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

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Grounds for resignation

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206.—(1) The administrator may resign in the following circumstances—

(a)on grounds of ill health;

(b)that the administrator intends ceasing to be in practice as an insolvency practitioner; or

(c)that there is some conflict of interest, or change of personal circumstances, which precludes or makes impracticable the further discharge by that person of the duties of administrator.

(2) The administrator may, with the permission of the court, resign on grounds other than those specified in paragraph (1).

(3) In a special administration (bank insolvency) before the Objective A committee has passed a full payment resolution, the administrator needs the permission of the Bank of England to resign on grounds other than those specified in paragraph (1).

(4) In a special administration (bank administration) before the Bank of England has given an Objective A Achievement Notice, the administrator needs the permission of the Bank of England to resign on grounds other than those specified in paragraph (1).

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