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The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021

Type Statutory-Instrument

Publication 2021-10-21

Last updated 2022-08-10

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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(a) a person who has been appointed by a court in the United Kingdom or elsewhere to manage the affairs of, or to represent, the incapacitated person,

(b) any person who appears to the court to be a suitable person to make the application, or

(4) An application under paragraph (3) may be made without notice to any other party. However, the court may require such notice of the application as it thinks necessary to be given to the incapacitated person or any other person, and may adjourn the hearing of the application to enable the notice to be given.

Witness statement in support of application

220

An application under rule 219(3) must be supported by a witness statement made by a registered medical practitioner as to the mental or physical condition of the incapacitated person.

Service of notices following appointment

221

Any notice served on, or sent to, a person appointed under rule 219 has the same effect as if it had been served on, or given to, the incapacitated person.

CHAPTER 9 — Formal defects

Formal defects

222

No special administration proceedings shall be invalidated by any formal defect or by any irregularity unless the court before which an objection is made considers that substantial injustice has been caused by the defect or irregularity, and that the injustice cannot be remedied by any order of the court.

CHAPTER 10 — Costs

Application of Chapter 10

223

(1) This Chapter applies in relation to costs in connection with the special administration.

(2) In this Chapter, a reference to costs includes charges and expenses.

Requirement to assess costs by the detailed procedure

224

(1) Where the costs of any person are payable as an expense out of the institution’s estate the amount payable must be decided by detailed assessment unless agreed between the administrator and the person entitled to payment.

(2) Where the costs of any person are payable as an expense out of the relevant funds, the amount payable must be decided by detailed assessment unless agreed between a meeting of customers and the person entitled to payment.

(3) In the absence of such agreement as is mentioned in paragraph (1) or (2), the administrator—

(a) may serve notice requiring the person entitled to payment to commence detailed assessment proceedings in accordance with CPR Part 47, and

(b) must serve such notice where the creditors’ committee resolves that the amount of the costs in either case must be decided by detailed assessment.

(4) Detailed assessment proceedings must be commenced in the court.

(5) Where the costs of any person employed by the administrator in the special administration are required to be decided by detailed assessment or fixed by order of the court, the administrator may make payments on account to such person in respect of those costs provided that person undertakes in writing—

(a) to repay as soon as is reasonably practicable any money which may, when detailed assessment is made, prove to have been overpaid, and

(b) to pay interest on any such sum as is mentioned in sub-paragraph (a) at the rate specified in section 17 of the Judgments Act 1838 on the date payment was made and for the period beginning with the date of payment and ending with the date of repayment.

(6) In any proceedings before the court, the court may order costs to be decided by detailed assessment.

(7) Unless otherwise directed or authorised, the costs of the administrator are to be allowed on the standard basis for which provision is made in—

(a) CPR rule 44.3 (basis of assessment), and

(b) CPR rule 44.4 (factors to be taken into account when deciding the amount of costs).

Procedure where detailed assessment is required

225

(1) Before making a detailed assessment of the costs of any person employed in the special administration by the administrator, the costs officer must require a certificate of employment, which must be endorsed on the bill and authenticated by the administrator.

(2) The certificate must include—

(a) the name and address of the person employed,

(b) details of the functions to be carried out under the employment, and

(3) Every person whose costs in the special administration are required to be decided by detailed assessment must, on being required in writing to do so by the administrator, commence detailed assessment proceedings in accordance with CPR Part 47.

(4) If the person whose costs in the special administration are required to be decided by detailed assessment does not commence detailed assessment proceedings within three months of the requirement under paragraph (3), or within such further time as the court, on application, may permit—

(a) the administrator may deal with the institution’s estate (or the asset pool, as applicable) without regard to any claim by that person, and

(b) that person’s claim is forfeited by such failure to commence proceedings.

(5) Where in any such case such a claim lies additionally against the administrator in the administrator’s personal capacity, that claim is also forfeited by such failure to commence proceedings.

Costs of officers charged with execution of writs or other process

226

(1) This rule applies where an enforcement officer, or other officer charged with execution of the writ or other person—

(a) is required under section 184(2)[^f00024] of the IA 1986 to deliver up goods or money, or

(b) has under section 184(3) of the IA 1986 deducted costs from the proceeds of an execution or money paid to that officer or that person (as the case may be).

(2) The administrator may require in writing that the amount of the enforcement officer’s or other officer’s bill of costs be decided by detailed assessment and where such a requirement is made, rule 225(4) applies.

(3) Where, in the case of a deduction of the kind mentioned in paragraph (1)(b), any amount deducted is disallowed at the conclusion of the detailed assessment proceedings, the enforcement officer must as soon as is reasonably practicable pay a sum equal to that disallowed to the administrator for the benefit of the institution’s estate.

Costs paid otherwise than out of the institution’s estate

227

Where the amount of costs is decided by detailed assessment under an order of the court directing that those costs are to be paid otherwise than out of the institution’s estate or out of the asset pool, the costs officer must note on the final costs certificate by whom, or the manner in which, the costs are to be paid.

Award of costs against the administrator

228

Without prejudice to any provision of the Regulations or these Rules by virtue of which the administrator is not in any event to be liable for costs and expenses, where the administrator is made a party to any proceedings on the application of another party to the proceedings, the administrator is not to be personally liable for the costs unless the court otherwise directs.

Applications for costs

229

(1) This rule applies where a party to, or person affected by, any proceedings in the special administration applies to the court for an order allowing their costs, or part of them, incidental to the proceedings, and that application is not made at the time of the proceedings.

(2) The person concerned must serve a sealed copy of the application on the administrator.

(3) The administrator may appear on an application.

(4) No costs of or incidental to the application are to be allowed to the applicant unless the court is satisfied that the application could not have been made at the time of the proceedings.

(5) The court must specify in the order whether such costs are to be paid out of the institution’s estate or out of the asset pool.

Costs and expenses of witnesses

230

Except as directed by the court, no allowance as a witness in any examination or other proceedings before the court is to be made to an officer of the institution to which the proceedings relate.

Final costs certificate

231

(1) A final costs certificate of the costs officer is final and conclusive as to all matters which have not been objected to in the manner provided for under the rules of the court.

(2) Where it is proved to the satisfaction of a costs officer that a final costs certificate has been lost or destroyed, the costs officer may issue a duplicate.

CHAPTER 11 — Enforcement procedures

Enforcement of court orders

232

In a special administration, orders of the court may be enforced in the same manner as a judgment to the same effect.

Orders enforcing compliance with these Rules

233

(1) The court may, on application by the administrator, make such orders as it thinks necessary for the enforcement of obligations falling on any person in accordance with—

(a) paragraph 47, or

(b) section 235 of the IA 1986 (duty of various persons to co-operate with administrator).

(2) An order of the court under this rule may provide that all costs of and incidental to the application for it must be borne by the person against whom the order is made.

Warrants (general provisions)

234

(1) A warrant issued by the court under any provision of the Regulations must be addressed to such officer of the court as the warrant specifies, or to any constable.

(2) The persons referred to in section 236(5) of the IA 1986 as the prescribed officer of the court are the tipstaff and the tipstaff’s assistants of the court.

(3) In this Chapter, references to property include books, papers and records.

Warrants under section 236

235

(1) When a person (‘P’) is arrested under a warrant issued under section 236 of the IA 1986, the officer arresting P must as soon as is reasonably practicable bring P before the court issuing the warrant in order that P may be examined.

(2) If P cannot immediately be brought up for examination, the officer must deliver P into the custody of the governor of the prison named in the warrant (or where that prison is not able to accommodate P, the governor of such other prison with appropriate facilities which is able to accommodate P), who must keep that person in custody and produce P before the court as it may from time to time direct.

(3) After arresting P, the officer must as soon as is reasonably practicable report to the court the arrest or delivery into custody (as the case may be) of P and apply to the court to fix a venue for P’s examination.

(4) The court must appoint the earliest practicable time for the examination, and must—

(a) direct the governor of the prison to produce P for examination at the time and place appointed, and

(b) as soon as is reasonably practicable give notice of the venue to the person who applied for the warrant.

(5) Any property in P’s possession which may be seized must be—

(a) lodged with, or otherwise dealt with as instructed by, whoever is specified in the warrant as authorised to receive it, or

(b) kept by the officer seizing it pending the receipt of written orders from the court as to its disposal,

as may be directed by the court.

CHAPTER 12 — Appeals

Application of Chapter 12

236

This Chapter applies in relation to decisions of the court under the Regulations or these Rules.

Appeals and reviews of court orders

237

(1) The court may review, rescind or vary any order made by it in the exercise of its jurisdiction under the Regulations or these Rules.

(2) Appeals in special administration proceedings are to the Civil Division of the Court of Appeal from a decision of a single judge of the court.

Procedure on appeal

238

(1) An appeal against a decision at first instance may only be brought with either the permission of the court which made the decision or the permission of the court which has jurisdiction to hear the appeal.

(2) An appellant must file an appellant’s notice (within the meaning of CPR Part 52) within twenty-one days after the date of the decision of the court that the appellant wishes to appeal.

(3) The procedure set out in CPR Part 52 applies to any appeal to which this Chapter applies.

Appeal against decision of the Secretary of State

239

An appeal under the Regulations against a decision of the Secretary of State must be brought within twenty-eight days of the notification of the decision.

PART 11 — Prohibited names

Preliminary

240

The rules in this Part—

(a) relate to the permission required under section 216 of the IA 1986[^f00025] for a person to act in all or any of the ways specified in section 216(3) in relation to an institution with a prohibited name, and

(b) prescribe the cases excepted from section 216, that is to say, those in which a person to whom that section applies may so act without that permission.

Application for permission under section 216(3)

241

(1) At least fourteen days’ notice of any application for permission to act in all or any of the ways specified in section 216(3) must be given by the applicant to the Secretary of State, who may—

(a) appear at the hearing of the application, and

(b) whether or not appearing at the hearing, make representations.

(2) When considering an application for permission under section 216, the court may call on the administrator, or any former administrator, of the institution for a report of the circumstances in which that institution became insolvent and the extent (if any) of the applicant’s apparent responsibility for the institution becoming insolvent.

First excepted case

242

(1) This rule applies where—

(a) a person (“P”) was within the period mentioned in section 216(1) a director, or shadow director, of an institution that has gone into special administration by virtue of Ground A in regulation 9 being satisfied, and

(b) P acts in all or any of the ways specified in section 216(3) in connection with, or for the purposes of, the carrying on (or proposed carrying on) of the whole or substantially the whole of the business of the institution where that business (or substantially the whole of it) is (or is to be) acquired from the institution under arrangements—

(i) made by the administrator, or

(ii) made before the institution entered into special administration by an office-holder acting in relation to it as supervisor of a voluntary arrangement under Part 1 of the IA 1986.

(2) P will not be taken to have contravened section 216 if prior to P’s acting in the circumstances set out in paragraph (1) a notice is, in accordance with the requirements of paragraph (3)—

(a) given by P to every creditor and customer of the institution whose name and address—

(i) is known by P, or

(ii) is ascertainable by P on the making of such enquiries as are reasonable in the circumstances, and

(b) published in the Gazette.

(3) The notice referred to in paragraph (2)—

(a) may be given and published before the completion of the arrangements referred to in paragraph (1)(b) but must be given and published no later than twenty-eight days after that completion, and

(b) must contain—

(i) the name and registered number of the institution,

(ii) the date that the institution went into special administration,

(iii) P’s name,

(iv) a statement that P was a director of the institution during the period of twelve months ending with the day before the institution entered special administration,

(v) a statement that it is P’s intention to act (or, where the institution has not entered into special administration, to act or continue to act) in all or any of the ways specified in section 216(3) in connection with, or for the purposes of, the carrying on of the whole or substantially the whole of the business of the institution,

(vi) the prohibited name or, where the institution has not entered into special administration, the name under which the business is being, or is to be, carried on which would be a prohibited name in respect of P in the event of the institution entering special administration,

(vii) a statement that P would not otherwise be permitted to act in all or any of the ways specified in section 216(3) without the leave of the court or the application of an exception created by these Rules,

(viii) a statement that contravention of the prohibition created by section 216 is a criminal offence, and

(ix) a statement as set out in paragraph (6) of the effect of issuing the notice under this paragraph.

(4) Notice may in particular be given under this rule—

(a) prior to the institution entering special administration where the business (or substantially the whole of the business) is, or is to be, acquired by another company under arrangements made by an office-holder acting in relation to the institution as supervisor of a voluntary arrangement (whether or not at the time of the giving of the notice P is a director of that other company), or

(b) at a time where P is a director of another company where—

(i) the other company has acquired, or is to acquire, the whole, or substantially the whole, of the business of the institution under arrangements made by the administrator, and

(ii) it is proposed that after the giving of the notice a prohibited name should be adopted by the other company.

(5) Notice may not be given under this rule by a person who has already acted in contravention of section 216.

(6) The statement as to the effect of the notice under rule 242(2) must be as set out below—

Section 216(3) of the Insolvency Act 1986 lists the activities that a director of an institution that has gone into special administration may not undertake unless the court gives permission or there is an exception in the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021. This includes the exceptions in Part 11 of those Rules. These activities are— (a) being a director of another company that is known by a name which is either the same as a name used by the institution in special administration during the period of twelve months ending with the day before the institution entered special administration or is so similar as to suggest an association with that institution, (b) directly or indirectly being concerned or taking part in the promotion, formation or management of any such company, or (c) directly or indirectly being concerned or taking part in the carrying on of a business otherwise than through a company under a name of the kind mentioned in (a) above. This notice is given under Rule 242 of the Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021 because the business of an institution which is in, or may go into, special administration is, or is to be, carried on otherwise than by the institution in special administration with the involvement of a director of that institution and under the same or a similar name to that of that institution. The purpose of giving this notice is to permit the director to act in these circumstances where the institution enters (or has entered) special administration without the director committing a criminal offence and, in the case of the carrying on of the business through another company, being personally liable for that company’s debts. Notice may be given where the person giving the notice is already the director of a company which proposes to adopt a prohibited name.

