ApplicationU.K.
This section has no associated Explanatory Memorandum
5.—(1) An application to the court for a special administration order may be made to the court by—
(a)the investment bank;
(b)the directors of the investment bank;
(c)one or more creditors of the investment bank;
(d)the designated officer for a magistrates' court in the exercise of the power conferred by section 87A of the Magistrates' Courts Act 1980 (fines imposed on companies);
(e)(subject to paragraph (7)), a contributory of the investment bank;
(f)a combination of persons listed in sub-paragraphs (a) to (e);
(g)the Secretary of State; ...
[(h)the FCA; or
(i)if the investment bank is a PRA-authorised person, the PRA].
(2) Where an application is made by a person other than the [FCA], the [FCA] is entitled to be heard at—
(a)the hearing of the application for special administration; and
(b)any other hearing of the court in relation to the investment bank under these Regulations.
[(2A) Where an application is made by a person other than the PRA in relation to an investment bank which is a PRA-authorised person, the PRA is entitled to be heard at—
(a)the hearing of the application for special administration; and
(b)any other hearing of the court in relation to the investment bank under these Regulations.]
(3) An application must nominate a person to be appointed as the administrator.
(4) As soon as is reasonably practicable after making the application, the applicant shall notify—
(a)a person who gave notice to the [appropriate regulator] in accordance with Condition 1 of regulation 8; and
(b)such other persons as may be prescribed.
(5) An application may not be withdrawn without the permission of the court.
(6) In sub-paragraph (1)(c), “creditor” includes a contingent creditor and a prospective creditor.
(7) A contributory (“C”) is not entitled to make an application for special administration unless either—
(a)the number of members is reduced below 2; or
(b)the shares in respect of which C is a contributory, or some of them, either were originally allotted to C, or have been held by C and registered in C's name, for at least 6 months during the 18 months before the commencement of the special administration, or have devolved on C through the death of a former holder.
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