143Grounds for applyingU.K.
(1)The Bank of England may apply for a bank administration order in respect of a bank if the following conditions are met.
(2)Condition 1 is that the Bank of England has made or intends to make a property transfer instrument in respect of the bank in accordance with section 11(2) [F1, 12(2) or 12ZA(3)].
(3)Condition 2 is that the Bank of England is satisfied that the residual bank—
(a)is unable to pay its debts, or
(b)is likely to become unable to pay its debts as a result of the property transfer instrument which the Bank intends to make.
Textual Amendments
F1Words in s. 143(2) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(7)
Commencement Information
I1S. 143 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3