Second excepted case

243

(1) Where a person (“P”) to whom section 216 applies, applies for permission of the court under that section not later than seven business days from the date on which the institution went into special administration, P may, during the period specified in paragraph (2), act in any of the ways mentioned in section 216(3), notwithstanding that P has not the permission of the court under that section.

(2) The period referred to in paragraph (1) begins with the day on which the institution goes into special administration and ends either on the day falling six weeks after that date or on the day on which the court disposes of the application for permission under section 216, whichever of those days occurs first.

Third excepted case

244

The court’s permission under section 216(3) is not required where the company there referred to, though known by a prohibited name—

(a) has been known by that name for the whole of the period of twelve months ending with the day before the institution went into special administration, and

(b) has not at any time in those twelve months been dormant within the meaning of section 1169(1), (2) and (3)(a) of the CA 2006.

PART 12 — Provisions of general effect

CHAPTER 1 — Miscellaneous and general

Costs, expenses etc

245

(1) All fees, costs, charges and other expenses incurred in the course of the special administration are, unless otherwise stated, to be regarded as expenses of the special administration.

(2) The costs associated with the prescribed part must be paid out of the prescribed part.

Provable debts

246

(1) Except as provided in this rule, all claims by creditors are provable as debts against the institution whether they are present or future, certain or contingent, ascertained or sounding only in damages.

(2) Obligations arising under Part 2, 3 or 4 of the Proceeds of Crime Act 2002[^f00026] are not provable.

(3) The following claims are not provable until all other claims of creditors have been paid in full with interest under rule 135:

(a) any claim arising by virtue of section 382(1)(a) of the FSMA 2000[^f00027], unless it is also a claim arising by virtue of section 382(1)(b) of that Act;

(b) any claim which by virtue of the IA 1986 or any other enactment is a claim the payment of which in a special administration is to be postponed.

(4) Nothing in this rule prejudices any enactment or rule of law under which a particular kind of debt is not provable.

False representation of status for purpose of inspecting documents

247

(1) It is an offence for a person who does not have a right under these Rules to inspect a relevant document falsely to claim to be a creditor, customer, member of the institution or contributory of the institution with the intention of gaining sight of the relevant document.

(2) A relevant document is one which is on the court file or in the hands of the administrator or any other person and which a creditor, customer, member of the institution or contributory of the institution has a right to inspect under these Rules.

(3) A person guilty of an offence under this rule is liable to imprisonment or a fine, or both, as set out in the Schedule.

Punishment of offences

248

The Schedule has effect with respect to the ways in which certain contraventions of the Rules are punishable.

CHAPTER 2 — The giving of notice and the supply of documents

Application

249

(1) Subject to paragraphs (2) and (3), this Chapter applies where a notice or other document is required to be given, delivered or sent under the Regulations or these Rules by any person, including the administrator.

(2) This Chapter does not apply to the service of—

(a) any application to the court,

(b) any evidence in support of that application, or

(3) This Chapter does not apply to the submission of documents to the registrar of companies.

Personal delivery

250

(1) Personal delivery of a notice or other document is permissible in any case.

(2) A document is personally delivered if it is delivered in accordance with the rules for personal service in CPR Part 6.

Postal delivery of documents

251

(1) A notice or other document may be sent by post in accordance with the provisions of this rule unless in any particular case some other form of delivery is required by the Regulations or these Rules or an order of the court.

(2) First class or second class post may be used to deliver a notice or other document except where these Rules require first class post to be used.

(3) Unless the contrary is shown—

(a) a notice or other document sent by first class post is treated as delivered on the second business day after the day on which it is posted;

(b) a notice or other document sent by second class post is treated as delivered on the fourth business day after the day on which it is posted;

(c) where a post-mark appears on the envelope in which a notice or other document was posted, the date of that post-mark is to be treated as the date on which the notice or other document was posted.

(4) In this rule “post-mark” means a mark applied by a postal operator which records the date on which a letter entered the postal system of the postal operator.

Notice etc to authorised recipients

252

Where a notice or other document is to be given, delivered or sent to a person under the Regulations or these Rules, it may be given, delivered or sent instead to any other person authorised in writing to accept delivery on behalf of the first-mentioned person.

CHAPTER 3 — The giving of notice and the supply of documents to or by the administrator

Application

253

(1) Subject to paragraphs (2) and (3), this Chapter applies where a notice or other document is required to be given, delivered or sent under the Regulations or these Rules.

(2) This Chapter does not apply to the submission of notices or other documents to the registrar of companies.

(3) Rules 257 to 260 do not apply to the filing of any notice or other document with the court.

The form

254

Subject to any order of the court, any notice or other document required to be given, delivered or sent must be in writing and where electronic delivery is permitted a notice or other document in electronic form is treated as being in writing if it is capable of being—

(a) read by the recipient in electronic form, and

(b) reproduced by the recipient in hard-copy form.

Proof of sending

255

(1) Where a notice or other document is required to be given, delivered or sent by the administrator, the giving, delivering or sending of it may be proved by means of a certificate that the notice or other document was duly given, delivered or sent.

(2) A certificate under paragraph (1) may be given by—

(a) the administrator,

(b) the administrator’s solicitor, or

(3) Where a notice or other document is required to be given, delivered or sent by a person other than the administrator, the giving, delivering or sending of it may be proved by means of a certificate by that person—

(a) that the notice or document was given, delivered or sent by that person, or

(b) that another person (named in the certificate) was instructed to give, deliver or send it.

(4) A certificate under this rule may be endorsed on a copy or specimen of the notice or document to which it relates.

Authentication

256

(1) A notice, other document or information given, delivered, sent or supplied in hard copy form is sufficiently authenticated if it is signed by the person giving, delivering, sending or supplying it.

(2) A notice, other document or information given, delivered or sent in electronic form is sufficiently authenticated—

(a) if the identity of the sender is confirmed in a manner specified by the recipient, or

(b) where no such manner has been specified by the recipient, if the communication contains or is accompanied by a statement of the identity of the sender and the recipient has no reason to doubt the truth of that statement.

(3) If a notice, other document or information is authenticated by the signature of an individual on behalf of—

(a) a body of persons, the document must also state the position of that individual in relation to the body;

(b) a body corporate of which the individual is the sole member, the document must also state that fact.

Electronic delivery — general

257

(1) A notice or other document may be given, delivered or sent by electronic means unless in any particular case some other form of delivery is required by the Regulations or these Rules or an order of the court, provided that the intended recipient of the notice or other document has—

(a) given actual consent (whether in the specific case or generally) to electronic delivery and has—

(i) not revoked that consent, and

(ii) provided an electronic address for delivery;

(b) given deemed consent in accordance with paragraph (2) (in which case the electronic address for delivery shall be the address used by the institution for communications with the intended recipient before the special administration commenced) and has not revoked that consent.

(2) For the purposes of paragraph (1) an intended recipient is deemed to have consented to the electronic delivery of a notice or other document by the administrator where the intended recipient and the institution had customarily communicated with each other by electronic means before the special administration commenced.

