Special administration orderI17
1
A special administration order is an order appointing a person as the administrator of an institution.
2
A person is eligible for appointment as administrator under a special administration order if they are qualified to act as an insolvency practitioner in relation to the institution.
3
An appointment may be made only if the person has consented to act.
4
For the purposes of these Regulations—
a
an institution is “in special administration” while the appointment of the administrator has effect,
b
an institution “enters special administration” when the appointment of the administrator takes effect,
c
an institution ceases to be in special administration when the appointment of the administrator ceases to have effect in accordance with these Regulations, and
d
an institution does not cease to be in special administration merely because an administrator vacates office (by reason of resignation, death or otherwise) or is removed from office.