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The Investment Bank Special Administration (Scotland) Rules 2011

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Application to replace (special administration)

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142.—(1) Where an application is made to the court under paragraph 91(1) to appoint a replacement administrator, the application shall be accompanied by a statement of the proposed administrator in accordance with rule 7.

(2) A copy of the application shall be served on—

(a)the person who made the application for the special administration order;

(b)the person nominated for appointment as administrator;

(c)the FSA (if not the applicant); and

(d)the Keeper of the Register of Inhibitions and Adjudications for recording in that register.

(3) Where the court makes an order filling a vacancy in the office of administrator, the same provisions shall apply, subject to such modification as may be necessary, in respect of giving notice of, and advertising, the appointment as in the case of the making of the special administration order.

(4) Service of the application under this rule shall be the same as service of an application for a special administration order.

(5) Rule 11 shall apply to the notice of appointment of a replacement administrator as it applies to notice of a special administration order.

(6) This rule does not apply—

(a)in a special administration (bank insolvency) before the Objective A committee has passed a full payment resolution; or

(b)in a special administration (bank administration) before the Bank of England has given an Objective A Achievement Notice.

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