The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 No. 1178

PART 10 E+W Court procedure and practice

CHAPTER 6 E+W Applications to the court under section 176A of the IA 1986

Applications under section 176A(5) to disapply section 176A E+W

209.—(1) An application under section 176A(5) must be accompanied by a witness statement by the administrator.

(2) The witness statement must state—

(a) that the institution is in special administration,

(b) a summary of the financial position of the institution, and

(c) the information substantiating the administrator’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits.

Commencement Information

I1 Rule 209 in force at 12.11.2021, see rule 2