(3) In the absence of evidence to the contrary, a notice or other document is presumed to have been delivered by electronic means where the sender can produce a copy of the electronic communication which—

(a) contains the notice or other document, or to which the notice or other document was attached, and

(b) shows the time and date the electronic communication was sent and the electronic address to which it was sent.

(4) A document sent electronically is deemed to have been delivered to the recipient at 9.00am on the next business day after it was sent.

(5) Paragraph (4) does not apply in respect of notices or other documents sent electronically under Part 2.

Electronic delivery by administrator

258

(1) Where the administrator gives, sends or delivers a notice or other document to any person by electronic means, the notice or document must contain or be accompanied by a statement—

(a) that the recipient may request a hard copy of the notice or document, and

(b) specifying a telephone number, e-mail address and postal address which may be used to make that request.

(2) Where a hard copy of the notice or other document is requested, it must be sent free of charge within five business days of receipt of the request by the administrator.

Use of websites by administrator

259

(1) This rule applies for the purposes of section 246B.

(2) Where the administrator is required to give, deliver or send a notice or other document to any person (other than in a case where personal service is required), the administrator may satisfy that requirement by sending that person a notice which contains—

(a) a statement that the notice or other document is available for viewing and downloading on a website,

(b) the address of that website together with any password necessary to view and download the notice or other document from that site, and

(c) a statement that the person to whom the notice is given, delivered or sent may request a hard copy of the notice or other document and specifying a telephone number, e-mail address and postal address which may be used to make that request.

(3) Where a notice to which this rule applies is sent, the notice or other document to which it relates must—

(a) be available on the website for a period of not less than two months after the end of the special administration or (if later) the release of the last person to hold office as administrator in the special administration, and

(b) be in a format that enables it to be downloaded from the website within a reasonable time of a request being made for it to be downloaded.

(4) Where a hard copy of the document is requested it must be sent free of charge within five business days of the receipt of the request by the administrator.

(5) Where a document is given, delivered or sent to a person by means of a website in accordance with this rule, it is deemed to have been delivered—

(a) when the document was first made available on the website, or

(b) if later, when the notice under paragraph (2) was delivered to that person.

General use of websites to deliver notices and other documents

260

(1) The administrator may deliver a notice to each person to whom a notice or other document will be required to be given, delivered or sent in the special administration which contains—

(a) a statement that—

(i) future notices or other documents in the special administration other than those mentioned in paragraph (2) will be made available for viewing and downloading on a website without notice to the recipient, and

(ii) the administrator will not be obliged to deliver, give or send any such notices or other documents to the recipient of the notice unless it is requested by that person,

(b) a statement that the recipient of the notice may at any time request a hard copy of any or all of the following—

(i) all notices and other documents currently available for viewing on the website,

(ii) all future documents which may be made available there,

(c) a telephone number, email address and postal address which may be used to make a request for a hard copy of a notice or other document, and

(d) the address of the website, any password required to view and download a relevant document from that site.

(2) A statement under paragraph (1)(a) does not apply to the following notices or other documents—

(a) a notice or other document for which personal delivery is required,

(b) a notice under rule 116 of intention to declare a dividend, and

(3) A notice or other document is delivered, given or sent generally if it is delivered, given or sent to some or all of the following classes of persons—

(a) members;

(b) contributories;

(d) customers;

(e) any class of members, contributories, customers or creditors.

(4) An administrator who has delivered a notice under paragraph (1) is under no obligation—

(a) to notify a person to whom the notice has been delivered when a notice or other document to which the notice applies has been made available on the website, or

(b) to deliver a hard copy of such a notice or other document unless a request is received under paragraph (1)(b).

(5) An administrator who receives a request under paragraph (1)(b)—

(a) in respect of a notice or other document which is already available on the website must deliver a hard copy of the notice or other document to the recipient free of charge within five business days of receipt of the request, and

(b) in respect of all future notices or other documents must deliver each such notice or other document in accordance with the requirements for delivery of such a notice or other document in the Regulations and these Rules.

(6) A document to which a statement under paragraph (1)(a) applies must—

(a) remain available on the website for a period of not less than two months after the end of the special administration or (if later) the release of the last person to hold office as administrator in the special administration, and

(b) must be in a format that enables it to be downloaded within a reasonable time of a request being made for it to be downloaded.

(7) A notice or other document which is delivered to a person by means of a website in accordance with this rule, is deemed to have been delivered—

(a) when that notice or other document was first made available on the website, or

(b) if later, when the notice under paragraph (1) was delivered to that person.

(8) Paragraph (7) does not apply in respect of a person who has made a request under paragraph (1)(b)(ii) for hard copies of all future documents.

Electronic delivery of special administration documents to court

261

(1) A notice or other document may not be delivered to a court by electronic means unless expressly permitted by the CPR, a practice direction, or these Rules.

(2) A document delivered to the court by electronic means is to be treated as delivered to the court at the time it is recorded by the court as having been received or otherwise as the CPR, a practice direction or these Rules provide.

Notice etc to joint administrators

262

Where there are joint office-holders in a special administration, delivery of a document to one of them is to be treated as delivery to all of them.

Execution overtaken by judgment debtor’s insolvency

263

(1) This rule applies where execution has been taken out against property of a judgment debtor, and notice is given to the enforcement officer or other officer charged with the execution that the judgment debtor has entered special administration.

(2) Subject to rule 264, the notice must be delivered to the office of the enforcement officer or of the officer charged with the execution—

(a) by hand, or

(b) by any other means of delivery which enables proof of receipt of the document at the relevant address.

Notice to enforcement officers

264

(1) This rule applies in relation to any provision of the Regulations or these Rules which makes provision for the giving of notice to an enforcement officer.

(2) Any notice under paragraph (1) may be given by electronic means to any person who has been authorised to receive such notice on behalf of a specified enforcement officer or on behalf of enforcement officers generally.

Electronic submission of information

265

(1) A requirement under these Rules for prescribed information to be sent by any person to the Secretary of State, the Chief Land Registrar or the administrator shall be treated as having been satisfied where—

(a) the information is submitted electronically with the agreement of the person to whom the information is sent,

(b) the form in which the electronic submission is made satisfies the requirements of the person to whom the information is sent,

(d) the person to whom the information is sent can provide in legible form the information so submitted.

(2) Where prescribed information is permitted to be sent electronically under paragraph (1), any requirement that the information be accompanied by a signature is taken to be satisfied—

(a) if the identity of the person who is supplying the information and whose signature is required is confirmed in a manner specified by the recipient, or

(b) where no such manner has been specified by the recipient, if the communication contains or is accompanied by a statement of the identity of the person who is providing the information, and the recipient has no reason to doubt the truth of that statement.

(3) Where prescribed information has been supplied to a person, whether or not it has been supplied electronically in accordance with paragraph (2), and a copy of that information is required to be supplied to another person falling within paragraph (1), the requirements contained in paragraph (2) apply in respect of the supply of the copy to that other person, as they apply in respect of the original.

Contents of notices to be gazetted

266

(1) Subject to rule 268, where under the Regulations or these Rules a notice is gazetted, in addition to any content specifically required by the Regulations or any other provision of these Rules, the content of such a notice must be as set out in paragraph (2) and rule 267.

