(1) This regulation applies where the administrator, after setting a soft bar date, includes in the distribution plan provision for the option of setting a hard bar date.

(2) If the administrator thinks it necessary in order to expedite the return of client assets, the administrator may by a hard bar date notice set a hard bar date.

(3) The administrator may not set a hard bar date without the approval of the court given on application by the administrator.

(4) A late claim of a type described in regulation 11(1) which is submitted in response to the setting of a bar date under that regulation on or after the date on which the administrator sets a hard bar date is to be treated as a client asset claim.

(5) Where the administrator sets a hard bar date, the administrator, after that date -

(a) must return client assets to eligible claimants;

(b) may dispose of all client assets which the investment bank still holds after the return of client assets to any eligible claimants ("residual assets"); and

(c) must transfer the proceeds of any disposal of residual assets to the investment bank's own bank accounts.