|
Investment Bank Special Administration Regulations and Rules: Notice for Insolvency Practitioners
The Investment Bank Special Administration Regulations 2011 came into force on 8th February 2011. Investment Bank Special Administration has been introduced to ensure that there is minimum disruption to the financial markets in the event of a failure of an investment firm.
Following on from the implementation of the Regulations, the Investment Bank Special Administration Rules (Scotland) 2011 will come into force on 14th November 2011. These Rules require documents to be delivered to the Registrar of Companies for Scotland.
Please note that these Rules do not apply to Northern Ireland. Special Administration in England and Wales came into force on 30th June 2011.
If you are an Insolvency Practitioner involved in a Special Administration of an Investment Bank in Scotland, then from 14th November 2011 you will need to annotate the relevant forms so they apply to Special Administration cases and deliver the forms to the Registrar of Companies. Please see the list below for a list of forms and the relevant annotations required.
You can deliver the information to any Companies House office but we would recommend that you deliver it to the following address:
Companies House
4th Floor Edinburgh Quay 2
139 Fountainbridge
Edinburgh EH3 9FF
LP - 4 Edinburgh 2 (Legal Post) or
DX ED235 Edinburgh 1
For more information about Special Administration for Investment Banks , please visit the HM Treasury website or click here to see the consultation document.
Table of forms to be used and annotations to be made in Special Administration Scotland cases
Please annotate the address at the bottom of the form to the following address:
Companies House
4th Floor Edinburgh Quay 2
139 Fountainbridge
Edinburgh EH3 9FF
LP - 4 Edinburgh 2 (Legal Post) or
DX ED235 Edinburgh 1
| Rule or regulation under which the document is delivered to the registrar |
Form number and name |
Amendment |
| Rule 32(4) |
2.12B(CH)
Notice of administrator’s appointment |
- Replace ‘2.12B(CH)’ with ‘2.11B(Scot)’.
- Replace ‘Rule 2.27’ with ‘Rule 32(4)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 35(6) |
2.16B
Notice of statement of affairs |
- Replace ‘2.16B’ with ‘2.15B(Scot)’.
- Replace ‘Rule 2.29’ with ‘Rule 35(6)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 39(1) |
2.17B
Statement of administrator’s proposals |
- Replace ‘2.17B’ with ‘2.16B(Scot)’.
- Replace ‘Rule 2.33’ with ‘Rule 39(1)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 44(1) |
2.22B(CH)
Statement of administrator’s revised proposals |
- Replace ‘2.22B(CH)’ with ‘2.17B(Scot)’.
- Replace ‘Rule 2.45’ with ‘Rule 44(1)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 46(a) |
2.23B(CH)
Notice of result of meeting of creditors |
- Replace ‘2.23B(CH)’ with ‘2.18B(Scot)’.
- Replace ‘In accordance with Schedule B1, paragraph 53(2) of the Insolvency Act 1986’ with ‘Rule 46(a)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 100(1)(c) |
2.24B(CH)
Administrator’s progress report |
- Replace ‘2.24B(CH)’ with ‘2.20B(Scot)’.
- Replace ‘Rule 2.47’ with ‘Rule 100(1)(c)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 82 |
2.26B(CH)
[Amended] Certificate of constitution of creditors committee |
- Delete ‘2.26B(CH)’.
- Replace ‘[Amended] Certificate of constitution of creditors committee’ with ‘[Amended] Certificate of constitution of creditors committee ( Scotland)’.
- Replace ‘Rule 2.51’ with ‘Rule 82’.
- Replace ‘The Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 152(1) |
2.33B
Notice of court order ending administration |
- Replace ‘2.33B’ with ‘2.24B(Scot)’.
- Replace ‘Rule 2.116’ with ‘Rule 152(1)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 139(1) |
2.38B(CH)
Notice of resignation by administrator |
- Replace ‘2.38B(CH)’ with ‘2.29B(Scot)’.
- Replace ‘Rule 2.121’ with ‘Rule 139(1)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 140(3), 141(1), 141(4)(a) |
2.39B
Notice of vacation of office by administrator |
- Replace ‘2.39B’ with ‘2.30B(Scot)’.