(2) All gazetted notices must specify insofar as it is applicable in relation to the particular notice—

(a) a statement that the proceedings are being held in the court and the court reference number,

(b) the name, business address and date of appointment of the administrator,

(d) the name of any person other than the administrator (if any) who may be contacted regarding the proceedings, and

(e) the IP number of the administrator.

Gazette notices relating to an institution that is a company

267

In addition to the information required by rule 266 a notice relating to an institution that is a company must specify—

(a) the registered name of the institution,

(b) its registered number,

(d) any principal trading address if this is different from its registered office,

(e) any name under which it was registered in the twelve months prior to the date on which the institution entered special administration, and

(f) any name or style (other than its registered name) under which—

(i) the institution carried on business,

(ii) the institution received relevant funds from a customer, or

(iii) any debt owed to a creditor was incurred.

Omission of unobtainable information

268

Information required under rule 266 or 267 to be included in a notice to be gazetted may be omitted if it is not reasonably practicable to obtain it.

The Gazette — general

269

(1) A copy of the Gazette containing any notice required by the Regulations or these Rules to be gazetted is evidence of any facts stated in the notice.

(2) In the case of an order of the court notice of which is required by the Regulations or these Rules to be gazetted, a copy of the Gazette containing the notice may in any proceedings be produced as conclusive evidence that the order was made on the date specified in the notice.

(3) Where—

(a) an order of the court which is gazetted has been varied, or

(b) any matter has been erroneously or inaccurately gazetted,

the person whose responsibility it was to procure the requisite entry in the Gazette must as soon as is reasonably practicable cause the variation of the order to be gazetted or a further entry to be made in the Gazette for the purpose of correcting the error or inaccuracy.

Content of notices advertised other than in the Gazette

270

(1) Subject to rule 272, where under the Regulations or these Rules a notice may be advertised otherwise than in the Gazette, in addition to any content specifically required by the Regulations or any other provision of these Rules, the content of such a notice must be as set out in paragraph and rule 271.

(2) All notices published must specify insofar as it is applicable in relation to the particular notice—

(a) the name and business address of the administrator acting in the special administration to which the notice relates, and

(b) either an e-mail address, or a telephone number, through which the administrator may be contacted.

Non-Gazette notice relating to an institution that is a company

271

In addition to the information required by rule 270, a notice relating to an institution that is a company must state—

(a) the registered name of the institution,

(b) its registered number,

(c) any name under which it was registered in the twelve months prior to the date on which the institution entered special administration, and

(d) any name or style (other than its registered name) under which—

(i) the institution carried on business,

(ii) the institution received relevant funds from a customer, or

(iii) any debt owed to a creditor was incurred.

Non-Gazette notices — other provisions

272

(1) The information required to be contained in a notice to which rules 270 and 271 apply must be included in the advertisement of that notice in a manner that is reasonably likely to ensure, in relation to the form of the advertising used, that a person reading, hearing or seeing the advertisement will be able to read, hear or see that information.

(2) Information required under rule 270 or 271 to be included in a notice may be omitted if it is not reasonably practicable to obtain it.

CHAPTER 4 — Notifications to the registrar of companies

Application of Chapter 4

273

This Chapter applies where a return, notice, document or other information is to be sent or delivered to the registrar of companies under the Regulations or these Rules. For the purposes of this Chapter, “notification” means any return, notice, document or other information which is to be sent or delivered to the registrar of companies,

Information to be contained in all notifications to the registrar of companies

274

(1) A notification to be sent to the registrar of companies under the Regulations or these Rules must specify—

(a) the registered name of the institution;

(b) its registered number;

(d) the regulation or the rule under which the notification is made;

(e) the date of the notification;

(f) the name and postal address of the person sending or delivering the notification;

(g) the capacity in which that person is acting in respect of the institution.

(2) The notification must be authenticated by the person sending or delivering the notification.

Notification relating to the administrator

275

In addition to the information required by rule 274, a notification relating to the office of the administrator must also specify—

(a) the name and business address of the administrator,

(b) the date of the event notified,

(d) where the notification relates to the termination of an appointment, the reason for that termination (for example, resignation).

Notifications relating to documents

276

In addition to the information required by rule 274, a notification relating to a document other than a court order must also specify—

(a) the nature of the document, and

(b) either—

(i) the date of the document, or

(ii) where the document relates to a period of time, the period of time to which the document relates.

Notifications relating to court orders

277

In addition to the information required by rule 274, a notification relating to a court order must also specify—

(a) the nature of the court order, and

(b) the date of the order.

Notifications relating to other events

278

In addition to the information required by rule 274, a notification relating to any other event (for example the coming into force of a moratorium) must specify—

(a) the nature of the event including the regulation or rule under which it took place, and

(b) the date the event occurred.

Notifications of more than one nature

279

A notification which includes two or more of the types of notification set out in rules 274 to 278 must satisfy the requirements applying in respect of each of those notifications.

Notifications made to other persons at the same time

280

(1) Where under the Regulations or these Rules a notification is to be sent to another person at the same time that it is to be sent to the registrar of companies, that requirement may be satisfied by sending to that other person a copy of the notification sent to the registrar of companies.

(2) Paragraph (1) does not apply—

(a) where additional information is prescribed for the notification to the other person, or

(b) where the notification to the registrar of companies is incomplete.

CHAPTER 5 — Further provisions concerning documents

Confidentiality of documents — grounds for refusing inspection

281

(1) The administrator may refuse inspection of a document which forms part of the records of the special administration by a person who would otherwise be entitled to inspect it where the administrator considers that the document—

(a) should be treated as confidential, or

(b) is of such a nature that its disclosure would be prejudicial to the conduct of the special administration or might reasonably be expected to lead to violence against any person.

(2) The persons to whom the administrator may refuse inspection under this rule include members of the creditors’ committee.

(3) Where under this rule the administrator determines to refuse inspection of a document, the person wishing to inspect it may apply to the court for that determination to be overruled and the court may either overrule it altogether or sustain it subject to such conditions (if any) as it thinks just.

Right to copy documents

282

Where the Regulations or these Rules confer a right for any person to inspect documents, the right includes that of obtaining copies of those documents, on payment—

(a) in the case of documents on the court’s file of proceedings, of the fee chargeable under any order made under section 92 of the Courts Act 2003[^f00028], and

(b) in any other case, of the appropriate fee.

Charges for copy documents

283

Except where prohibited by these Rules, the administrator is entitled to require the payment of the appropriate fee for the supply of documents requested by a creditor, customer, member, contributory or member of the creditors’ committee.

Right to have list of creditors

284

(1) A creditor has the right to require the administrator to provide a list of the creditors and the amounts of their respective debts unless paragraph (5) applies.

(2) The administrator on being required to furnish the list under paragraph (1)—

(a) must send it to the person requiring the list to be furnished as soon as is reasonably practicable, and

(b) may charge the appropriate fee for doing so.

(3) Where any of the creditors of the institution are either—

(a) employees or former employees of the institution, or

(b) consumers claiming amounts paid in advance for the supply of goods or services,

the list furnished under paragraph (2) shall state the number of employees or former employees of the institution and the total of the debts owed to them, and the number of consumers claiming amounts paid in advance for the supply of goods or services and the total of the debts owed to them, but shall not include the names and addresses of such creditors.

