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Insolvency – Administration order. A company in special administration was a regulated investment bank holding client money under rules imposing a statutory trust. The joint special administrators of the company in the present proceedings applied to the court for directions which would in effect, create a procedure to enable them to finally distribute client money. The Companies Court held that, insofar as the application raised matters arising within the scope of the administrators' appointment under the Investment Bank Special Administration Regulations 2011, SI 2011/245, the court had jurisdiction under para 63 of Sch 1 to the Insolvency Act 1986 to give directions and, taking account of the facts, the order sought was granted.
Insolvency – Administration order. A company in special administration was a regulated investment bank holding client money under rules imposing a statutory trust. The joint special administrators of the company in the present proceedings applied to the court for directions which would in effect, create a procedure to enable them to finally distribute client money. The Companies Court held that, insofar as the application raised matters arising within the scope of the administrators' appointment under the Investment Bank Special Administration Regulations 2011, SI 2011/245, the court had jurisdiction under para 63 of Sch 1 to the Insolvency Act 1986 to give directions and, taking account of the facts, the order sought was granted.
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