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.
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.
156.—(1) The court may, on the application of any person having an interest—
(a)if there has been a failure to comply with any requirement of the Regulations or these Rules, make an order waiving any such failure and, so far as practicable, restoring any person prejudiced by the failure to the position that person would have been in but for the failure;
(b)if for any reason anything required or authorised to be done in, or in connection with, the special administration cannot be done, make such order as may be necessary to enable that thing to be done.
(2) The court, in an order under paragraph (1), may impose such conditions, including conditions as to expenses, as the court thinks fit and may—
(a)authorise or dispense with the performance of any act in the special administration;
(b)appoint as administrator of the investment bank a person who would be eligible to be appointed as such under Part 2 of these Rules, whether or not in place of an existing administrator;
(c)extend or waive any time limit specified in or under the Regulations or these Rules.
(3) The administrator shall record in the sederunt book the decision of the court under this rule.
1986 c.45; section 176A was inserted by the Enterprise Act 2002 (c.40), section 252 and amended by S.I. 2008/948.