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The Investment Bank Special Administration (Scotland) Rules 2011

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PART 1Introductory Provisions

Citation

1.  These Rules may be cited as the Investment Bank Special Administration (Scotland) Rules 2011.

Commencement

2.  These Rules come into force on 14th November 2011.

Extent

3.  These Rules extend to Scotland only.

Interpretation

4.—(1) In these Rules—

“the 1985 Act” means the Bankruptcy (Scotland) Act 1985(1);

“the 1986 Act” means the Insolvency Act 1986;

“the 2006 Act” means the Companies Act 2006(2);

“the 2009 Act” means the Banking Act 2009(3);

“accounting period” has the meaning given in rule 100 or, in relation to Part 6, section 52 of the 1985 Act(4) as applied by rule 132;

“appropriate fee” means 15 pence per A4 or A5 page and 30 pence per A3 page;

“business address” means the place where a person works;

“business day” means any day other than a Saturday, a Sunday, Christmas Day, Good Friday or a day which is a bank holiday in any part of Great Britain;

“expenses of the special administration” means those expenses incurred in the course of the special administration, or treated as incurred as such by these Rules, that are to be paid out in accordance with Part 4;

“final progress report” has the meaning set out in rule 149;

“financial contract” means a bilateral or multilateral contract entered into with the investment bank before it entered special administration, relating to transactions or positions of a financial nature, including contracts for the delivery or custody of client assets (but not including contracts which are purely administrative or contracts for services);

“investment bank” has the meaning set out in section 232 of the 2009 Act(5);

“market price” has the meaning set out in regulation 12(9);

“prescribed part” has the same meaning as it does in section 176A(2)(a) of the 1986 Act(6) and the Insolvency Act 1986 (Prescribed Part) Order 2003(7);

“principal” has the meaning set out in rule 101(1);

“proxy-holder” has the meaning set out in rule 101(1);

“registered number” of the investment bank has the meaning set out in section 1066 of the 2006 Act;

“registrar of companies” means the registrar of companies for Scotland;

the Regulations” means the Investment Bank Special Administration Regulations 2011;

“resolution fund order” has the meaning set out in section 49(3) of the 2009 Act;

“special administration” means, unless otherwise stated, special administration, special administration (bank insolvency) or special administration (bank administration) as the case may be;

“standard content” means—

(a)

in relation to a notice to be published or advertised in the Edinburgh Gazette, the content specified in rule 174; and

(b)

in relation to a notice to be advertised in any other way, the content specified in rule 175.

(2) Expressions used both in these Rules and in the Regulations (including expressions used in the provisions of the 1986 Act applied by the Regulations) have, unless otherwise stated, the meaning given in the Regulations.

(3) A reference to a numbered paragraph in these Rules shall, unless—

(a)it is a reference to a paragraph within the same rule; or

(b)otherwise stated,

be to the paragraph so numbered in Schedule B1 to the 1986 Act(8), as applied by regulation 15.

(4) A reference to a provision of the 1986 Act, if that provision is listed in Table 1 or 2 in regulation 15, is, unless otherwise stated and subject to paragraph (5), a reference to that provision as applied by regulation 15.

(5) A reference to a provision of the 1986 Act being applied by regulation 15 in a special administration (bank administration) means that provision as applied by section 145 of the 2009 Act, together with the modifications (if any) set out in the table in paragraph 6 of Schedule 2 to the Regulations.

(6) A reference to a numbered regulation shall, unless otherwise stated, be to the regulation so numbered in the Regulations.

Application of Rules

5.—(1) These Rules apply as follows—

(a)Part 2, Chapter 1 applies where an application is made for a special administration order;

(b)Part 2, Chapter 2 applies where an application is made for a special administration (bank insolvency) order; and

(c)Part 2, Chapter 3 applies where an application is made for a special administration (bank administration) order.

(2) Unless otherwise stated, the remaining rules apply in respect of special administration, special administration (bank insolvency) and special administration (bank administration).

(4)

Section 52 was amended by the Bankruptcy (Scotland) Act 1993 (c.6), section 11(3) and Schedule 1; the Bankruptcy and Diligence etc. (Scotland) Act 2007 (asp 3), sections 36 and 226(2) and schedule 1 and schedule 6, Part 1; and S.I. 2003/2109.

(5)

Section 232 was amended by S.I. 2011/239.

(6)

Section 176A was inserted by section 252 of the Enterprise Act 2002 (c. 40) and amended by S.I. 2008/948.

(8)

Relevant amendments to Schedule B1 were made by S.I. 2003/2096, 2005/879, 2007/2974, 2008/948, 2008/1897, 2009/1941 and 2010/18.

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