http://www.legislation.gov.uk/uksi/2021/716/regulation/22/madeThe Payment and Electronic Money Institution Insolvency Regulations 2021enKing's Printer of Acts of Parliament2021-09-22FINANCIAL SERVICES AND MARKETS These Regulations establish a new insolvency procedure to be known as payment institution special administration or electronic money institution special administration (as the case may be) to operate as an alternative to the liquidation or administration of those institutions under the Insolvency Act 1986 (c. 45) (see regulations 7 to 47 and Schedules 1 to 4). Objective 1: hard bar date: powers of the court 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.
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<Title>Objective 1: hard bar date: powers of the court</Title>
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On an application under regulation
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for the approval of the court to set a hard bar date the court may—
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