Limited disclosure of the statement of proposals
- Apply to court to limit disclosure of sensitive proposals Director or Officer
UK Statutory Instrument
2021
England and Wales
The Payment and Electronic Money Institution Insolvency (England and Wales) Rules 2021
At a glance
Enforced by
What's here
9 compliance obligations
Who this Act binds
Business-side actors with duties under this Act, ranked by how often they appear.
- Trader 5
- Director or Officer 4
Other Acts binding the same actors
For each actor bound by this Act, the other UK Acts that bind them most often. Useful for understanding the full compliance landscape facing each role.
Traders also bound by 826 other Acts (top 5 shown)
- Value Added Tax Regulations 1995 1995 413 duties
- Companies Act 2006 2006 243 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 114 duties
- Insolvency (England and Wales) Rules 2016 2016 62 duties
- Building Societies Act 1986 1986 56 duties
Directors and Officers also bound by 425 other Acts (top 5 shown)
- Insolvency (England and Wales) Rules 2016 2016 161 duties
- Companies Act 2006 2006 108 duties
- Insolvency Act 1986 1986 72 duties
- The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 2008 55 duties
- The Housing Administration (England and Wales) Rules 2018 2018 26 duties
What this Act requires
Sections that create concrete duties on businesses or carry penalties. Procedural and definitional sections are folded into the “Browse other sections” expander at the bottom of each group. Click any section title to read the source text on legislation.gov.uk.
Requisition of meetings
- Provide required information when requesting a creditors' meeting Trader
Calculation of voting rights (creditors)
- Calculate voting rights for creditor claims correctly Trader
New administrator appointed
- Former administrator must hand over all claims to new administrator Director or Officer
Proving a debt
- Submit a written claim (proof of debt) to the administrator Trader
New administrator appointed
- Administrators must transfer proofs of debt when replaced Director or Officer
Realisation of security by creditor
- Report actual sale value of secured assets to administrator Trader
Recourse to the court
- Administrator may ask court to change their pay if creditors set an unsuitable rate Director or Officer
Application to court by creditor
- Serve court application to end special administration on the FCA and others Trader
Browse 286 other sections — procedural / definitional / commencement
Citation
Commencement
Extent
Interpretation
Application of Rules
Content of application
Statement of proposed administrator
Witness statement in support of application
Filing of application
Service of application
Proof of service
Further notification
The hearing
The special administration order
Costs
Notice of special administration order
Notification and advertisement of administrator’s appointment
Notice requiring statement of affairs
Statement of affairs: content
Details of the asset pool, safeguarding measures and reconciliation
Verification, filing and statement of concurrence
Limited disclosure
Release from duty to submit statement of affairs
Expenses of statement of affairs
Submission of accounts
Administrator’s proposals
Initial meeting
Notice to officers
Business of the initial meeting
Adjournment of meeting to approve the statement of proposals
Revision of the statement of proposals
Meeting to approve the revised statement of proposals
Notice to creditors and customers
Meetings generally
Venue
Notice of meeting by individual notice: when and where sent
Notice of meeting by individual notice: content and accompanying documents
Notice of meeting by advertisement only
Content of notice for meetings
Gazetting and advertisement of meetings
Non-receipt of notice of meeting
Expenses of requisitioned meetings
Quorum at meetings
Chair at meetings
Adjournment by chair
Adjournment in absence of chair
Claims, proofs and proxies in adjournment
Suspension
Venue and conduct of company meetings
Entitlement to vote (creditors)
Calculation of voting rights: special cases (creditors)
Procedure for admitting creditors’ claims for voting
Entitlement to vote (customers)
Procedure for admitting customers’ relevant funds claims for voting
Voting at meetings of creditors and customers
Requisite majorities
Requisite majorities at contributories’ meetings
Appeals against decisions under this Chapter
Correspondence instead of meetings
Remote attendance at meetings conducted in accordance with section 246A
Action where person excluded
Indication to excluded person
Complaint
Minutes
Returns or reports of meetings
Constitution of creditors’ committee
Formalities of establishment
Functions and meetings of the creditors’ committee
The chair at meetings
Quorum
Creditors’ committee members’ representatives
Resignation
Termination of membership
Removal
Vacancies
Procedure at meetings
Remote attendance at meetings of creditors’ committee
Procedure for requests that a place for a meeting should be specified
Resolutions of creditors’ committees by post
Information from administrator
Expenses of members
Members dealing with the institution
Formal defects
Content of progress report
Delivering a progress report
Definition of proxy
Issue and use of forms
Use of proxies at meetings
Retention of proxies
Right of inspection
Proxy-holder with financial interest
Corporate representation
Application to dispose of charged property
Expenses of voluntary arrangement
Expenses to be paid out of the institution’s assets
Expenses to be paid out of the relevant funds
Pre-administration costs
Allocation of expenses to be paid from the relevant funds
Content of relevant funds claim
Debt in a foreign currency
Costs of making a claim
Admission and rejection of relevant funds claim
Appeal against decision on relevant funds claim
Withdrawal or variation of relevant funds claim
Exclusion of relevant funds claim by the court
Notice of the bar date
Notifying potential claimants after bar date has passed
Distribution plan
Approval by the creditors’ committee
Approval by the court
Treatment of late claimants
Distribution to creditors
Debts of institution to rank equally
Supplementary provisions as to dividend
Division of unsold assets
Costs of proving
