- Latest available (Revised)
- Point in Time (10/08/2022)
- Original (As made)
Point in time view as at 10/08/2022.
There are currently no known outstanding effects for the The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021, CHAPTER 1.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
154.—(1) Any permission given by the creditors’ committee (or if there is no such committee, a meeting of the institution’s creditors and customers or the court under these Rules), must not be a general permission but must relate to a particular proposed exercise of one or more of the administrator’s powers in Schedule 1 to the IA 1986.
(2) A person dealing with the administrator in good faith and for value is not concerned to enquire whether any such permission has been given.
(3) Where the administrator has done anything without that permission, the court or the creditors’ committee may, for the purpose of enabling the administrator to meet the administrator’s expenses, ratify what the administrator has done, but neither shall do so unless it is satisfied that the administrator has acted in a case of urgency and has sought ratification without undue delay.
Commencement Information
I1Rule 154 in force at 12.11.2021, see rule 2
155.—(1) Where the administrator disclaims property under section 178 of the IA 1986(1), the notice of disclaimer must contain such particulars of the property disclaimed as enable it to be easily identified.
(2) The notice of disclaimer must be authenticated and dated by the administrator.
(3) As soon as is reasonably practicable after authenticating the notice of disclaimer, the administrator must—
(a)send a copy of the notice to the registrar of companies, and
(b)in any case where the disclaimer is of registered land as defined in section 132(1) of the Land Registration Act 2002(2), send a copy of the notice to the Chief Land Registrar.
(4) For the purposes of section 178 of the IA 1986, the date of the prescribed notice is that on which the administrator authenticated it.
Commencement Information
I2Rule 155 in force at 12.11.2021, see rule 2
156.—(1) Within seven business days after the date of the notice of disclaimer, the administrator must send or give copies of the notice to every person who, to the administrator’s knowledge—
(a)claims under the institution as underlessee or mortgagee, where the property disclaimed is of a leasehold nature,
(b)claims an interest in the disclaimed property,
(c)is under any liability in respect of the property, not being a liability discharged by the disclaimer, or
(d)who is party to the contract or has an interest under it where the disclaimer is of an unprofitable contract.
(2) If subsequently it comes to the administrator’s knowledge, in the case of any person ‘P’, that P has such an interest in the disclaimed property as would have entitled P to receive a copy of the notice of disclaimer under paragraph (1), the administrator must then, as soon as is reasonably practicable, send or give to P a copy of the notice.
(3) Compliance with paragraph (2) is not required if—
(a)the administrator is satisfied that P has already been made aware of the disclaimer and its date, or
(b)the court, on the administrator’s application, orders that compliance is not required in that particular case.
Commencement Information
I3Rule 156 in force at 12.11.2021, see rule 2
157.—(1) The administrator disclaiming property may at any time send or give copies of the notice of the disclaimer to any persons who in the administrator’s opinion ought, in the public interest or otherwise, to be informed of the disclaimer.
(2) Paragraph (1) is without prejudice to the administrator’s obligations under sections 178, 179 and 180 of the IA 1986(3) and rules 155 and 156.
Commencement Information
I4Rule 157 in force at 12.11.2021, see rule 2
158. The administrator must include in the administrator’s records of the special administration a record of—
(a)the persons to whom that administrator has sent or given copies of the notice of disclaimer under rules 156 and 157, showing their names and addresses, and the nature of their respective interests,
(b)the dates on which the copies of the notice of disclaimer were sent or given to those persons,
(c)the date on which, as required by rule 155, a copy of the notice of disclaimer was sent to the registrar of companies, and
(d)(where applicable) the date on which, as required by rule 155, a copy of the notice was sent to the Chief Land Registrar.
Commencement Information
I5Rule 158 in force at 12.11.2021, see rule 2
159.—(1) The following applies where, in the case of any property, application is made to the administrator by an interested party under section 178(5) of the IA 1986.
(2) The application must be delivered to the administrator—
(a)personally,
(b)by electronic means in accordance with Part 12, or
(c)by any other means of delivery which enables proof of receipt of the application by the administrator to be provided, if requested.
Commencement Information
I6Rule 159 in force at 12.11.2021, see rule 2
160.—(1) If, in the case of property which the administrator has the right to disclaim, it appears to the administrator that there is some person ‘P’ who claims, or may claim, to have an interest in the property, the administrator may give notice to P calling on that person to declare within fourteen days whether P claims any such interest and, if so, the nature and extent of it.
(2) If P fails to comply with the notice, the administrator is entitled to assume that P has no such interest in the property as will prevent or impede its disclaimer.
Commencement Information
I7Rule 160 in force at 12.11.2021, see rule 2
161. Any disclaimer of property by the administrator is presumed valid and effective, unless it is proved that the administrator has been in breach of their duty with respect to the giving of notice of disclaimer, or otherwise, under sections 178 to 180 of the IA 1986 or under this Chapter of these Rules.
Commencement Information
I8Rule 161 in force at 12.11.2021, see rule 2
162.—(1) This rule applies with respect to an application by any person under section 181 of the IA 1986 for an order of the court to vest or deliver disclaimed property.
(2) The application must be made within three months of the applicant becoming aware of the disclaimer, or of the applicant receiving a copy of the administrator’s notice of disclaimer sent under rule 156, whichever is the earlier.
(3) The applicant must with the application file a witness statement—
(a)stating whether the application is made under—
(i)paragraph (a) of section 181(2), or
(ii)paragraph (b) of section 181(2),
(b)specifying the date on which the applicant received a copy of the administrator’s notice of disclaimer, or otherwise became aware of the disclaimer, and
(c)specifying the grounds of the application and the order which the applicant desires the court to make under section 181.
(4) The court must fix a venue for the hearing of the application, and the applicant must, not later than five business days before the date fixed, give to the administrator notice of the venue, accompanied by copies of the application and the witness statement required by paragraph (3).
(5) On the hearing of the application, the court may give directions as to other persons (if any) who should be sent or given notice of the application and the grounds on which it is made.
(6) Sealed copies of any order made on the application must be sent by the court to the applicant and the administrator.
(7) In a case where the property disclaimed is of a leasehold nature, and section 179 of the IA 1986 applies to suspend the effect of the disclaimer, there must be included in the court’s order a direction giving effect to the disclaimer.
(8) Paragraph (7) does not apply if, at the time when the order is issued, other applications under section 181 are pending in respect of the same property.
Commencement Information
I9Rule 162 in force at 12.11.2021, see rule 2
Section 178 was amended by Banking Act 2009 c. 1, S.I. 2011/245. There are other amending instruments but none is relevant.
Sections 178 to 180 were amended by Banking Act 2009 (c. 1) and S.I. 2011/245. There are other amending instruments but none is relevant.
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: