Special administration—letter to all known creditors: notice of appointment of special administrators

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  • Special administration—letter to all known creditors: notice of appointment of special administrators

Special administration—letter to all known creditors: notice of appointment of special administrators

[TO BE TYPED ON THE HEADED NOTEPAPER OF THE SPECIAL ADMINISTRATORS’ FIRM]

TO ALL KNOWN CREDITORS

[ENTER DATE]

Dear Sirs

[name of Investment Bank]—in special administration (the ‘Investment Bank’)

I write to advise you that I was appointed as Joint Special Administrator of the Investment Bank on [date] together with my partner, [name of other special administrator]. A formal notice of appointment is attached.

Under the Investment Bank Special Administration Regulations 2011, SI 2011/245 (the ‘Regulations’) the purpose of the special administration is to achieve the following objectives:

  1. ensure the return of client assets as soon as reasonably practicable

  2. ensure timely engagement with market infrastructure bodies and the authorities pursuant to Regulation 13, and

  3. to either:

    1. rescue the investment bank as a going concern, or

    2. wind it up in the best interests of creditors

In this matter, the [Financial Conduct Authority OR Prudential Regulation Authority] has consented to the special administration of the Investment Bank.

The Investment Bank is continuing to trade under my supervision. Goods or services supplied to the Investment Bank after my appointment must only be against orders which are signed by one of the Joint Special Administrators or one of my authorised representatives and will be paid for on normal trade terms, unless otherwise agreed.

I am not necessarily adopting contracts entered into by the Investment Bank prior

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