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

“Debt”; “liability”

333.—(1) “ Debt”, in relation to the special administration means (subject to the next paragraph) any of the following—

(a) any debt or liability to which the investment bank is subject on the date when the investment bank entered special administration;

(b) any debt or liability to which the investment bank may become subject after that date by reason of any obligation incurred before that date; and

(c) any interest provable as mentioned in rule 168.

(2) In paragraph (1)(a), the reference to debt or liability includes a debt incurred by the investment bank as a result of the operation of rules 137 and 146 even if the debt is incurred after the date on which the investment bank entered special administration.

(3) For the purposes of any provision of the Regulations or the Rules, any liability in tort is a debt provable in the special administration, if either—

(a) the cause of action has accrued at the date on which the investment bank went into special administration; or

(b) all the elements necessary to establish the cause of action exist at that date except for actionable damage.

(4) For the purposes of references in any provision of the Regulations or the Rules to a debt or liability, it is immaterial whether the debt or liability is present or future, whether it is certain or contingent, or whether its amount is fixed or liquidated, or is capable of being ascertained by fixed rules or as a matter of opinion; and references in any such provision to owing a debt are to be read accordingly.

(5) In any provision of the Regulations or the Rules, except in so far as the context otherwise requires, “liability” means (subject to paragraph (4)) a liability to pay money or money’s worth, including any liability under an enactment, any liability for breach of trust, any liability in contract, tort or bailment, and any liability arising out of an obligation to make restitution.