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The Investment Bank Special Administration (Scotland) Rules 2011

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Entitlement to vote (clients)

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68.—(1) A client is entitled to vote at a meeting of creditors and clients or of clients only if—

(a)the administrator has been given written details of the client’s claim as to the total amount of client assets over which the client asserts—

(i)a beneficial right of ownership or a right of ownership where the investment bank has been acting as custodier of those assets, or

(ii)another means of ownership; and

(b)the details were given to the administrator—

(i)not later than 12.00 hours on the business day before the day fixed for the meeting, or

(ii)later than that time but the chair of the meeting is satisfied that the delay was due to circumstances beyond that client’s control; and

(c)the claim for client assets has been admitted for the purposes of entitlement to vote,

and there has been lodged with the administrator any proxy intended to be used on behalf of that person.

(2) Subject to paragraph (4), for the purposes of this Chapter, written details of a claim for client assets, once lodged or given in accordance with this rule, need not be lodged or given again.

(3) The chair may call for any document or other evidence to be produced if the chair thinks it necessary for the purpose of substantiating the whole or any part of a claim for client assets.

(4) Where at the date of the meeting the client is aware that there will be a shortfall in respect of their claim to client assets, the client shall—

(a)resubmit a claim under paragraph (1), subtracting the value of the shortfall of assets (as calculated, in respect of securities, in accordance with rule 69) from that claim; and

(b)submit a claim under rule 64 and under Part 6 as to the debt owed to the client by the investment bank in respect of the shortfall.

(5) If at the time that the invitation to the initial meeting, or notice of a creditors and clients’ or a client’s meeting, is sent out, the administrator has become aware that there will be a shortfall in respect of a client’s claim to client assets, the administrator shall notify the client at the same time as the invitation or notice is sent out.

(6) If after the time that the invitation to the initial meeting, or notice of a creditors and clients’ or a clients’ meeting, is sent out, the administrator becomes aware that there will be a shortfall in respect of a client’s claim to client assets, the administrator shall notify the client as soon as reasonably practicable prior to the meeting and take this shortfall into account in calculating the client’s entitlement to vote.

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