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

Application to court by administrator

221.—(1) An application to court under paragraph 79 for an order ending an administration shall have attached to it—

(a) a progress report for the period since the last progress report (if any) or the date the investment bank entered special administration; and

(b) a statement indicating what the administrator thinks should be the next steps for the investment bank (if applicable).

(2) Before making the application under paragraph (1), the administrator shall—

(a) give notice in writing to—

(i) the applicant for the special administration order under which the administrator was appointed,

(ii) the creditors and clients,

(iii) the FSA,

(iv) in a special administration (bank insolvency), the Bank of England, and

(v) in a special administration (bank administration), the Bank of England and the FSCS,

of the intention to make the application; and

(b) attach to the application a statement that the creditors and clients have been notified of the application and copies of any response to that notification.

(3) Notice under paragraph (2)(a) shall be given at least 5 business days before the date that the administrator intends to makes the application.

(4) The administrator—

(a) shall send a copy of the application under paragraph (1) to the FSA;

(b) must, within 5 business days of filing the application, gazette a notice undertaking to provide a copy of the application to any person who so requests it (and an address to which they can write); and

(c) advertise the notice in such other manner as the administrator thinks fit.