The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021

Administrator’s duties on vacating officeE+W

This adran has no associated Memorandwm Esboniadol

181.—(1) Where the administrator (‘A’) ceases to be in office in consequence of this Chapter, A is under obligation as soon as is reasonably practicable to deliver up to the person succeeding A as administrator (‘B’)—

(a)the assets (after deduction of any expenses properly incurred and distributions made by A),

(b)the records of the special administration, including correspondence, proofs and other related papers appertaining to the special administration while it was within A’s responsibility, and

(c)the institution’s books, papers and other records.

(2) If A makes default in complying with this rule, A is liable to a fine and, for continued contravention, to a daily default fine in each case as set out in the Schedule to these Rules.

Commencement Information

I1Rule 181 in force at 12.11.2021, see rule 2