The Investment Bank Special Administration (Scotland) Rules 2011

CHAPTER 1 Applications under section 176A of the 1986 Act

Applications under section 176A(5) of the 1986 Act to disapply section 176A

154.  An application under section 176A(5) of the 1986 Act(1) (share of assets for unsecured creditors) shall include averments—

(a) that the application arises in respect of a special administration;

(b) as to the financial position of the investment bank; and

(c) as to the basis of the applicant’s view that the cost of making a distribution to unsecured creditors would be disproportionate to the benefits.

Notice of an order under section 176A(5) of the 1986 Act

155.—(1) Where the court makes an order under section 176A(5) of the 1986 Act the applicant shall, as soon as reasonably practicable after the making of the order—

(a) send to the investment bank a copy of the order certified by the clerk of court,

(b) send to the registrar of companies a copy of the order; and

(c) give notice of the order to each creditor of whose claim and address the applicant is aware.

(2) The court may direct that the requirement of paragraph (1)(c) of this rule be met by the publication of a notice containing the standard content and stating that the court has made an order disapplying the requirement to set aside the prescribed part.

(3) The notice referred to in paragraph (2) must be published once as soon as reasonably practicable in the Edinburgh Gazette and be further advertised in such other manner as the court may direct.

(1)

1986 c.45; section 176A was inserted by the Enterprise Act 2002 (c.40), section 252 and amended by S.I. 2008/948.