The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021

Recourse to the court E+W

165.—(1) If the administrator considers that the basis of remuneration for either case in rule 163(1) fixed for the administrator by—

(a) the creditors’ committee, or

(b) by resolution of the creditors and customers, or as the case may be, a meeting of customers,

is insufficient or inappropriate, the administrator may apply to the court for an order changing it or increasing its amount or rate.

(2) The administrator must give at least fourteen days’ notice of the application under paragraph (1) to the members of the creditors’ committee, and the creditors’ committee may nominate one or more members to appear, or be represented, and to be heard on the application.

(3) If there is no creditors’ committee, the notice of the application must be sent to such one or more of the institution’s creditors or customers as the court may direct and those creditors or customers must nominate one or more of their number to appear or be represented and be heard on the application.

(4) Notice of the application must also be given to the FCA and the FCA may nominate a person to appear and be heard on the application.

(5) The court may, if it appears to be a proper case, order the costs of the administrator’s application, including the costs of any member of the creditors’ committee appearing or being represented on it, or any creditor or customer so appearing or being represented, to be paid as an expense of the special administration.

Commencement Information

I1 Rule 165 in force at 12.11.2021, see rule 2