditors and to the clients;

(b)the court; and

(c)to the registrar of companies.

(2) For the purposes of these Rules, except for Part 6, “accounting period” in relation to an administration shall be construed as follows—

(a)the first accounting period is the period of 6 months beginning with the date on which the investment bank entered special administration; and

(b)any subsequent accounting period is the period of 6 months beginning with the end of the last accounting period.

(3) The court may, on the administrator’s application, extend the period of 6 weeks mentioned in paragraph (1).

(4) If the administrator makes default in complying with this rule, the administrator is liable to a fine and, for continued contravention, to a daily default fine and rule 163 applies.

(5) This rule is without prejudice to the requirements of Part 6 (distributions to creditors).

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