Application for order8
1
An application to the court for a special administration order may be made to the court by—
a
the institution,
b
the directors of the institution,
c
one or more creditors of the institution,
d
the designated officer for a magistrates’ court in the exercise of the power conferred by section 87A of the Magistrates’ Courts Act 198016,
e
a contributory of the institution, subject to paragraph (7),
f
a combination of persons listed in sub-paragraphs (a) to (e),
g
the Secretary of State, or
h
the FCA.
2
Where an application is made by a person other than the FCA, the FCA is entitled to be heard at—
a
the hearing of the application for a special administration order, and
b
any other hearing of the court in relation to the institution under these Regulations.
3
An application must nominate a person to be appointed as the administrator.
4
As soon as is reasonably practicable after making the application, the applicant must notify—
a
a person who gave notice to the FCA in accordance with Condition 1 of regulation 11, and
b
such other persons as may be described in special administration insolvency rules.
5
An application may not be withdrawn without the permission of the court.
6
In paragraph (1)(c), “creditor” includes a contingent creditor and a prospective creditor.
7
A contributory (“C”) is not entitled to make an application for a special administration order unless either—
a
the number of members is reduced below 2, or
b
the shares in respect of which C is a contributory, or some of them, either were originally allotted to C, or have been held by C and registered in C’s name, for at least 6 months during the 18 months before the commencement of the special administration, or have devolved on C through the death of a former holder.