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The Investment Bank Special Administration (Scotland) Rules 2011

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Application of the 1985 Act in relation to creditor’s claims

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127.—(1) The following provisions of the 1985 Act(1) shall apply in relation to a special administration of the investment bank in a like manner as they apply in a sequestration of a debtor’s estate, subject to the modifications specified in paragraphs (2) and (3) and to any other necessary modifications—

(a)section 22(5) and (10) (criminal offence in relation to producing false claims or evidence);

(b)section 48(5), (6) and (8), together with sections 44(2) and (3) and 47(1) as applied by those sections (further evidence in relation to claims);

(c)section 49 (adjudication of claim);

(d)section 50(1) (entitlement to vote and draw dividend);

(e)section 60 (liabilities and rights of co-obligants); and

(f)Schedule 1, except paragraphs 2, 4 and 6, (determination of amount of creditor’s claim).

(2) For any reference in the provisions of the 1985 Act as applied by these Rules to any expression in column 1 below, there shall be substituted a reference to the expression in column 2—

Expressions used in the 1985 Act

Column 1Column 2
Accountant in BankruptcyThe court
CommissionersThe creditors’ committee
Date of sequestrationCommencement of special administration
DebtorInvestment bank (and in the application of section 49(6) of the 1985 Act, any member or contributory of the investment bank)
Debtor’s estateInvestment bank’s estate
Preferred debtsPreferential debts within the meaning of section 386 of the 1986 Act.
SequestrationSpecial administration
Sheriff`The court
TrusteeAdministrator

(3) In the application of—

(a)section 49(6) of the 1985 Act—

(i)notice of the application must be given to the FSA and in a special administration (bank insolvency) to the Bank of England and those bodies may appear or be represented at the hearing; and

(ii)in a special administration (bank administration), notice must be given to the FSCS and, in the period before the Bank of England has given an Objective A Achievement Notice, to the Bank of England and in those circumstances those bodies may appear or be represented at the hearing; and

(b)section 60 of the 1985 Act, omit references to the discharge of the debtor.

(1)

1985 c.66; sections 22(5), 48(5) and (8), 49(1) to (5), 50(1) and 60(2) and paragraphs 3 and 5 of Schedule 1 have been amended by the Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), section 226(2), schedule 6, Part 1; section 49(2A) was inserted by section 8(3) of that Act, section 49(6) has been amended by section 31(1)(a) of that Act, and section 49(6A) was inserted by section 31(1)(b) of that Act; section 50(1) has also been amended by S.I. 2003/2109.

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