31.— (1) The relevant institution in relation to which a subordinated liabilities order is made or a subordinated creditor of that institution may apply to the Court by motion on notice grounded on affidavit, F30[not later than 14 days after the requirements of section 29A(2)(a) and (b) have been met, for the setting aside of the subordinated liabilities order or, in the case of a subordinated creditor, of the part or parts of that order that affect the subordinated creditor concerned].

F31[(2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances, and may give such directions as it considers appropriate in the circumstances—

(a) with regard to the hearing of the application, or

(b) with regard to a matter that arises during the period beginning with the subordinated liabilities order and ending with the order of the Court under this section.]

(3) On an application under subsection (1), the Court shall set aside the subordinated liabilities order only if the Court is satisfied that there has been non-compliance with any of the requirements of section 28 or that the opinion of the Minister under section 28 (1) (b) was unreasonable or vitiated by an error of law.

(4) The Court may, instead of setting aside the subordinated liabilities order, make an order varying or amending that order in the manner it considers appropriate F32[(including varying the amounts owing to subordinated creditors or one or more classes of subordinated creditors)] if the Court is satisfied that—

(a) there has been non-compliance with any of the requirements of section 28 or that the opinion of the Minister under section 28(1)(b) was unreasonable or vitiated by an error of law,

(b) it would be appropriate to do so, having regard to any report referred to in section 29(3), and

(c) to do so is necessary for the purpose specified in the subordinated liabilities order or any other purpose of this Act.

F33[(5) On application under subsection (1)—

(a) if an order is made setting aside the subordinated liabilities order, the effect of the order under this section shall be to set aside the subordinated liabilities order concerned to the extent and on the terms that the Court directs, and

(b) if an order is made refusing to set aside the subordinated liabilities order and the Court does not make an order under subsection (4), then the subordinated liabilities order shall continue to be effective.]

F34[(6) If any order is made under subsection (4) to vary or amend a subordinated liabilities order, the subordinated liabilities order as varied or amended shall be taken as being effective as if the terms and conditions as varied were the terms and conditions of the original subordinated liabilities order but otherwise as if the application under this section had not been made.]

F35[(7) The Court, in considering the order it wishes to make under this section may, where the applicant is a subordinated creditor of a relevant institution, have regard to—

(a) the date or dates on which the applicant acquired or disposed of the subordinated liabilities of the relevant institution, and

(b) the market value of those subordinated liabilities—

(i) as at the date or dates referred to in paragraph (a), and

(ii) as at the date on which the subordinated liabilities order concerned was made.

(8) Where an application under subsection (1) is made by a subordinated creditor for the setting aside of the part or parts of the subordinated liabilities order that affect him or her, or where the Court makes an order setting aside, or amending or varying, a part or parts only of the subordinated liabilities order, a reference in this section to a subordinated liabilities order shall be read as a reference to that part or those parts only of that subordinated liabilities order.]