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The Investment Bank Special Administration (Scotland) Rules 2011

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CHAPTER 2Further notification

Notifying potential claimants after bar date has passed

119.—(1) This rule applies where, after the bar date has passed—

(a)there is evidence from either—

(i)the records of the investment bank; or

(ii)information received by the administrator under rule 115 or 116,

that there is a person (“P”) who is eligible to make a claim under regulation 11(1) in respect of certain client assets, but that the administrator has not received a claim from P in respect of those client assets; and

(b)the administrator has a means of contacting P.

(2) The administrator shall send notice to P in writing stating that the administrator believes P would have been eligible to submit a claim under regulation 11(1).

(3) Where P would have been eligible to submit a claim under regulation 11(1)(a), the notice under paragraph (2) shall state that—

(a)the administrator believes that the investment bank holds client assets on behalf of P; and

(b)in making the distribution plan under rule 120, the administrator intends to calculate the amount of assets to be returned to P according to the information available to the administrator, unless P submits a claim in accordance with rule 115 within 14 business days of receipt of the notice (or such longer period as may be agreed by the administrator).

(4) Where P would have been eligible to submit a claim under regulation 11(1)(b), the notice under paragraph (2) shall state that—

(a)the administrator believes that P is able to assert a security interest over certain client assets held by the investment bank; and

(b)in making the distribution plan under rule 120, the administrator intends to take into account the security interest according to the information available to the administrator, unless P submits a claim in accordance with rule 116 within 14 business days of receipt of the notice (or such longer period as may be agreed by the administrator).

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