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The Payment and Electronic Money Institution Insolvency Regulations 2021
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- UK Statutory Instruments
- 2021 No. 716
- Regulation 22
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Objective 1: hard bar date: powers of the courtU.K.
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22.—(1) On an application under regulation 21(3) for the approval of the court to set a hard bar date the court may—
(a)make an order approving the setting of a hard bar date,
(b)adjourn the hearing of the application conditionally or unconditionally, or
(c)make any other order that the court thinks appropriate.
(2) The court may make an order under paragraph (1)(a) only if—
(a)it is satisfied that the administrator has taken all reasonable measures to identify and contact persons who may be entitled to the return of relevant funds, and
(b)it considers that, if a hard bar date is set, there is no reasonable prospect that the administrator will receive claims for the return of relevant funds after that date.
Commencement Information
I1Reg. 22 in force at 8.7.2021, see reg. 2
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