- Replace ‘Rule 2.122’ with ‘Rule 140(3), 141(1), 141(4)(a)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 146(2) |
2.40B
Notice of appointment of replacement / additional administrator |
- Replace ‘2.40B’ with ‘2.31B(Scot)’.
- Replace ‘Rule 2.128’ with ‘Rule 146(1)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
|
| Rule 18(3)(b)(i), 31(3)(b)(i) |
4.15A
Notice of appointment of provisional liquidator in winding up by the court |
- Delete ‘4.15A’.
- Replace ‘Rule 4.26’ with ‘Rule 18(3)(b)(i), 31(3)(b)(i)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
- Replace ‘Notice of appointment of provisional liquidator in winding up by the court’ with ‘Notice of appointment of provisional administrator by the court ( Scotland)’.
- Replace all references to ‘provisional liquidator’ with ‘provisional administrator’
|
| Rule 22(5), 31(6) |
F4.39
Notice of termination of appointment of provisional liquidator |
- Delete ‘F4.39’.
- Replace ‘Rule 4.31’ with ‘Rule 22(5), 31(6)’.
- Replace the ‘Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
- Replace ‘Notice of termination of appointment of provisional liquidator’ with ‘Notice of termination of provisional administrator ( Scotland)’.
- Replace all references to ‘provisional liquidator’ with ‘provisional administrator’.
- After ‘dismissal’ delete ‘of the’ and ‘winding up petition’.
|
| Rule 155(1)(b) |
12.1
Notice to registrar of companies in respect of order under section 176A |
- Replace ‘Rule 12A.57’ with ‘Rule 155(1)(b)’.
- Replace ‘The Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
- Replace references to ‘Section 176A’ with ‘Section 176A as applied by regulation 15 of The Investment Bank Special Administration Regulations 2011’.
- Replaces references to ‘Section 176A of the Insolvency Act 1986’ with ‘Section 176A of the Insolvency Act 1986 as applied by regulation 15 of The Investment Bank Special Administration Regulations 2011’.
|
| Regulation 15 |
2.35B
Notice of move from administration to dissolution |
- Replace ‘2.35B’ with ‘2.26B(Scot)’.
- Replace ‘Rule 2.118’ with ‘Paragraph 84(1) of Schedule B1 of the Insolvency Act 1986 as applied by regulation 15 of The Investment Bank Special Administration Regulations 2011.’
- Replace ‘The Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
- Replace ‘paragraph 84(1) of Schedule B1 to the Insolvency Act 1986’ with ‘paragraph 84(1) of Schedule B1 to the Insolvency Act 1986 as applied by regulation 15 of The Investment Bank Special Administration Regulations 2011’
|
| Regulation 15 |
2.36B
Notice to registrar of companies in respect of date of dissolution |
- Replace ‘2.36B’ with ‘2.27B(Scot)’.
- Replace ‘Rule 2.118’ with ‘Paragraph 84(8) of Schedule B1 of the Insolvency Act 1986, as applied by regulation 15 of The Investment Bank Special Administration Regulations 2011’.
- Replace ‘The Insolvency Act 1986’ with ‘The Investment Bank Special Administration Regulations 2011’.
- Replace ‘paragraph 84(7) of Schedule B1 to the Insolvency Act 1986’ with ‘paragraph 84(7) of Schedule B1 to the Insolvency Act 1986 as applied by regulation 15 of The Investment Bank Special Administration Regulations 2011’
|
There is no prescribed form to be used in the following circumstances. You may send this information in any format, though we would ask that it conforms to our policy on the quality of documents. Alternatively we would accept the equivalent form prescribed in the Insolvency Rules ( Scotland) 1986, although we would ask that you annotate the form to refer to the correct legislation.
| Rule or regulation under which the document is delivered to the registrar |
Form number and name |
| Rule 9(f), 26(f) |
Application for special administration order |
| Regulation 15 |
Notice of order to deal with secured property |
| Regulation 15 |
Notice of insufficient property for distribution to unsecured creditors other than by virtue of section 176A(2)(a) |
|