(4) The name and address of any creditor may be omitted from the list furnished under paragraph (2) where the administrator is of the view that its disclosure would be prejudicial to the conduct of the proceedings or might reasonably be expected to lead to violence against any person provided that—

(a) the amount of the debt in question is shown in the list, and

(b) a statement is included in the list that the name and address of the creditor has been omitted in respect of that debt.

(5) Paragraph (1) does not apply where a statement of affairs has been delivered to the registrar of companies.

CHAPTER 6 — Time limits and security

Time limits

285

(1) The provisions of CPR rule 2.8[^f00029] apply, as regards computation of time, to anything required or authorised to be done by these Rules.

(2) The provisions of CPR rule 3.1(2)(a) apply so as to enable the court to extend or shorten the time for compliance with anything required or authorised to be done by these Rules.

Administrator’s security

286

(1) Wherever under these Rules any person has to appoint or certify the appointment of an administrator, that person must, before making or certifying the appointment, be satisfied that the person appointed or to be appointed has security for the proper performance of that office.

(2) It is the duty of the creditors’ committee to review from time to time the adequacy of the administrator’s security.

(3) The cost of the administrator’s security must be paid as an expense of the proceedings.

CHAPTER 7 — Transfer of proceedings

Proceedings commenced in the wrong court

287

Where a special administration is commenced in a court other than the High Court, that court may order the transfer of the proceedings to the High Court.

Proceedings other than special administration commenced

288

(1) The FCA may apply to the court to order that the proceedings be converted to a special administration where—

(a) a winding up order or an administration order has been made in respect of an institution, or

(b) a resolution has been made for the winding up of or for the appointment of an administrator of an institution.

(2) In making an order under paragraph (1) the court may give such directions as it sees fit, including directions as to the former officer-holder’s remuneration and expenses.

(3) An application under paragraph (1) may be made without notice.

(4) Without prejudice to the generality of the court’s power in paragraph (2), where the person appointed as office-holder under the original proceedings (“P”) is not the same person as the administrator in the special administration, the court may direct that—

(a) P be sent a copy of the order under paragraph (1) by the administrator,

(b) P hand over—

(i) the records of the original proceedings, including correspondence, proofs and other related papers appertaining to those proceedings while they were within P’s responsibility,

(ii) the institution’s books, papers and other records, and

(iii) all the assets of the institution and the relevant funds held by the institution in P’s possession.

(5) In this rule –

(a) “office-holder” means provisional liquidator, liquidator or administrator as the case may be, and

(b) “original proceedings” means the proceedings following the making of the winding up order, the administration order or the resolution referred to in paragraph (1).

PART 13 — General interpretation and application

Introduction

289

Any definition given in this Part applies except and in so far as the context otherwise requires.

“The court” and “the registrar”

290

(1) Anything to be done under or by virtue of the Regulations or these Rules by, to or before the court may be done by, to or before a judge or the registrar.

(2) The registrar may authorise any act of a formal or administrative character which is not by statute the registrar’s responsibility to be carried out by the chief clerk or any other officer of the court acting on the registrar’s behalf, in accordance with directions given by the Lord Chancellor.

Remote attendance at meetings and venue

291

(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) Reference to a “venue”—

(a) in relation to any proceeding or attendance before the court is to the time, date and place or platform for the proceeding or attendance,

(b) in relation to an examination under rule 235 is to the time, date and place for the examination, and

(i) is to the time, date and place for the meeting, or

(ii) in the case of a meeting to be conducted and held in accordance with rule 80(2) or section 246A(3) of the IA 1986, is to the time and date for the meeting and the arrangements the administrator proposes to enable persons to exercise their rights to speak and vote at the meeting.

Insolvent estate

292

References to “the insolvent estate” are to the institution’s assets.

The appropriate fee

293

”The appropriate fee” means 15 pence per A4 or A5 page, and 30 pence per A3 page.

“Debt” and “liability”

294

(1) Subject to paragraph (2), “debt” means any of the following—

(a) any debt or liability to which the institution is subject on the date on which the institution entered special administration,

(b) any debt or liability to which the institution may become subject after that date by reason of any obligation incurred before that date, and

(2) In paragraph (1)(a), the reference to debt or liability includes a shortfall claim even if the shortfall claim is incurred after the date on which the institution entered special administration.

(3) For the purposes of any provision of the Regulations or these Rules, any liability in tort is a debt provable in the special administration, if either—

(a) the cause of action has accrued at the date on which the institution went into special administration, or

(b) all the elements necessary to establish the cause of action exist at that date except for actionable damage.

(4) For the purposes of references in any provision of the Regulations or these Rules to a debt or liability, it is immaterial whether the debt or liability is present or future, whether it is certain or contingent, or whether its amount is fixed or liquidated, or is capable of being ascertained by fixed rules or as a matter of opinion, and references in any such provision to owing a debt are to be read accordingly.

(5) In any provision of the Regulations or these Rules, except in so far as the context otherwise requires, “liability” means (subject to paragraph (3)) a liability to pay money or money’s worth, including any liability under an enactment, any liability for breach of trust, any liability in contract, tort or bailment, and any liability arising out of an obligation to make restitution.

Application of the IA 1986 and the Company Directors Disqualification Act

295

For the purposes of these Rules, any reference in IA 1986 or the Company Directors Disqualification Act 1986[^f00030] to “leave” of the court is to be construed as meaning “permission” of the court.

SCHEDULE — Punishment of offences

Rule creating offence	General nature of offence	Mode of prosecution	Punishment	Daily default fine (where applicable)
Rule 88	Administrator failing to send a progress report	Summary	Level 3 on the standard scale	One-tenth of level 3 on the standard scale
Rule 181	Failure to comply with administrator’s duties on vacating office	Summary	Level 3 on the standard scale	One-tenth of level 3 on the standard scale
Rule 247	False representation of status for purpose of inspecting documents	1. On indictment	2 years imprisonment or a fine, or both
		2. Summary	6 months imprisonment, or a fine, or both

Signed

Signed by authority of the Lord Chancellor

Wolfson of Tredegar — Parliamentary Under Secretary of State — Ministry of Justice — 2021-10-19

We concur

Rebecca Harris — Alan Mak — Two of the Lords Commissioners of Her Majesty’s Treasury — 2021-10-21

I concur

Sir Julian Flaux — The Chancellor of the High Court — 2021-10-15

Explanatory note

(This note is not part of the Rules)

EXPLANATORY NOTE

These Rules set out the procedure for the payment institution special administration process or electronic money institution special administration process (as the case may be) under the Payment and Electronic Money Institution Insolvency Regulations 2021 (“the Regulations”).

The main features of the special administration process in each case are that:

(a) an administrator is appointed, and the institution enters special administration, by court order;

(b) special administration objectives and procedures apply;

(d) the administrator is to pursue the special administration objectives in accordance with the statement of proposals; and

in other respects the procedure is the same as for administration under Schedule B1 to the Insolvency Act 1986, subject to modifications and the inclusion of certain liquidation provisions of that Act. Part 2 of the Rules sets out the procedure for applying for a special administration order.

