The Investment Bank Special Administration (Scotland) Rules 2011

4Interpretation

5Application of Rules

6Content of application

7Statement of proposed administrator

8Lodging of application

9Service of application

11Notice of special administration order

12Application for a special administration (bank insolvency) order

13Persons entitled to copy of application

14Appointment of administrator by the court

15Authentication of the administrator’s appointment

16Duties of Objective A committee

17Appointment of person under section 135 of the 1986 Act

18Order of appointment

20Failure to find or maintain caution

22Termination of appointment

23Application for a special administration (bank administration) order

24Statement of proposed administrator

28Notice of order

29Remuneration of the administrator

30Appointment of person under section 135 of the 1986 Act

31Order of appointment

32Notification and advertisement of administrator’s appointment

33Notice requiring statement of affairs

34Details of the client assets held by the investment bank

35Statements of affairs and statements of concurrence

36Limited disclosure

37Release from duty to submit statement of affairs

38Expenses of statement of affairs

39Statement of proposals

40Initial meeting

41Notice to officers

42Business of the initial meeting

43Adjournment of meeting to approve the statement of proposals

44Revision of the statement of proposals

45Meeting to approve the revised statement of proposals

46Notice to creditors and clients

47Meetings generally

49Notice of meeting by individual notice: when and where sent

50Notice of meeting by individual notice: content and accompanying documents

51Notice of meeting by advertisement only

52Content of notice for meetings

53Advertisement of meetings

54Non-receipt of notice of meeting

55Requisition of meetings

56Expenses of requisitioned meetings

57Quorum at meetings

58Chair at meetings

59Adjournment by chair

60Adjournment in absence of chair

61Claims, proofs and proxies in adjournment

63Venue and conduct of company meetings

64Entitlement to vote (creditors)

65FSCS and voting rights

66Calculation of voting rights (creditors)

67Calculation of voting rights: special cases (creditors)

68Entitlement to vote (clients)

69Calculation of voting rights (clients)

70Procedure for admitting clients’ claims for voting

71Voting at meetings of creditors and clients

72Requisite majorities

73Requisite majorities at members or contributories’ meetings

74Administrator voting

75Correspondence instead of meetings

76Remote attendance at meetings conducted in accordance with section 246A(9) of the 1986 Act

77Action where person excluded

78Indication to excluded person

80Report of meeting

81Constitution of committee

82Formalities of establishment

83Functions and meetings of the committee

84The chair at meetings

86Committee members’ representatives

88Termination of membership

91Voting rights and resolutions

92Remote attendance at meetings of creditors’ committee

93Procedure for requests that a place for a meeting should be specified

94Resolutions otherwise than at a meeting

95Information from administrator

96Expenses of members

97Members dealing with the investment bank

98Formal defects

99Content of progress report

100Sending progress report

101Definition of “proxy”

102Form of proxy

103Use of proxy at a meeting

104Retention of proxies

105Right of inspection

106Proxy holder with financial interest

107Representation of corporations

108Application to dispose of secured property

109Application in a special administration (bank administration)

110Order of priority of expenses of the special administration

111Expenses to be paid out of the client assets

112Pre-administration costs

113Allocation of expenses to be paid from client assets

114Notice of the bar date

115Content of claim for client assets

116Content of claim in respect of security interest

117Costs of making a claim

118New administrator appointed

119Notifying potential claimants after bar date has passed

120Distribution plan

121Approval by the creditors’ committee

122Approval by the court

123Treatment of late claimants

124Application of Part 6

125Submission of claim

126Statement of claim

127Application of the 1985 Act in relation to creditor’s claims

128Claims in foreign currency

129Administrator to allow inspection of proofs

130New administrator appointed

131Order of priority of distribution

132Application of 1985 Act in relation to distribution of assets

133Payment of dividends

134Rights of eligible depositors and set-off

135Remuneration of administrator

136Administrator’s application to increase remuneration

137Grounds for resignation

138Notice of intention to resign

139Notice of resignation

140Application to court to remove administrator from office

141Incapacity of administrator to act through death or otherwise

142Application to replace (special administration)

143Application to replace (special administration (bank insolvency))

144Application to replace (special administration (bank administration))

145Notification and advertisement of appointment of replacement administrator

146Notification and advertisement of appointment of joint administrator

147Additional joint administrator (special administration (bank administration))

148Administrator’s duties on vacating office

149Final progress report

150Application to court by administrator

151Application to court by creditor

152Notification by administrator of court order

153Moving from administration to dissolution

CHAPTER 11986 Act

154Applications under section 176A(5) of the 1986 Act to disapply section 176A

155Notice of an order under section 176A(5) of the 1986 Act

156Power of court to cure defects

PART 101986 Act

158Application for leave under section 216(3) of the 1986 Act

159First excepted case

160Second excepted case

161Third excepted case

162Fees and expenses

163Punishment of offences

164Application of Chapter 2

165Giving of notices

166Sending by post

167Certificate of giving notice

168Authentication

169Electronic delivery

170Use of websites by administrator

171Special provision on account of expense as to website use

172Electronic submission of information

173Electronic submission of information where rule 172 does not apply

174Contents of notices to be advertised in the Edinburgh Gazette

175Notices otherwise advertised under the Regulations or these Rules

176Notices otherwise advertised

177Omission of unobtainable information

178Application of Chapter 3

179Information to be contained in all notifications to the registrar

180Notification relating to the administrator

181Notifications relating to documents

182Notifications relating to court orders

183Notifications relating to other events

184Notifications of more than one nature

185Notifications made to other persons at the same time

186Confidentiality of documents

187Right to inspect documents, to have list of creditors and to copy documents

188Sederunt book

189Disposal of investment bank’s books, papers and other records

190Administrator’s caution

191Information about time spent on the special administration

192Service on joint administrators

193Proceedings commenced in the wrong court

194Proceedings other than special administration commenced

2011 No. 2262 (S.3)

Financial Services And Markets

Insolvency, Scotland

The Investment Bank Special Administration (Scotland) Rules 2011

Made12th September 2011

Laid before Parliament13th September 2011

Coming into force14th November 2011

The Treasury, in exercise of the powers conferred by section 411(1A)(b), (2), (2C) and (3) of the Insolvency Act 19861, as applied by the Investment Bank Special Administration Regulations 20112, make the following Rules: