159.—(1) This rule applies where—
(a)a person (“P”) was within the period mentioned in section 216(1) of the 1986 Act a director, or shadow director, of an investment bank that has gone into special administration by virtue of Ground A in regulation 6(1) being satisfied; and
(b)P acts in all or any of the ways specified in section 216(3) of that Act in connection with, or for the purposes of, the carrying on (or proposed carrying on) of the whole or substantially the whole of the business of the investment bank where that business (or substantially the whole of it) is (or is to be) acquired from the investment bank under arrangements—
(i)made by the administrator,
(ii)made before the investment bank entered into special administration by an office-holder acting in relation to it as supervisor of a voluntary arrangement under Part 1 of the 1986 Act,
(iii)made before the investment bank entered into special administration (bank administration) or special administration (bank insolvency) by a person appointed in accordance with rule 17 or 30, or
(iv)made before the investment bank entered into special administration (bank administration) by the Bank of England under a power in Part 1 of the 2009 Act (special resolution regime).
(2) P will not be taken to have contravened section 216 of the 1986 Act if prior to P’s acting in the circumstances set out in paragraph (1) a notice is, in accordance with the requirements of paragraph (3)—
(a)given by P to every creditor of the investment bank whose name and address—
(i)is known by P, or
(ii)is ascertainable by P on the making of such enquiries as are reasonable in the circumstances; and
(b)published in the Edinburgh Gazette.
(3) The notice referred to in paragraph (2)—
(a)may be given and published before the completion of the arrangements referred to in paragraph (1)(b) but must be given and published no later than 28 days after that completion; and
(b)must state—
(i)the name and registered number of the investment bank,
(ii)P’s name,
(iii)that it is P’s intention to act in all or any of the ways specified in section 216(3) of the 1986 Act in connection with, or for the purposes of, the carrying on of the whole or substantially the whole of the business of the investment bank, and
(iv)the prohibited name.
(4) Notice may in particular be given under this rule—
(a)prior to the investment bank entering special administration where the business (or substantially the whole of the business) is, or is to be, acquired by another company under arrangements made by any of the persons mentioned in paragraph (1)(b) (whether or not at the time of the giving of the notice P is a director of that other company); or
(b)at a time where P is a director of another company where—
(i)the other company has acquired, or is to acquire, the whole, or substantially the whole, of the business of the investment bank under arrangements made by the administrator, and
(ii)it is proposed that after the giving of the notice a prohibited name should be adopted by the other company.
(5) Where the investment bank has gone into special administration (bank administration), the reference in this rule to the business of the investment bank may be considered as a reference to only the deposit-taking business of the investment bank.