Part 3 of the Rules sets out the process of the special administration.

Part 4 of the Rules provides for the expenses of the special administration.

Part 5 of the Rules sets out the rules concerning relevant funds claims.

Part 6 of the Rules provides for the pursuit of Objective 1.

Part 7 of the Rules provides for distributions to creditors.

Part 8 of the Rules sets out rules concerning the administrator.

Part 9 of the Rules provides for the end of the special administration.

Part 10 of the Rules sets out court procedure and practice.

Part 11 of the Rules provides for the application of section 216 of the Insolvency Act 1986(prohibited names).

Part 12 of the Rules contains provisions of general effect.

Part 13 of the Rules provides for general interpretation and application.

The Rules apply to institutions incorporated as companies as well as to institutions that are:

(a) limited liability partnerships by virtue of paragraph 5 of Schedule 1 of the Regulations which applies the Rules with such modifications as the context requires for giving effect to the Regulations; or

(b) partnerships by virtue of paragraph 9 of Schedule 2 to the Regulations which applies Article 18 of and Schedule 10 to the Insolvent Partnerships Order 1994 (S.I. 1994/2421).

A de minimis impact assessment of the effect these Rules will have on business and the voluntary sector is available from HM Treasury, 1 Horseguards Road, London SW1A 2HQ or on www.gov.uk and is published alongside these Rules on www.legislation.gov.uk.

Footnotes

[^f00001]: 1986 c. 45.

[^f00002]: S.I. 2021/716.

[^f00003]: 1971 c. 80.

[^f00004]: S.I. 1998/3132.

[^f00005]: Section 176A was inserted by Enterprise Act 2002 (c. 40).

[^f00006]: S.I. 2003/2097.

[^f00007]: 2006 c. 46.

[^f00008]: S.I. 2021/716.

[^f00009]: 2013 c. 33.

[^f00010]: Section 235 was amended by S.I. 2011/245. There are other amending instruments but none is relevant.

[^f00011]: S.I. 2017/752, amended by S.I. 2017/1173, 2018/1021. There are other amending instruments but none is relevant.

[^f00012]: S.I. 2011/99, amended by S.I. 2013/3115, 2015/575, 2017/252, 2017/1173, 2018/1021. There are other amending instruments but none is relevant.

[^f00013]: Part 31 was substituted by S.I. 2008/2178.

[^f00014]: Section 246A was inserted by S.I. 2010/18.

[^f00015]: 1838 c. 110, amended by S.I. 1998/2940, S.I. 1993/564.

[^f00016]: Section 178 was amended by Banking Act 2009 c. 1, S.I. 2011/245. There are other amending instruments but none is relevant.

[^f00017]: 2002 c. 9.

[^f00018]: Sections 178 to 180 were amended by Banking Act 2009 (c. 1) and S.I. 2011/245. There are other amending instruments but none is relevant.

[^f00019]: Part 37 was substituted by S.I. 2006/3435.

[^f00020]: Part 52 was inserted by S.I. 2000/221.

[^f00021]: Section 236 was amended by Banking Act 2009 (c. 1) and S.I. 2011/245. There are other amending instruments but none is relevant.

[^f00022]: Section 237 was amended by Banking Act 2009 (c. 1), S.I. 2011/245, S.I. 2013/1388 and the Financial Services (Banking Reform) Act 2013 (c. 33). There are other amending instruments but none is relevant.

[^f00023]: 2005 c. 9.

[^f00024]: Section 184 was amended by Courts Act 2003 (c. 39).

[^f00025]: Section 216 was amended by Banking Act 2009 (c. 1) and S.I. 2011/245. There are other amending instruments but none is relevant.

[^f00026]: 2002 c. 9.

[^f00027]: 2000 c. 8.

[^f00028]: 2003 c. 39.

[^f00029]: CPR rule 2.8 was amended by S.I. 2009/3390.

[^f00030]: 1986 c. 46.

Editorial notes

[^key-00af9c84790e413c4bb4170d475636dc]: Rule 154 in force at 12.11.2021, see rule 2

[^key-025989f2f0bc4c7cbece55397d3987c9]: Rule 265 in force at 12.11.2021, see rule 2

[^key-05a8ed743d0a0a79e395082648ea6ccb]: Rule 292 in force at 12.11.2021, see rule 2

[^key-060a431f2a8f33fcaea019099e5eaab1]: Rule 272 in force at 12.11.2021, see rule 2

[^key-061536b93b7fe49b0402c9e5ef83e3c8]: Rule 55 in force at 12.11.2021, see rule 2

[^key-0739d688830343fa4b2448f02d7fdad7]: Rule 120 in force at 12.11.2021, see rule 2

[^key-09355b08810e85781efb19a06be5cf30]: Rule 72 in force at 12.11.2021, see rule 2

[^key-0ab42db0aac6ab8c60ca2b95449e9029]: Rule 161 in force at 12.11.2021, see rule 2

[^key-0ae609e976d25289dd2c2815b37faaba]: Rule 239 in force at 12.11.2021, see rule 2

[^key-0b58b9571cd22b81c769f166ec3f5085]: Rule 283 in force at 12.11.2021, see rule 2

[^key-0b81f8e72e27807c4e723eb4e56ac497]: Rule 219 in force at 12.11.2021, see rule 2

[^key-0bd97ff3ef2dc40616075c3ded0e0cf2]: Word in rule 175(b) inserted (10.8.2022) by The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 (S.I. 2022/847), rules 1(2), 2(10)

[^key-0be9fa24cf8e6ce8c6799370837230fd]: Rule 83 in force at 12.11.2021, see rule 2

[^key-0cb717c35e2560d8b5fba8d02a5c1a2b]: Rule 41 in force at 12.11.2021, see rule 2

[^key-0d55b98afb64d7367890c9ea596dff3a]: Rule 180 in force at 12.11.2021, see rule 2

[^key-0dda19e859c11342a942c46f7655c8e0]: Rule 250 in force at 12.11.2021, see rule 2

[^key-0f3dbe298d1d7759a9db849162b25492]: Rule 95 in force at 12.11.2021, see rule 2

[^key-10350e3f7d677be1b2af986759e0f449]: Rule 108 in force at 12.11.2021, see rule 2

[^key-11ba8a9e2d2846d2fc82cb6151ed9d0b]: Rule 65 in force at 12.11.2021, see rule 2

[^key-11f4cbdfa48654575c3937d7672a35e7]: Rule 9 in force at 12.11.2021, see rule 2

[^key-13b13a91f05aa9bf2da8acbf4cbd92da]: Rule 188 in force at 12.11.2021, see rule 2

[^key-1598f8b36ce73891381e85cc559bbc24]: Rule 146 in force at 12.11.2021, see rule 2

[^key-16759d11673e285b0742d6e81e110498]: Rule 289 in force at 12.11.2021, see rule 2

[^key-18e6db056fe52399996788e6f14b7878]: Rule 208 in force at 12.11.2021, see rule 2

[^key-1b060131d2223bd97dd44981a371a89f]: Rule 288 in force at 12.11.2021, see rule 2

