The Investment Bank Special Administration (England and Wales) Rules 2011

CHAPTER 6 Time limits and security

Time limits

324.—(1) The provisions of CPR rule 2.8(1) (time) apply, as regards computation of time, to anything required or authorised to be done by the Rules.

(2) The provisions of CPR rule 3.1(2)(a) (the court’s general powers of management) apply so as to enable the court to extend or shorten the time for compliance with anything required or authorised to be done by the Rules.

Administrator’s security

325.—(1) Wherever under the Rules any person has to appoint, or certify the appointment of an administrator, that person must, before making or certifying the appointment, be satisfied that the person appointed or to be appointed has security for the proper performance of that office.

(2) It is the duty of the creditors’ committee to review from time to time the adequacy of the administrator’s security.

(3) In a special administration (bank insolvency), before the Objective A committee have passed a full payment resolution, that committee shall have the duty in paragraph (2).

(4) In a special administration (bank administration), before the Bank of England has given a Objective A Achievement Notice, the Bank of England shall have that duty.

(5) The cost of the administrator’s security shall be defrayed as an expense of the proceedings.

(1)

CPR rule 2.8 was amended by S.I. 2009/3390.