7.—(1) On an application for a special administration order the court may—
(a)grant the application in accordance with paragraph (2);
(b)dismiss the application;
(c)adjourn the hearing (generally or to a specified date);
(d)make an interim order;
(e)on the application of the FSA, treat the application as an administration application by the FSA under Schedule B1 in accordance with section 359(1) of FSMA(1); or
(f)make any other order which the court thinks appropriate.
(2) The court may make a special administration order if it is satisfied that the company is an investment bank and—
(a)(on the application of persons listed in regulation 5(1)(a) to (e) or the FSA) that Ground A or Ground B in regulation 6 is satisfied;
(b)(on the application of the Secretary of State) if satisfied that Grounds B and C in regulation 6 are satisfied.
(3) Where the application for a special administration order is made by members of the investment bank as contributories on the basis that Ground B in regulation 6 is satisfied, the court, if it is of the opinion that—
(a)the applicants are entitled to relief either by a special administration order being made in respect of the investment bank or by some other means; and
(b)in the absence of any other remedy it would be fair that the special administration order be made in respect of the investment bank,
shall make a special administration order; but this does not apply if the court is also of the opinion that an alternative remedy is available to the applicants and that they are acting unreasonably in applying for a special administration order instead of pursuing that other remedy.
(4) A special administration order takes effect in accordance with its terms.
Section 359 was substituted by the Enterprise Act 2002 (c. 40), section 248(3), Schedule 17, paragraphs 53, 55, and by the Insolvency (Northern Ireland) Order 2005 (S.I. 2005/1455), article 3(3), Schedule 2, paragraphs 56, 58(1), (2), (3), (4). There are other amendments to this section that are not relevant here.