[^key-1b422c8332623939a0a100b8b4e4d1c4]: Rule 258 in force at 12.11.2021, see rule 2

[^key-1e1e9f1615204e5dffbec3499dd4368f]: Rule 11 in force at 12.11.2021, see rule 2

[^key-1e3cf6d6ccba1bee579d5d307f90a4ab]: Rule 214 in force at 12.11.2021, see rule 2

[^key-1e458df51d7ff4f6fe15ed28ce7de99e]: Rule 128 in force at 12.11.2021, see rule 2

[^key-1e6bac2ad17173506fcad55ee0206394]: Rule 205 in force at 12.11.2021, see rule 2

[^key-1ebf88b7021268c7ee8e3bc1267cc4d1]: Rule 122 in force at 12.11.2021, see rule 2

[^key-208692d52662d21df701085fc595617f]: Rule 111 in force at 12.11.2021, see rule 2

[^key-2152d00ccfaf15611fccfadaa7f3145c]: Rule 36 in force at 12.11.2021, see rule 2

[^key-223ffd2500e59487df9f27e70bd1c9c5]: Words in rule 115(4) substituted (10.8.2022) by The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 (S.I. 2022/847), rules 1(2), 2(8)

[^key-237bf58d2b9ee9afea47a9fb22e6ab2f]: Rule 257 in force at 12.11.2021, see rule 2

[^key-23af335f63bff07e034640dbde1d1754]: Rule 123 in force at 12.11.2021, see rule 2

[^key-24296223f0a40edcf60f473fad53f15a]: Rule 278 in force at 12.11.2021, see rule 2

[^key-246eb206b1bdc4e17b399bbe57829a65]: Rule 249 in force at 12.11.2021, see rule 2

[^key-250ba086146f50dc4c68390f4cdc5fd0]: Rule 110 in force at 12.11.2021, see rule 2

[^key-25dee1276a3bb8287f3a42d19a4f15cd]: Rule 56 in force at 12.11.2021, see rule 2

[^key-27c5dbdc05bc4a3f328f1753e51fa4d3]: Rule 99 in force at 12.11.2021, see rule 2

[^key-27e37ae5d890d701470b1f98fbe1b88b]: Rule 201 in force at 12.11.2021, see rule 2

[^key-286b64538debc2a3ebffe7afd90882d5]: Rule 172 in force at 12.11.2021, see rule 2

[^key-28f49d533d7bd67fba1c1ddead541067]: Rule 21 in force at 12.11.2021, see rule 2

[^key-2906283f26df6f97d4c0ab5219d28295]: Rule 177 in force at 12.11.2021, see rule 2

[^key-2bb82f1bea5499a229f2405b8d79d4b8]: Rule 43 in force at 12.11.2021, see rule 2

[^key-2c098f974125e4bae518b3c5caad8b73]: Rule 140 in force at 12.11.2021, see rule 2

[^key-2e71f60f7b2557693ffdeceddd567379]: Rule 240 in force at 12.11.2021, see rule 2

[^key-2ebb83df71a5ba931b8063768c693f62]: Rule 168 in force at 12.11.2021, see rule 2

[^key-2eedcdc6718af59d0816ed205be6732b]: Rule 1 in force at 12.11.2021, see rule 2

[^key-2fd2f4e45d8aa8874afbe472796a9e5a]: Words in rule 32(4) substituted (10.8.2022) by The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 (S.I. 2022/847), rules 1(2), 2(5)

[^key-30a58152ec0bf689d29e905d4b4c78e0]: Rule 220 in force at 12.11.2021, see rule 2

[^key-30a7156f5288611b3fcc5d86056f6e23]: Rule 62 in force at 12.11.2021, see rule 2

[^key-30fc12ce0c5fbe7f82046bc7c2c88c3d]: Rule 3 in force at 12.11.2021, see rule 2

[^key-3122305e15a6c51eaada60bb2165ed13]: Rule 149 in force at 12.11.2021, see rule 2

[^key-31db79106555a16cf7332f632fb1de99]: Rule 287 in force at 12.11.2021, see rule 2

[^key-323b19d2748092e06ab0861e82996535]: Rule 224 in force at 12.11.2021, see rule 2

[^key-32421468198b6437efd6f7637abaa710]: Rule 245 in force at 12.11.2021, see rule 2

[^key-325bc9d9a6451b946a3c1eb396d62a0a]: Sch. in force at 12.11.2021, see rule 2

[^key-329a8ca4a1cd5929a2c9e227c06d3795]: Rule 231 in force at 12.11.2021, see rule 2

[^key-34e5b9ed59a69b7cea100a3dcb703835]: Rule 153 in force at 12.11.2021, see rule 2

[^key-352daac6b0e8a9d776babf2e337bdbb3]: Rule 107 in force at 12.11.2021, see rule 2

[^key-3536c5266dfd0e111b2784ff48c86eb7]: Rule 147 in force at 12.11.2021, see rule 2

[^key-36041a94a6ca2b423f41e549d1a85d8d]: Word in rule 27(7) substituted (10.8.2022) by The Payment and Electronic Money Institution Insolvency (England and Wales) (Amendment) Rules 2022 (S.I. 2022/847), rules 1(2), 2(4)(a)

[^key-3633c14ea2addbc1aa2d85563e4fd060]: Rule 77 in force at 12.11.2021, see rule 2

[^key-368148c96a04a045c9a04a042d95c7ab]: Rule 129 in force at 12.11.2021, see rule 2

[^key-37c7493fc0e51458d5530f57ca8d0f73]: Rule 26 in force at 12.11.2021, see rule 2

[^key-396821709b48935b2fa00f00bae36c31]: Rule 121 in force at 12.11.2021, see rule 2

[^key-39cb273400cfdb802a165e139de6d0ad]: Rule 5 in force at 12.11.2021, see rule 2

[^key-3a3208affd1d5f54092b1650362f0667]: Rule 58 in force at 12.11.2021, see rule 2

[^key-3a360dfdc98735913f293d097650c4c8]: Rule 59 in force at 12.11.2021, see rule 2

[^key-3a4226b754e544b33865a48677b9a155]: Rule 22 in force at 12.11.2021, see rule 2

[^key-3e357b77d136b0920f779bcaa34345e2]: Rule 61 in force at 12.11.2021, see rule 2

[^key-3e3e8137fe3aa4d2f36dbd6ba61af396]: Rule 47 in force at 12.11.2021, see rule 2

[^key-3fbcc6fa1f0e8c72d66479df002159b8]: Rule 46 in force at 12.11.2021, see rule 2

[^key-3fc422d00feb189e6aac2101e05558d3]: Rule 198 in force at 12.11.2021, see rule 2

[^key-3fe72bca7171c4c7733dc4b4cfae8318]: Rule 175 in force at 12.11.2021, see rule 2

[^key-402354d5fbf1170a860e2d854791d412]: Rule 97 in force at 12.11.2021, see rule 2

[^key-4075ee52e9ecd429c7164735bbc09eb6]: Rule 133 in force at 12.11.2021, see rule 2

[^key-412c32732dfbd7f3823f032d74caaa40]: Rule 7 in force at 12.11.2021, see rule 2

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