Administrator to allow inspection of proofs
Admission and rejection of proofs for dividend
Appeal against decision on proof
Withdrawal or variation of proof
Exclusion of proof by the court
Estimate of quantum
Negotiable instruments
Secured creditors
Discounts
Mutual credit and set-off
Debt in a foreign currency
Payments of a periodical nature
Interest
Debt payable at a future time
Value of security
Surrender for non-disclosure
Redemption by administrator
Test of security’s value
Notice of proposed distribution
Admission or rejection of proofs
Postponement or cancellation of dividend
Declaration of a dividend
Notice of declaration of a dividend
Payments of dividend and related matters
Notice of no dividend or no further dividend
Proof altered after payment of dividend
Secured creditors
Disqualification from dividend
Assignment of right to dividend
Debt payable at a future time
General powers
Powers of disclaimer
Communication of disclaimer to persons interested
Additional notices
Records
Application by interested party
Interest in property to be declared on request
Disclaimer presumed valid and effective
Application for the exercise of court’s powers under section 181
Fixing of remuneration
Recourse to meeting of creditors and customers
Creditors’ and customers’ request for further information
Claim that remuneration is excessive
Review of remuneration
Remuneration of new administrator
Apportionment of set fee remuneration
Grounds for resignation
Notice of intention to resign
Notice of resignation
Application to court to remove administrator from office
Notice of vacation of office when administrator ceases to be qualified
Administrator deceased
Application to replace
Notification and advertisement of appointment of replacement administrator
Notification and advertisement of appointment of joint administrator
Notification of new administrator
Administrator’s duties on vacating office
Final progress reports
Application to court by administrator
Notification by administrator of court order
Moving from special administration to dissolution
Principal court rules and practice to apply
Shorthand writers — nomination, appointment, remuneration and costs
Court file
Office copies of documents
Payments into court
Further information and disclosure
Witness statements — general
Filing and service of witness statements
Evidence provided by the administrator
Application of Chapter
Service of court documents within the jurisdiction
Service of court documents outside jurisdiction
Service of orders staying proceedings
Service on joint office-holders
Application of Chapter
Form and contents of application
Filing and service of application
Directions
Hearings without notice
Hearing of application
Adjournment of the hearing of an application
Application of Chapter
Applications under section 176A(5) to disapply section 176A
Notice of application under section 176A(5)
Notice of an order under section 176A(5)
Application of section 236 of the IA 1986
Form and contents of application
Order for examination etc.
Procedure for examination
Record of examination
Costs of proceedings under section 236 of the IA 1986
Application of Chapter 8
Appointment of another person to act
Witness statement in support of application
Service of notices following appointment
Formal defects
Application of Chapter 10
Requirement to assess costs by the detailed procedure
Procedure where detailed assessment is required
Costs of officers charged with execution of writs or other process
Costs paid otherwise than out of the institution’s estate
Award of costs against the administrator
Applications for costs
Costs and expenses of witnesses
Final costs certificate
Enforcement of court orders
Orders enforcing compliance with these Rules
Warrants (general provisions)
Warrants under section 236
Application of Chapter 12
Appeals and reviews of court orders
Procedure on appeal
Appeal against decision of the Secretary of State
Preliminary
Application for permission under section 216(3)
First excepted case
Second excepted case
Third excepted case
Costs, expenses etc
Provable debts
False representation of status for purpose of inspecting documents
Punishment of offences
Application
Personal delivery
Postal delivery of documents
Notice etc to authorised recipients
Application
The form
Proof of sending
Authentication
Electronic delivery — general
Electronic delivery by administrator
Use of websites by administrator
General use of websites to deliver notices and other documents
Electronic delivery of special administration documents to court
Notice etc to joint administrators
Execution overtaken by judgment debtor’s insolvency
Notice to enforcement officers
Electronic submission of information
Contents of notices to be gazetted
Gazette notices relating to an institution that is a company
Omission of unobtainable information
The Gazette — general
Content of notices advertised other than in the Gazette
Non-Gazette notice relating to an institution that is a company
Non-Gazette notices — other provisions
Application of Chapter 4
Information to be contained in all notifications to the registrar of companies
Notification relating to the administrator
Notifications relating to documents
Notifications relating to court orders
Notifications relating to other events
Notifications of more than one nature
Notifications made to other persons at the same time
Confidentiality of documents — grounds for refusing inspection
Right to copy documents
Charges for copy documents
Right to have list of creditors
Time limits
Administrator’s security
Proceedings commenced in the wrong court
Proceedings other than special administration commenced
Introduction
“The court” and “the registrar”
Venue
Insolvent estate
The appropriate fee
“Debt” and “liability”
Application of the IA 1986 and the Company Directors Disqualification Act
Enforcement and responsible bodies
The regulators that administer or enforce this legislation.
Financial Conduct Authority
Regulation of financial services firms and markets. Supervises banks, insurers, investment firms, payment services, and cryptoasset businesses. Issues authorisations and enforces conduct …
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Regulators
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